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Income Tax : The article argues that recurring demands for ITR deadline extensions arise from delayed AIS updates, late utility releases, and t...
Income Tax : Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. ...
Income Tax : Employer-provided interest-free or concessional loans are taxable as salary perquisites due to the financial benefit enjoyed by em...
Income Tax : ESOPs are taxed as salary perquisites on allotment based on FMV at exercise. Eligible start-up employees can defer TDS and tax pay...
Income Tax : Taxpayers can file updated returns within 48 months of the assessment year by paying additional tax. The provision promotes volunt...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : ITAT Delhi quashed a ₹65 lakh penalty under Section 271D after finding that no assessment was made for the relevant year and no ...
Income Tax : The Tribunal examined whether reassessment proceedings could be initiated after the NCLT declared a moratorium under the Insolvenc...
Income Tax : The Tribunal examined whether unsecured loans could be accepted solely on the basis of loan confirmations. It held that confirmati...
Income Tax : The Tribunal examined whether donations made as part of CSR obligations could qualify for deduction under Section 80G. It held tha...
Income Tax : The Court upheld deletion of the LTCG addition after finding that the Revenue relied on assumptions rather than evidence. Document...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
Eempt income, which were disallowed under Section 14A could not be automatically added back to compute the book profit for Minimum Alternate Tax (MAT) under Section 115JB without pinpointing real, actual expenditures recorded in the books of accounts by tax authorities that possess a direct nexus with the tax-free earnings.
The article explains that a scrutiny assessment becomes invalid when the mandatory notice under Section 143(2) is issued by an officer lacking lawful pecuniary jurisdiction. It highlights that such jurisdictional defects cannot be cured through later transfer of the case.
Punjab and Haryana High Court held that once a resolution plan is approved under Section 31 of the IBC, tax demands not included in the plan stand extinguished. The Court set aside the assessment order, demand notice, and penalty proceedings.
The Delhi High Court held that orders passed under the Direct Tax Vivad se Vishwas Act, 2020 are final and conclusive. It ruled that Section 154 of the Income Tax Act cannot be used to rectify such orders.
ITAT Agra held that reopening beyond three years under Section 149 was invalid because the final escapement of income determined by the Assessing Officer was only Rs.27 lakh. The statutory threshold of Rs.50 lakh was therefore not satisfied.
ITAT Ahmedabad held that outstanding sundry creditors could not be treated as unexplained cash credits when the assessee demonstrated subsequent repayment through banking transactions. The Tribunal found the Revenue’s partial acceptance of the same transactions inconsistent.
Explore special provisions for computing profits and gains under the Income Tax Act, 1961, covering diverse areas such as mineral oil exploration, small businesses on presumptive basis, professions, goods carriage operations, shipping, aircraft operation, turnkey power projects, and royalty income of non-residents. Stay updated on amendments and key details for effective tax planning.
ITAT Bangalore held that sale of 25 plots did not amount to an adventure in the nature of trade because the properties were held for six years as investments. The Tribunal ruled that mere multiplicity of plots sold cannot by itself convert capital gains into business income.
The Tribunal held that joint ownership alone cannot restrict Section 54 deduction where the entire source of investment for the new residential property originated from the assessee.
The Tribunal ruled that under-reported income must be calculated as the difference between assessed income and income processed under Section 143(1)(a). Penalty computation was sent back for recomputation due to incorrect methodology adopted by the AO.
