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Income Tax : The article explains how offences such as wilful tax evasion, failure to file returns, non-payment of TDS/TCS, falsification of re...
Income Tax : The article explains how delayed or incorrect filing of TDS/TCS returns attracts a late filing fee under Section 234E and penaltie...
Income Tax : The article explains how Short-Term Capital Gains are classified, computed, and taxed under the Income-tax Act, 1961, as amended b...
Income Tax : The article explains how residential status under the Income-tax Act and FEMA impacts taxation, foreign income reporting, business...
Income Tax : The Income-tax Act lays down detailed rules for intra-head and inter-head adjustment of losses, along with conditions for carrying...
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 : The Delhi ITAT upheld the addition of deemed house property income after finding that the assessee failed to support his claims wi...
Income Tax : The Tribunal held that the CIT(A) had incorrectly applied the principle relating to assessments of non-existent entities without e...
Income Tax : The Tribunal deleted the disallowance after finding no evidence that cash rent payments exceeded ₹10,000 on any single day. The ...
Income Tax : Assessing Officer acknowledged an inadvertent error in adding ₹46 lakh to the taxpayer’s income. The High Court remanded the m...
Income Tax : ITAT sustained the adoption of fair market value under Section 50C after finding that seized cash represented on-money from proper...
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...
The Tribunal quashed reassessment where the Assessing Officer invoked section 147 without examining books of account or correlating bank deposits with returned income.
The Tribunal held that once a regular assessment under section 143(3) is completed, earlier CPC adjustments under section 143(1) merge with it and lose independent existence.
he Tribunal observed that confirmation of additions without examining affidavits and tax returns of close relatives is legally flawed. The matter was remanded for fresh adjudication.
The Tribunal held that assignment of a life interest under a trust does not amount to transfer of land or building. Since only a limited, determinable right was transferred, Section 50C could not be invoked.
The Tribunal held that a summary and presumptive approval under Section 153D vitiates the entire assessment. Lack of independent application of mind by the approving authority renders the assessment non-est.
The Tribunal observed that the purpose of revision is to protect revenue interests. When no tax demand arises in consequential proceedings, the revision order no longer calls for adjudication.
The Tribunal ruled that where more than three years have elapsed, sanction must come from the Principal Chief Commissioner. Approval by the Principal Commissioner renders the reassessment void ab initio.
The Tribunal set aside the appellate order after finding that no enquiry was conducted despite clear evidence in Form 26AS. The ruling underscores that undisputed pension income cannot be ignored without verification.
The Tribunal held that eligibility of deduction on interest from scheduled banks depends on whether funds are operational to the credit business. The matter was remanded to verify the society’s activities and source of funds.
The Tribunal dismissed the appeals as time-barred since no application for condonation of delay was filed despite repeated opportunities. In the absence of any explanation, the appeals were held not maintainable.
