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Income Tax : AI-driven scrutiny and AIS integration are increasing Income Tax notices where property transactions occur below stamp duty value....
Income Tax : This case highlights that cash paid to builders as “on-money” will not automatically be treated as tax evasion if it originate...
Income Tax : The article explains the complete evolution of buyback taxation in India, highlighting how tax liability shifted between companies...
Income Tax : Section 265 of the Income Tax Act, 2025 specifies who can legally verify an income tax return for different assessees. Incorrect v...
Income Tax : The Tribunal ruled that once an assessee validly opts for the DCF method and submits a qualified valuation report, the Assessing O...
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 updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...
Income Tax : The Tribunal accepted the assessee’s explanation that unspent cash withdrawn for labour and petty expenses was redeposited into ...
Income Tax : Tribunal observed that the Assessing Officer failed to establish any mismatch in stock, sales, or accounting records before making...
Income Tax : ITAT Hyderabad held that constituent members of a JV or Consortium can claim deduction under Section 80IA(4) when they actually ex...
Income Tax : The Tribunal found that full payment, TDS deduction, and transfer of possession established completion of the transaction for capi...
Income Tax : ITAT Indore held that appellate order violated principles of natural justice after finding that key hearing notices were sent to a...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
The Tribunal ruled that the use of the word may in Section 271AAC gives discretionary power to the Assessing Officer and does not mandate automatic penalty levy. It emphasized that such discretion must be exercised judiciously.
The ITAT held that the institution’s activities as a seminary imparting religious training to priests established its religious character. It remanded the matter for fresh consideration of registration as a religious trust under Section 12AB.
The ITAT held that teaching Arabic language and Islamic studies through systematic instruction amounts to education and not religious activity. It directed grant of registration under Section 12AB and approval under Section 80G.
The ITAT ruled that the Assessing Officer wrongly adopted the stamp duty valuation despite contrary valuation material on record. The Tribunal directed fresh capital gain computation using the lower departmental valuation.
The ITAT held that stamp duty valuation could not be blindly adopted where the property was affected by BBMP demolition proceedings for unauthorized construction. The Tribunal accepted the actual purchase price as fair market value and deleted the addition.
The Tribunal ruled that a flat 15% profit estimation was excessive where all contract receipts were received through banking channels with TDS deductions. It directed recomputation of income at 7% of turnover.
The ITAT held that reassessment following a search was valid because statements recorded during search constituted fresh tangible material. The ruling distinguished reassessment from a mere “change of opinion.”
Filing Income Tax Return is not always linked to tax liability. This guide explains the transaction-based conditions under Section 139(1) that make ITR filing compulsory even for low-income taxpayers.
The Supreme Court held that grants disbursed by a statutory corporation formed part of its core business functions and qualified as deductible revenue expenditure. The ruling clarified that such grants were not mere application of income.
Delhi ITAT ruled that only unique solar days of employee presence, and not cumulative man-days, should be considered for determining Service PE under the India-US DTAA. Since the assessee’s employees stayed only 72 unique days in India, no PE existed and Section 44BB taxation was deleted.
