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Income Tax : The Income-tax Act, 2025 continues the old specified professions framework without addressing longstanding classification issues. ...
Income Tax : The Supreme Court dismissed the Revenue's review petitions and reiterated that payments for off-the-shelf software do not constitu...
Income Tax : A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to ...
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 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 Tribunal held that an incomplete document recovered from an employee's laptop could not justify an addition under Section 69 w...
Income Tax : The ITAT held that once registration under Section 12AB was ultimately granted on the basis of the original application, the doctr...
Income Tax : The ITAT Chennai ruled that funds received by a Chartered Accountant for remitting clients' taxes could not be treated as unexplai...
Income Tax : ITAT Mumbai held that appellate forums can entertain additional claims even without a revised return. The matter was remanded to t...
Income Tax : The Telangana High Court held that recovery proceedings under Section 226(3) cannot automatically extend to a daughter's bank acco...
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...
MP High Court dismisses the Income Tax Dept’s appeal against Gopal Tayal, upholding ITAT’s decision on alleged bogus penny stock LTCG claim. Read full judgment.
In Section 56(2)(viib) of Income Tax Act, Assessing Officer’s wide discretion on valuation faces constraints from rules and tribunal judgments. This article explores three issues: changing valuation methodology, challenging FMV due to lack of documents, and rejecting Discounted Cash Flow based on cash flow variations.
Discover the Assessing Officer’s authority to challenge valuations under Section 56(2)(viib). Learn about valuation methods, legal precedents, and implications for businesses.
ITAT emphasized that under the accrual system, provisions for outstanding expenses can indeed be recognized based on estimates and do not require exact certainty at the time of accrual. The fact that the statutory auditors had approved the financial statements without qualification further supported Culver Max’s position that these provisions represented ascertained liabilities within the framework of accrual-based accounting.
Delhi High Court halts Income Department’s further actions on reassessment order under Section 148A(d). Full text of the judgment and detailed analysis.
Read detailed analysis of ITAT Mumbai’s order regarding interest income from money lending assessed as business income in Kamlakant Chhotalal Exporters Pvt Ltd vs ACIT case.
The ITAT Mumbai dismisses the appeal of Binod Kumar Singh as no legal heir was substituted within a reasonable time after his death. Full order details here.
Learn about the penalty of Rs. 31.83 Lakh imposed by the MCA for issuing shares in physical mode instead of DEMAT mode in the Biogenomics case.
ITAT Kolkata quashes notice under Section 148 as AO fails to verify credible information. Insightful analysis of R.S. Darshan Singh Motor Car Finance Pvt. Ltd. Vs ITO.
In the case of Wellman Logistics Pvt. Ltd Vs ACIT, ITAT Kolkata deletes income tax addition u/s 68, proving creditworthiness of share subscribers and genuineness of transactions with supported documents.
