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Income Tax : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...
Income Tax : Relocating to Sikkim does not automatically exempt you from income tax. This article explains who qualifies under Section 10(26AAA...
Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...
Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...
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 : The Jodhpur ITAT held that deduction under Section 80GGC cannot be denied merely on allegations against a political party in the a...
Income Tax : Assessment orders passed pursuant to express liberty granted by the High Court during pendency of settlement-related litigation re...
Income Tax : The ruling emphasizes that undisclosed business receipts and stock arising from an existing business cannot automatically be chara...
Income Tax : The Tribunal held that when sales are accepted and books of account are not rejected, the entire amount of disputed purchases cann...
Income Tax : The ITAT Pune held that the CIT(A)/NFAC cannot dismiss an appeal merely for non-prosecution without adjudicating the issues on mer...
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...
ITAT Mumbai held that interest on advance given to entity how became Non Performing Asset (NPA) cannot be brought to tax since the income is really not accrued to the assessee. Accordingly, addition is rightly deleted by CIT(A).
Calcutta High Court held that reopening of assessment u/s. 147 for claim of bogus capital gain sustained fundamentals of company are very weak and abnormal price rise in share is artificially manipulated.
The present petition is filed assailing the Communication dated 03 February 2014 issued by the Respondent No. 3 rejecting the Petitioner’s Application dated 15 December 2011 for seeking amendments of the earlier granted approval dated 17.11.2006.
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ITAT Pune held that entire cash deposits into the bank account cannot be treated as income, only profit element embedded in the same should be brought to tax. Thus, addition adopting 8% profit rate confirmed. Appeal of assessee is partly allowed.
ITAT Mumbai held that proceedings u/s. 153A of the Income Tax Act is bad in law since case falls within parameters of rule 112F r.w. third proviso to section 153A, however, no certificate was issued by investigating officer even when cash was found during election period.
ITAT Mumbai held that no disallowance u/s. 14A of the Income Tax Act r.w.r. 8D(2)(ii) due to availability of sufficient interest free funds for the purpose of making investment in exempt income yielding assets.
India’s income tax filing season for Assessment Year (AY) 2025-26 (Financial Year 2024-25) is off to a rocky start, marked by significant delays in form releases, minimal processing of filed returns, and new mandates causing concerns among taxpayers and professionals alike. Social media platforms are abuzz with complaints, highlighting a growing frustration with the Income Tax Department’s preparedness.
Gujarat High Court held that Revisional authority ought to have taken into consideration that AO has to pass best judgement assessment order without granting an opportunity of being heard. Thus, matter remanded back to AO for de novo consideration.
ITAT Mumbai held that the view taken by AO was a plausible view and the same cannot be subjected to revision under Section 263 of the Act merely for the reasons that PCIT does not agree with the same. Accordingly, appeal of assessee allowed.
