Direct Tax

Direct Tax Weekly Flashback: 09 To 15 February 2025

Direct Tax Weekly Flashback for the period 9 to 15 February 2025.Supreme CourtSection 271AAA Relief: No 10% Penalty If Undisclosed Income Is Admitted, Substantiated,...

Bombay High Court Quashes Income Tax Assessments Orders Against Merged Reliance Units

The Bombay High Court has quashed the income tax assessments orders against merged Reliance Units.The bench of Justice M. S. Sonak and Justice Jitendra...

Select Committee To Review Income Tax Bill 2025 Constituted [READ OFFICIAL NOTIFICATION]

In a significant legislative move, Lok Sabha Speaker Om Birla has constituted a 31-member Select Committee to examine the newly proposed Income Tax Bill....

Section 271AAA Relief: No 10% Penalty If Undisclosed Income Is Admitted, Substantiated, and Tax Paid Even with Delay: Supreme Court

The Supreme Court has held that the penalty at the rate of 10% under Section 271AAA of the Income Tax Act, 1961 is normally...

Future Amendment Denying Depreciation On Goodwill Can’t Be The Basis For Reopening Assessment: Gujarat High Court

The Gujarat High Court has held that future amendment denying depreciation on goodwill cannot be the basis for reopening assessment.The bench of Justice Bhargav...

Section 148 Can’t Be Invoked For Change In Tax Rate For Future AYs: Bombay High Court

The Bombay High Court has held that merely because there is some change in the tax rate for the future assessment years, the provisions...

Bombay High Court Quashes Re-Assessment Proceedings Against ICICI Bank

The Bombay High Court has quashed the reassessment proceedings against ICICI Bank.The bench of Justice M. S. Sonak and Justice Jitendra Jain has observed...

Karnataka High Court Quashes Penalty For Non-Deduction Of TDS On Professional Advice 

The Karnataka High Court has quashed the penalty for non-deduction of TDS on professional advice.The bench of Justice Krishna S Dixit and Justice G...

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