Income Tax

ITAT Jaipur Rules in Favor of Taxpayer: Surrendered Cash During Survey Treated as Business Income

ITAT Jaipur Rules in Favor of Taxpayer Surrendered Cash During Survey Treated as Business Income

Jaipur: In a significant ruling, the Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) has delivered a judgment favoring the taxpayer, Mrs. Prem Lata Pandya, in the case of Prem Lata Pandya vs. DCIT (ITA No. 1471/JPR/2024). The Tribunal directed the assessing authorities to classify ₹24 lakh, surrendered during a tax survey, as business

Income Tax Notices to startups

Income Tax Notices to Startups

In recent weeks, numerous new-economy ventures, particularly in the fintech sector, have been issued income tax notices regarding the venture capital they’ve raised, according to insiders. These notices, issued under Section 68 of the Income Tax Act, lump the investments received by these startups with their earned income, resulting in taxes and penalties imposed on