News & Updates Latest Tax newsInadvertently Claimed Tax Exemption u/s 11/12A Instead of 10(23C)(via): ITAT Upholds JCIT(A) Relief as Form 10BB Filed Within Time [Read Order] August 1, 2025The tribunal upheld the JCIT(A)'s order allowing tax exemption to B.P. Poddar Foundation despite a filing error, noting the trust’s eligibility under Section 10(23C)(via) and timely compliance with Form 10BB as per CBDT Circular HaripriyaReassessment After 4 Years With Same Set of Facts Which Already Available During Original Assessment Legally Bad: ITAT [Read Order] August 1, 2025The Tribunal quashed the reassessment order, ruling that reopening an assessment after four years based on the same facts available during the original assessment was legally invalid. HaripriyaCESTAT sets aside Revocation of Customs Broker License as Proceedings Violated Mandatory Timelines under CBLR [Read Order] August 1, 2025The Tribunal ruled that such delay in inquiry and adjudication renders the entire revocation of Customs Broker License legally unsustainable HaripriyaITAT Remands Capital Gains Dispute to AO: Faults Revenue on Legal Oversight, Upholds Principles of Justice [Read Order] August 1, 2025Tribunal observed that AO must reframe the assessment after giving due opportunity to the assessee and consider all legal provisions, including Sections 2(14), 48, 50C, 54B, and 54F HaripriyaBroadBand and Bandwidth Charges Not a Royalty: ITAT Dismisses TDS claim of Revenue [Read Order] August 1, 2025The Tribunal upheld the CIT(A)’s decision to delete the disallowance of Rs. 7,65,58,000/- and ruled that payments for broadband and bandwidth charges do not constitute royalty. The tribunal dismissed the Revenue’s claim for TDS deductio HaripriyaInterest on Enhanced Compensation is Contingent, Not Taxable Under Section 56(2)(viii) of the Income Tax Act: ITAT [Read Order] August 1, 2025Tribunal upheld that interest received under Section 28 of the Land Acquisition Act, especially when under legal challenge, cannot be taxed as income merely on receipt, as it lacks certainty and finality HaripriyaIndexation from Date of Agreement, Not Possession: ITAT Grants Relief to NRI Assessee in Long-Term Capital Gains Dispute [Read Order] August 1, 2025Tribunal ruled that indexation for computing long-term capital gains should begin from the date of agreement to sale, not possession, granting relief to NRI assessee HaripriyaKerala SGST Dept Becomes First in India to Implement Faceless Adjudication for Indirect Tax Matters [Read Press Release] August 1, 2025The move is in alignment with Kerala State’s commitment to the Government of India’s "Ease of Doing Business" policy AmalaIncome Tax Compliance Calendar for August 2025 August 1, 2025August 2025 is packed with important income tax deadlines for TDS deposits, certificate issuance, and compliance filings. Missing them could attract penalties. HaripriyaFinance Ministry Updates Customs Tariff Values for Palm Oil, Soybean Oil, Gold, Silver, and Areca Nuts [Read Notification] August 1, 2025Tariff values for gold and silver have been reduced across all categories, reversing the increases seen in the mid-July update. Haripriya
