News

UP State Tax Department uncovers alleged circular trading and irregular ITC claims by three Lucknow advertising firms, leading to a Rs 2.48 crore tax deposit.

Lucknow Ad Firms Under Scanner Over Alleged Circular Trading, ITC Irregularities

CBDT has extended the ITR filing deadline for taxpayers subject to audit to November 21, 2026, and the tax audit report deadline to October 21, 2026, for AY 2026-27.

CBDT Extends Income Tax Return and Tax Audit Report Filing Deadlines for AY 2026-27

Judgement

ITAT quashes reassessment, holding that an anonymous and unverified TEP cannot justify Section 148 proceedings without independent verification and credible supporting material.

ITAT Strikes Down Reassessment Based on Anonymous TEP, Says AO Must Independently Verify Allegations Before Invoking Section 148

ITAT remanded the appeal to the CIT(A) for fresh adjudication after noting that evidence submitted against various income tax additions required proper examination.

ITAT Remands Appeal of Unexplained Investments and Loans After CIT(A) Allegedly Overlooked Submitted Evidence

The ITAT Delhi directed CIT(A) to provide three effective opportunities before deciding depreciation claim.

ITAT Remits Bogus Depreciation Disallowance for Fresh Adjudication 

ITAT remands taxpayer’s Rs 4.90 crore depreciation dispute to CIT(A) for fresh adjudication, citing natural justice concerns and need for further opportunity.

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Lucknow Ad Firms Under Scanner Over Alleged Circular Trading, ITC Irregularities

CBDT Extends Income Tax Return and Tax Audit Report Filing Deadlines for AY 2026-27

ITAT Strikes Down Reassessment Based on Anonymous TEP, Says AO Must Independently Verify Allegations Before Invoking Section 148

ITAT Remands Appeal of Unexplained Investments and Loans After CIT(A) Allegedly Overlooked Submitted Evidence

ITAT Remits Bogus Depreciation Disallowance for Fresh Adjudication

ITAT Remands Rs 4.90 Crore Depreciation Dispute to CIT(A), Cites Natural Justice Concerns and Need for Further Opportunity