Income Tax – Page 8 – smeaccountant

ITAT Rules Cash Deposits in Medical Business Are Not Fully Taxable Under Section 69A

Clarifying Tax Treatment for Business Cash DepositsIn a significant ruling for small-scale retailers, the Income Tax Appellate Tribunal (ITAT) has clarified that cash deposits made into a medical store's bank…

Prasenjit Bhowmik May 31, 2026

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ITAT Condonation Ruling: Prioritizing Substantial Justice Over Procedural Delays

The Income Tax Appellate Tribunal (ITAT) recently issued a landmark ruling, condoning a nearly three-year delay in filing an appeal after the taxpayer cited erroneous professional advice as the primary…

Prasenjit Bhowmik May 31, 2026

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CIT(E) Cannot Act Merely on AO’s Recommendation – Independent Satisfaction Mandatory for Grant or Rejection of U/s 12AB Registration

In a significant ruling, the Income Tax Appellate Tribunal (ITAT) has clarified that the Commissioner of Income Tax (Exemption) [CIT(E)] cannot reject applications for registration under Section 12AB of the…

Prasenjit Bhowmik May 30, 2026

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ITR-1 Then & Now: The Evolution of India’s Simplest Tax Filing

In a significant shift for millions of salaried taxpayers across India, the ITR-1 form has transitioned from a basic self-declaration document into a sophisticated data-reconciliation tool. As of the current…

Prasenjit Bhowmik May 30, 2026

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ITAT Ruling Provides Crucial Relief for Trusts Facing Section 11(2) Exemption Denials

A New Procedural Path for Charitable TrustsThe Income Tax Appellate Tribunal (ITAT) recently issued a landmark ruling providing a procedural lifeline to charitable trusts that have failed to file Form…

Prasenjit Bhowmik May 30, 2026

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ITAT Rules BSNL VRS Compensation Fully Exempt from Income Tax

In a significant legal victory for thousands of former employees, the Income Tax Appellate Tribunal (ITAT) ruled this week that compensation received under the Bharat Sanchar Nigam Limited (BSNL) Voluntary…

Prasenjit Bhowmik May 30, 2026