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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 Income-tax Act provides presumptive taxation schemes under Sections 44AD, 44ADA, and 44AE to reduce compliance burdens by allo...
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 Chennai condoned a 311-day delay in filing the appeal and restored the matter for fresh adjudication. The Tribunal held that ...
Income Tax : ITAT Chennai held that indexation on construction cost cannot be denied when details of the building are already contained in the ...
Income Tax : The Kerala High Court remanded the matter after finding that the ITAT failed to expressly adjudicate the challenge to the validity...
Income Tax : The Bombay High Court held that a corporate guarantee cannot be equated with a bank guarantee and upheld a 0.5% guarantee commissi...
Income Tax : The Karnataka High Court condoned the delay in filing appeals after noting that the issue relating to contributions under Section ...
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 ruled that funds donated to certain political parties were routed back to the donor, lacking genuineness. Deductions under Section 80GGC were disallowed as a result.
The Tribunal noted that amendments introduced by the Finance Act 2024 permit fresh filings after commencement of activities. The delayed application was remanded to the CIT(E) for consideration under the revised provision.
The Court held that a Section 148 notice issued by the Jurisdictional Assessing Officer instead of the Faceless Assessing Officer was invalid, resulting in the reassessment order being set aside.
The High Court and Supreme Court confirmed that reopening assessments on depreciation and goodwill claims in a Slump Sale transaction was invalid, as material facts were fully disclosed and original assessments completed.
Gujarat High Court held that reopening assessment beyond four years is invalid when all material facts were disclosed. Depreciation claims on Slump Sale assets remain intact.
The Tribunal held that once the assessee’s own ledger reflected a creditor’s write-off, Section 41(1) was automatically triggered. The waiver in books = taxable cessation of liability.
The Court found that the notices sought to reopen issues that legally ceased to exist after approval of the Resolution Plan. It held that proceedings for any pre-plan period cannot continue under the Income Tax Act.
Since the assessment order did not refer to initiating penalty under Section 271D, the Court held the penalty void. This reinforces that penalty jurisdiction arises only from recorded satisfaction.
The Tribunal ruled that incidental foreign expenditure does not bar 80G approval, emphasizing that only the main charitable activities’ genuineness matters for registration.
The Court found that the return filed under Section 153A contained full disclosure submitted prior to initiation of penalty proceedings. It held that such disclosure satisfied legal requirements, leaving no basis for penalty.
