ITAT held that a typographical mistake in selecting the wrong sub-clause of Section 80P does not defeat a valid deduction claim. The Tribunal directed the Revenue to grant the full deduction where eligibility was otherwise undisputed.
Assessments arising from searches conducted after 01.04.2021 must strictly comply with the reassessment framework under sections 147 and 148. Failure to adhere to statutory jurisdictional requirements, including mandatory approvals and satisfaction for use of third-party material, rendered the entire assessment void.
The ITAT ruled that an assessment made after the assessees death was not void ab initio where jurisdiction had already been validly assumed before death. The matter was remanded for passing a fresh order in the name of the legal representative.
Tribunal held that the differential amount between the levy price of sugar and the concessional price at which it was sold by a co-operative factory to its members and non-members constitutes an unallowable appropriation of profit to be added to business income, or a valid business practice could not be decided without examining the factual parameters mandated by the Supreme Court in Krishna Sahakari Karkhana Ltd.
The assessee mistakenly filed its registration application under Section 12A(1)(ac)(ii) instead of Section 12A(1)(ac)(iii). The Tribunal held that such an inadvertent error warranted correction and fresh adjudication rather than rejection.
Notification No. 25/2026 revises SAED on ATF exports to Rs 9.5 per litre with effect from 1 June 2026; domestic petrol and diesel duties unchanged.
Notification No. 24/2026 revises SAED rates on petrol and diesel exports from 1 June 2026, setting duty at Rs 1.5 and Rs 13.5 per litre.
CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benefits. The approval remains effective for tax years 2026-27 to 2030-31, subject to compliance requirements.
CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benefits. The approval remains valid from tax year 2026-27 through 2030-31, subject to compliance conditions.
CBDT has granted scientific research approval to a biotechnology institution under the Income-tax Act, 2025. Eligible donations made during tax years 2026-27 to 2030-31 may qualify for prescribed tax benefits.
