ITAT Delhi rules in Mahabir vs ITO that the 1994 CBDT notification defines agricultural land limits for capital gains tax. Subsequent municipal expansions are irrelevant. Land 6km from Sohna Municipality was deemed non-taxable.
Summary of key income tax benefits and residency rules for non-residents (NRs) in India for AY 2026-27. Covers the scope of taxation on India-sourced income, residency tests (Section 6, 6(1A)), special presumptive tax schemes, and exemptions for Foreign Diplomats, FIIs, and IFSC units.
The Tribunal nullified four assessment years (AY 2013-14, 2014-15, 2018-19, 2021-22) due to serious legal defects, including unsigned/mechanical approvals and non-supply of mandatory sanction and underlying material. This ruling emphasizes that defective procedure is fatal to both reopening and regular assessment proceedings.
The Income Tax Appellate Tribunal {ITAT} Delhi set aside the CIT{A}’s order, remanding the addition of ₹5 crore under Section 68 back for fresh scrutiny. The issue revolves around Charan Renewable Energy Pvt. Ltd. receiving share capital at a high premium from 13 companies that the Assessing Officer (AO} suspected were paper companies due to unserved statutory notices.
Overview of tax concessions for Indian residents and domestic companies for AY 2026-27, covering lower corporate tax rates (15%-25%), presumptive taxation (Sections 44AD/44ADA), capital gains exemptions, extensive TDS relief thresholds, and special higher tax exemption limits/rebates for resident senior citizens and super senior citizens.
Learn how to view your financial transactions reported to the ITD via AIS and how to resolve incorrect data or mismatches through the e-Verification Scheme and Updated Returns.
The ITAT upheld the deletion of additions made under Section 153A for an unabated assessment year because the Assessing Officer relied solely on entries in the regular books of account. The ruling reaffirmed the Supreme Court’s mandate that no addition is permissible in completed (unabated) assessments without specific, incriminating material seized during the search.
Article contain all benefit available to Small Businessmen including provisions for Presumptive Taxation Scheme, Various deductions available from business profits, Maintenance of books of accounts and audit thereof, Exemptions and Deductions, Tax Deducted at Source and Advance Tax, Basic exemption limits, Concessional tax rate for domestic company and Exemption from e-filing of return of income.
Delhi ITAT held that delayed employees’ PF/ESI contributions are disallowable even under section 143(1), citing Supreme Court in Checkmate Services. However, ICDS-based depreciation adjustments exceed CPC powers and were deleted.
ITAT Delhi held that when an assessee’s own funds far exceed interest-free advances, no disallowance under Section 36(1)(iii) can be made. Interest addition of ₹5.62 crore was deleted, and 14A disallowance was limited to dividend-yielding investments.
