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Income Tax : The article argues that recurring demands for ITR deadline extensions arise from delayed AIS updates, late utility releases, and t...
Income Tax : Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. ...
Income Tax : Employer-provided interest-free or concessional loans are taxable as salary perquisites due to the financial benefit enjoyed by em...
Income Tax : ESOPs are taxed as salary perquisites on allotment based on FMV at exercise. Eligible start-up employees can defer TDS and tax pay...
Income Tax : Taxpayers can file updated returns within 48 months of the assessment year by paying additional tax. The provision promotes volunt...
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 Chandigarh held that the assessee could not establish the authenticity of the purchase transactions underlying the LTCG claim...
Income Tax : The High Court upheld denial of Section 10(38) exemption after concurrent findings established that the share transactions lacked ...
Income Tax : The Delhi High Court upheld the denial of Section 10(38) exemption after finding that the authorities had rightly treated the shar...
Income Tax : The High Court held that issuing a demand notice along with a draft assessment order violated the mandatory procedure under Sectio...
Income Tax : The Court found that the ITAT wrongly held there was no business income despite the assessment record showing income under “Busi...
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 article highlights that taxpayers seeking carry-forward of business or capital losses must file returns within the due date under Section 139(1). Failure to file on time may result in loss of carry-forward benefits.
DCIT Vs Shikha Indrakumar Agrawal (ITAT Nagpur) The Nagpur Bench of the Income Tax Appellate Tribunal dismissed the Revenue’s appeal and upheld deletion of additions made under Sections 68 and 69C in respect of long-term capital gains claimed as exempt under Section 10(38) on sale of listed shares. The assessee had purchased 24,000 shares of […]
The Tribunal held that unrecovered advances made in the ordinary course of business can be allowed as business loss, even if they do not qualify as bad debts under section 36.
The Tribunal found that the assessee had furnished agricultural sale bills, revenue records, and bank details supporting the cash deposits. Considering the facts and circumstances, only a partial addition was sustained.
The Delhi High Court held that CBDT Circular dated 18.11.2024 clearly prescribed a maximum period of three years from the end of the relevant assessment year for seeking condonation of delay. Since the application for AY 2020-21 was filed after 31.03.2024, the Court upheld its rejection as time-barred.
The Gujarat High Court upheld the ITAT order restricting disallowance on alleged bogus purchases to 6% instead of 100%. The Court held that only the income component embedded in disputed transactions could be taxed.
Gujarat High Court held that reassessment proceedings could not continue where Revenue failed to establish any independent material connecting assessee to alleged cash transactions. Section 148 notice based solely on a broker’s seized register was quashed.
The Karnataka High Court Full Bench ruled that reassessment under Section 147 cannot be initiated merely because the Assessing Officer changes his opinion on the same material. The Court reaffirmed that reassessment requires tangible material showing escapement of income.
ITAT Jaipur held that additions for unexplained sales and investment could not survive once the CESTAT rejected allegations of clandestine removal of goods. The Tribunal deleted additions made under Sections 69A and 69C.
This article explains the tax treatment of partner remuneration and interest for Partnership Firms and LLPs under Section 35(e). It covers allowable limits, working partner conditions, deed requirements, and common compliance mistakes.
