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Income Tax : Transporters can avoid TDS deduction by submitting a declaration confirming ownership of not more than ten goods vehicles. The key...
Income Tax : Highlights that selecting the incorrect portal tab can lead to data mismatches and filing errors. Emphasizes the need to use the c...
Income Tax : Explains how commission-driven incentives in banks lead to mis-selling of financial products. Highlights the need for structural r...
Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : A new digital framework is suggested to replace manual Form 121 processes and streamline TDS exemption declarations. The proposal ...
Income Tax : The tax department clarified that no search or restriction was carried out against the individual. It termed the allegations basel...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : The Supreme Court declined to condone delay, thereby upholding the High Court’s conclusion that the liaison office did not const...
Income Tax : The judgment confirms that income from offshore equipment supply is not taxable where transactions occur outside India. The liaiso...
Income Tax : The Tribunal held that lack of awareness of the assessment order and limited knowledge of tax law constituted sufficient cause for...
Income Tax : The Tribunal confirmed addition of unexplained investments where the assessee could not substantiate the source of deposits. The r...
Income Tax : The Tribunal held that wage arrears arising from pay revision constitute an accrued liability from the effective date. The provisi...
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...
Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...
Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...
Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...
Arulcheyal Kainkarrya Sabha Vs CIT (Exemptions) (ITAT Chennai) The appeals before the Income Tax Appellate Tribunal (ITAT), Chennai, arose from the order dated 22.09.2025 passed by the Commissioner of Income Tax (Exemptions) [CIT(E)], Chennai, rejecting the assessee trust’s applications for registration under Sections 12AB and 80G of the Income Tax Act, 1961. The assessee is […]
ITAT Mumbai held that fair valuation loss on principal-protected debentures linked to NIFTY Index is not a contingent liability. The loss was allowed as expenditure under Section 37(1).
The Tribunal held that where the AO had examined and accepted exemption on interest under Section 28 of the Land Acquisition Act, revision under Section 263 was not justified.
The Court granted ad-interim relief, holding prima facie that no under-reporting arose where deduction was claimed based on a binding High Court judgment later overruled. Coercive recovery was stayed.
The Tribunal held that purchases cannot be treated as bogus merely because the supplier did not file an income tax return. Verified GST filings and inventory records established transaction genuineness.
The Tribunal deleted the ₹60 lakh addition under Section 68 after noting that the loan was received and repaid through banking channels and the lenders identity was established.
The Tribunal held that immunity from penalty requires strict compliance with statutory conditions, and absence of proof of Form 68 filing disentitles relief.
Rule 38 of the Draft Income-tax Rules, 2026 prescribes mandatory audit, separate books of account, capped beneficiary receipts, and strict reporting conditions for Agricultural Extension Projects claiming deduction under section 47(1)(a).
Rule 37 of the Draft Income-tax Rules, 2026 lays down mandatory conditions, prior Ministry approval, minimum ₹25 lakh expenditure, and CBDT notification procedures for agricultural extension projects under section 47(1)(a).
Rule 36 of the Draft Income-tax Rules, 2026 lays down detailed application procedures and eligibility conditions for affordable housing projects and semiconductor wafer fabrication units to be notified as specified businesses under section 46.
