The new Income-tax Act, 2025 replaces the 1961 law and introduces structural changes such as a single “Tax Year.” Key updates include revised return deadlines, higher STT, and new rules for buybacks and deductions.
The Tribunal relied on official certificates confirming that the land was located beyond municipal limits and classified as agricultural. Since agricultural land is excluded from capital asset definition, the addition made under Section 56 was deleted.
The tribunal examined whether an appeal could be dismissed for non-compliance without considering the assessee’s explanation. It set aside the order and remanded the matter, directing the authority to decide the appeal afresh after granting a proper hearing.
The tribunal examined whether an appeal could be dismissed as time-barred without giving the assessee an opportunity to be heard. It held that denial of hearing violated principles of natural justice and remanded the matter for fresh adjudication.
Courts have held that lump-sum alimony received under a divorce settlement is a capital receipt outside the scope of taxable income. However, periodic maintenance payments remain taxable in the recipient’s hands.
The Commission directed the State government to review wetlands and possible Ramsar candidates after concerns were raised about encroachments, pollution, and environmental risks.
Form MGT-8 is a certification issued by a practicing Company Secretary verifying the accuracy of a company’s annual return and compliance with the Companies Act, 2013. It ensures transparency, accountability, and regulatory compliance for larger companies.
Educational institutions with annual receipts below Rs. 5 crore can claim exemption under Section 10(23C)(iiiad) without prior approval. The provision allows direct exemption if the institution exists solely for educational purposes.
The Delhi High Court held that consolidated show cause notices covering multiple years are permissible where fraudulent availment or utilisation of input tax credit is alleged.
The Madras High Court held that issuing a single GST show cause notice covering multiple financial years is impermissible and must be issued separately for each financial year.
