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Income Tax : Bangalore ITAT held that the Revenue cannot deny the fifth-year deduction under Section 35D after consistently allowing the claim ...
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 : 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 : Mumbai ITAT held that maintenance charges and other collections received exclusively from members of a co-operative society are ex...
Income Tax : ITAT Mumbai ruled that additions under Section 69 cannot be sustained merely on suspicion when the entire property investment is s...
Income Tax : The Tribunal ruled that information from the Sales Tax Department and generic statements of alleged hawala dealers are insufficien...
Income Tax : Additions made by attributing the commission income earned by PSPL as undisclosed income of the Assessees were held unsustainable ...
Income Tax : The High Court held that merely issuing a notice is insufficient if the assessee is not informed of further developments or given ...
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...
ITAT Kolkata held that there is no finding that interest bearing funds have been applied for purpose of making investment. Further, on account of sufficient availability of interest free funds, interest disallowance under rule 8D(2)(ii) unjustified.
ITAT Mumbai held that the assessee had furnished sufficient evidences to justify the genuineness of the payments and therefore their mere non-attendance of summons, cannot be reason enough to disbelieve the genuineness of the transactions with them. Accordingly, addition u/s. 69C deleted.
Learn about Section 40A(3) of the Income Tax Act, which disallows deductions for cash expenditures exceeding Rs. 10,000. Explore rules, exceptions, and changes.
Explore the new Income Tax Form 71 introduced by the CBDT to correct TDS errors. Effective from October 1, 2023, Form 71 simplifies the process of rectifying discrepancies between TDS deductions and income reporting. Learn about Rule 134 and the submission process through the Income Tax Department’s e-filing portal. Understand the details required, including PAN, address, tax year, and TDS amount. Discover the limited time frame of two years to correct TDS credit errors and the electronic issuance of Form 71 by the Director General of Income Tax (System). Ensure a smoother tax payment experience with this insightful guide by CA Brijmohan Lavaniya and Siddharth Sachan
ITAT Delhi held that imposition of penalty under section 270A of the Income Tax Act unsustainable in absence of any malafide intention on the part of the assessee to claim excess deduction under section 32AC of the Income Tax Act.
ITAT Mumbai held that the determination of Arm’s Length Price (ALP) without applying any methods as prescribed under section 92C(1) of the Income Tax Act by the TPO is not tenable in law.
ITAT Hyderabad held that interest on trade receivables u/s. 92B(1) of the Income Tax Act could be determined by applying SBI short-term deposit rates.
ITAT Jodhpur held that addition under section 68 of the Income Tax Act towards unexplained credit unsustainable as genuineness of the depositors provided by filing confirmation, affidavits, bank statement, etc.
ITAT Delhi held that amount received towards service rendered by the assessee is in connection with installation/erection of plant and machinery involved in mining of natural resources fall within the exceptions provided under Article 12(5)(f) and 12(5)(g) of India – Portugal DTAA and hence not taxable.
ITAT Hyderabad held that interest payment on late payment of TDS is not compensatory in nature and is not allowable as deduction u/s 37(1) of the Income Tax Act.
