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Income Tax Department cannot reopen an assessee's assessment under Section 147/148 merely because a third party with whom the assessee had transactions did not cooperate with the investigation
The Hon'ble High Court of Gujarat (Division Bench) in M/s. R.D. Diamond v. The Income Tax Officer, Ward 2(3)(4), Surat [R/Special Civil Application No. 12270 of 2025, 2025:GUJHC:70547-DB] dated December 9, 2025 held that proceedings under Section 148 of the Income Tax Act, 1961 cannot be initiated against an assessee merely on the basis of non-cooperation by a third party during investigation and information available on the portal, when the assessee has itself made full and
Apr 30
CBDT introduces revised Form ITR-U allowing taxpayers to update returns within 48 months with structured format for disclosing additional income and calculating extra tax liability
The Hon'ble Central Board of Direct Taxes (CBDT) vide Notification No. 49/2025 dated May 19, 2025, has amended the Income-tax Rules, 1962...
May 20, 2025
ITAT Mumbai rules investors can set off STT-paid losses (15% tax bracket) against non-STT gains (30% tax bracket), providing greater tax optimization flexibility under Section 70(2) of Income Tax Act
The Hon'ble ITAT Mumbai Bench 'I' in Eastspring Investments India Equity Open Ltd. vs. Deputy Commissioner of Income-tax (IT) [IT Appeal...
May 20, 2025
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