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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 : Senior citizens aged 75+ with only pension and bank interest income need not file ITR if a specified bank computes income and dedu...
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 : 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 Mumbai held that additions under Section 68 cannot be sustained merely on suspicion regarding penny stock transactions. The T...
Income Tax : The Court held that the assessee failed to produce any written or registered document proving transfer of property to the firm. Co...
Income Tax : ITAT Mumbai upheld the CIT(A)'s directions to verify fund flow, bank statements, and lenders' creditworthiness before making addit...
Income Tax : ITAT Chennai held that estimating income at 8% of turnover was excessive where the assessee's accounts were tax-audited and past p...
Income Tax : The Tribunal restored the matter to the Assessing Officer after finding that transfer pricing adjustments may have been added twic...
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 ITAT observed that interest awarded under Section 28 of the Land Acquisition Act differs from ordinary interest under Section 34 and forms part of enhanced compensation. Therefore, taxation provisions relating to interest income were held inapplicable.
Mumbai ITAT upheld ₹10.76 crore addition after rejecting selective identification of physical shares for capital gains computation. The Tribunal termed the arrangement a “colourable device” to suppress taxable gains.
The Tribunal held that the charitable trust mistakenly filed Form 10AB under an incorrect clause of Section 12A due to a bona fide error. ITAT directed the CIT(E) to permit correction of the application and reconsider registration on merits.
The Tribunal observed that official salary documents issued by the employer and Income Tax Department showed salary income of only ₹4.67 lakh. The incorrect figure in the return was therefore held to be a typographical mistake requiring rectification.
The Tribunal held that effective opportunity was not provided before rejecting the applications for registration and approval. The matter was remanded to the CIT(E) for reconsideration in accordance with law.
ITAT Pune held that delay caused by lack of proper legal advice and dependence on tax consultants constituted reasonable cause. The matter was remanded for fresh adjudication on Section 80P deduction.
ITAT Mumbai accepted part of the assessee’s explanation that cash used for credit card payments came from family members. The Tribunal relied on income tax returns, bank statements, and affidavits while granting partial relief.
The Tribunal held that full disallowance of purchases was not justified where corresponding sales and quantitative stock records were accepted. ITAT sustained only estimated disallowance at 12.5% of disputed purchases.
ITAT Raipur held that additional evidence such as C-Forms cannot be relied upon by the appellate authority without giving the Assessing Officer an opportunity to examine it. The matter was remanded for fresh adjudication.
Mumbai ITAT restored appeals dismissed for 179-day delay after observing that the assessee had relied bona fide on his Chartered Accountant. The Tribunal granted another opportunity in the interest of justice and fair play.
