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Income Tax : AI-driven scrutiny and AIS integration are increasing Income Tax notices where property transactions occur below stamp duty value....
Income Tax : This case highlights that cash paid to builders as “on-money” will not automatically be treated as tax evasion if it originate...
Income Tax : The article explains the complete evolution of buyback taxation in India, highlighting how tax liability shifted between companies...
Income Tax : Section 265 of the Income Tax Act, 2025 specifies who can legally verify an income tax return for different assessees. Incorrect v...
Income Tax : The Tribunal ruled that once an assessee validly opts for the DCF method and submits a qualified valuation report, the Assessing O...
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 updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...
Income Tax : The Tribunal accepted the assessee’s explanation that unspent cash withdrawn for labour and petty expenses was redeposited into ...
Income Tax : Tribunal observed that the Assessing Officer failed to establish any mismatch in stock, sales, or accounting records before making...
Income Tax : ITAT Hyderabad held that constituent members of a JV or Consortium can claim deduction under Section 80IA(4) when they actually ex...
Income Tax : The Tribunal found that full payment, TDS deduction, and transfer of possession established completion of the transaction for capi...
Income Tax : ITAT Indore held that appellate order violated principles of natural justice after finding that key hearing notices were sent to a...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...
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...
ITAT Rajkot held that cash deposits made during demonetization were fully supported by audited books of account, cash books, and bank records. The Tribunal ruled that additions under Section 69A cannot be sustained merely on suspicion.
The Hyderabad ITAT held that purchases cannot be treated as bogus merely because the supplier failed to respond to a notice under Section 133(6). The Tribunal deleted the addition after finding supporting invoices, confirmations, and banking records on record.
ITAT Rajkot held that in cases involving bogus purchases, only the profit element embedded in such purchases can be added to income. The Tribunal upheld restriction of the addition to 13.7% instead of the full purchase amount.
ITAT Delhi held that the assessee was covered under the search proceedings even though its name did not specifically appear in the panchnama because the warrant referred to “& Ors.” The Tribunal therefore upheld jurisdiction under Section 153A.
Tribunal noted the assessee’s contention that only his share in jointly owned properties could be taxed instead of the entire transaction value. It directed the CIT(A) to re-examine the matter on merits after considering documentary evidence.
Court ruled that reassessment notices under Section 148 must be issued through the faceless mechanism under Section 151A and the 2022 Scheme. Notice issued by the Jurisdictional Assessing Officer was held invalid and quashed.
The Madras High Court held that reassessment notices required to be issued by the Faceless Assessing Officer are invalid if issued by the Jurisdictional Assessing Officer. The Court followed the Bombay High Court ruling in Hexaware Technologies.
The Madras High Court held that reassessment notices required to be issued by the Faceless Assessing Officer are invalid if issued by the Jurisdictional Assessing Officer.
The Jharkhand High Court held that retrospective insertion of Section 147A removed the jurisdictional challenge against reassessment notices issued under Sections 148 and 148A. The petition was disposed of without quashing the proceedings.
The High Court ruled that deduction of broken period interest on HTM securities was a settled legal issue and could not justify reopening of assessment. The reassessment proceedings were set aside as lacking legal basis.
