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Income Tax : The High Court held that reassessment proceedings for AY 2013-14 were time-barred after computing the surviving limitation as clar...
Income Tax : Budget 2026 proposes allowing taxpayers to file an updated return even after receiving a reassessment notice under Section 148. Wh...
Income Tax : The Court clarified that mere pendency of information exchange requests under DTAA cannot justify continuing a Look Out Circular. ...
Income Tax : The discussion highlights that differential tax treatment must satisfy the reasonable classification test under Article 14 of the ...
Income Tax : The 2025 law mandates advance tax on estimated income in four instalments, with limited exemptions for senior citizens and small l...
Income Tax : Draft Rule 240 requires financial institutions to follow detailed due diligence procedures, including self-certification and accou...
Income Tax : Draft Rule 239 requires reporting financial institutions to maintain and report detailed information on reportable accounts, inclu...
Income Tax : Draft Rule 238 of the Income-tax Rules, 2026 provides detailed definitions of financial accounts, financial institutions, reportab...
Income Tax : Draft Income-tax Rules 2026 introduce Rule 236 and Rule 237 requiring film producers and specified persons to file Form 164 and re...
Income Tax : Draft Income-tax Rules 2026 introduce Rule 234 and Rule 235 requiring non-resident liaison offices to file annual statements and I...
Income Tax : The Tribunal ruled that simultaneous proceedings arising from reassessment and revision for the same year could lead to multiplici...
Income Tax : The Tribunal removed the transfer pricing addition on delayed receivables from associated enterprises, holding that the company’...
Income Tax : The High Court held that a tax notice and assessment issued in the name of a company that had already merged into another entity w...
Income Tax : The ITAT relied on surrounding circumstances, documentary evidence, and the principle of human probabilities to conclude that cash...
Income Tax : The Tribunal ruled that exemption under Sections 11 and 12 cannot be denied by aggregating separate shareholdings to invoke Sectio...
Income Tax : The Central Government has approved a Chennai-based higher education trust for scientific research under Section 35(1)(ii) for AY ...
Income Tax : Explains the CBDT notification granting section 10(46) exemption to a district legal services authority and the categories of inco...
Income Tax : CBDT directs adjournments in court and ITAT cases as Finance Bill 2026 proposes clarificatory amendments to key Income Tax Act pro...
Income Tax : Summary of the Finance Bill, 2026 outlining income-tax rates, surcharge structure, threshold relief, amendments across direct and ...
Income Tax : The Budget 2026 changes overhaul customs duty structures by moving rates into the tariff and pruning exemptions. The key takeaway ...
The Delhi High Court held that issuing a 15% withholding certificate without properly considering the Supreme Court’s ruling was legally unsustainable. The Court reduced the tax deduction rate to 2% for the relevant year.
The High Court set aside income tax assessments after holding that a specific written request for personal hearing cannot be rejected on technical grounds such as failure to activate a portal link. The ruling underscores that natural justice must be upheld in faceless proceedings.
The Delhi High Court held that the Tribunal erred in directing the grant of registration under Sections 12AB and 80G without examining the genuineness of the trust’s activities. The Court set aside the order and remanded the matter to the Commissioner for proper inquiry.
The tribunal ruled that reallocating management expenses to the profit and loss account under IRDA regulations does not violate law and therefore cannot justify disallowance under the Income-tax Act.
Bain & Company Vs D/ACIT (ITAT Delhi) The appeal before the Income Tax Appellate Tribunal (ITAT), Delhi arose from a final assessment order dated 18 December 2024 passed by the Deputy/Assistant Commissioner of Income Tax (International Tax), Gurgaon under Section 143(3) read with Section 144C(13) of the Income-tax Act, 1961. The assessee is a foreign company […]
The Delhi High Court held that continuing a lookout circular after the conclusion of tax proceedings and in the absence of any outstanding demand violated fundamental rights. The Court ruled that administrative delay in gathering foreign information cannot justify indefinite travel restrictions.
Draft Rule 240 requires financial institutions to follow detailed due diligence procedures, including self-certification and account review, to identify reportable accounts and determine tax residency for global information reporting.
Draft Rule 239 requires reporting financial institutions to maintain and report detailed information on reportable accounts, including account holder identity, balances, and income transactions, with annual filing by 31 May to ensure tax transparency.
Draft Rule 238 of the Income-tax Rules, 2026 provides detailed definitions of financial accounts, financial institutions, reportable persons, and related terms to ensure proper identification and reporting of accounts under international tax compliance rules.
Draft Income-tax Rules 2026 introduce Rule 236 and Rule 237 requiring film producers and specified persons to file Form 164 and reporting entities to submit financial transaction statements in Form 165.
