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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 issue was whether utilisation of earlier accumulated income qualifies for fresh exemption. The Tribunal held it amounts to double deduction as exemption was already claimed earlier.
The issue addressed is fragmented and complex compliance for NPOs under earlier law. The new Act consolidates provisions and introduces stricter object-based scrutiny at registration.
The issue was whether purchases could be treated as bogus based on investigation reports. ITAT held that when documentary evidence and asset existence are proven, additions cannot be sustained.
The issue was whether machinery replacement qualifies as current repairs. The Court held that replacement creating enduring benefit constitutes capital expenditure.
The Court held that rejecting condonation solely because the assessment year was not mentioned in the circular is unjustified. It ruled that beneficial circulars must be applied liberally to address genuine hardship.
The Tribunal held that purchases cannot be treated as bogus when supported by invoices, bank payments, and GST records. It ruled that absence of adverse evidence makes such additions unsustainable.
The Court held that a 21-month delay in recording the satisfaction note violates the requirement of immediacy. It ruled that such delay renders proceedings time-barred and invalid.
The new law replaces the 1961 Act without introducing new taxes or changing tax policy. It simplifies provisions, reduces complexity, and improves compliance efficiency.
ITAT held that once an assessee adopts a prescribed valuation method under Rule 11UA, the AO cannot change or substitute it. The ruling reinforces taxpayer autonomy in selecting valuation approaches.
Rebate under Section 87A includes STCG for eligibility but cannot be applied to such income. This creates a limitation in tax benefit for taxpayers earning capital gains.
