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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 : SC dismissed Revenue’s plea after Gujarat HC held that even proposed additions would not alter MAT liability, defeating escapeme...
Income Tax : The Tribunal held that the assessee was entitled to additional interest under Section 244A(1A) because the Assessing Officer faile...
Income Tax : The Tribunal held that once Second Line Support services were examined and covered under an Advance Pricing Agreement, disallowanc...
Income Tax : ITAT remanded the case as NFAC passed an ex parte order despite notice issues and held that a combined reassessment and ITAT effec...
Income Tax : ITAT Delhi held that interest expenditure cannot be disallowed without establishing a nexus between borrowed funds and non-busines...
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 dispute involved unexplained cash deposits in bank accounts. The Tribunal ruled that deposits partly belonged to the principal, reducing the addition.
The court held that delay in filing returns can bar deduction under Section 80P. It directed the taxpayer to seek condonation under Section 119(2)(b). The ruling emphasizes compliance with statutory timelines.
The issue was whether addition can be made only on survey admission. The Tribunal held that without corroborative evidence, such addition is unsustainable.
The issue involved SBN deposits treated as unexplained despite being part of recorded sales. The Tribunal held that taxing the same amount again results in impermissible double taxation.
The issue involved cash deposits during demonetization treated as unexplained. The Tribunal held that deposits backed by recorded sales cannot be taxed under Section 68.
The case involved unexplained cash deposits during demonetization. The Tribunal upheld addition for unexplained shortage but deleted addition where advances were supported by evidence.
The issue involved unexplained cash deposits during demonetization. The Tribunal held that once books of account are accepted, deposits recorded therein cannot be treated as unexplained.
The issue involved cash deposits during demonetization treated as unexplained credit. The Tribunal held that when deposits are backed by recorded sales and identifiable debtors, Section 68 cannot be invoked.
The issue involved addition under Section 69A for demonetization cash deposits. The Tribunal held that once sale consideration was accepted as source, the addition could not be sustained.
Even where premium limits are exceeded, death benefits continue to be fully exempt. This ensures protection for beneficiaries. The takeaway is that exemption rules differ for survival and death benefits.
