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Income Tax : The note highlights gaps in existing tax provisions affecting families, seniors, and small investors. It suggests targeted reforms...
Income Tax : Disallowance made in an ex parte order was overturned after evidence showed a clear borrowing-to-lending link. The ruling affirms ...
Income Tax : The issue was prolonged misuse of correction statements due to no statutory deadline. The law now enforces strict timelines, makin...
Income Tax : Businesses are seeking a cap on dividend taxation for resident shareholders to address double taxation concerns. The proposal aim...
Income Tax : ITAT held that execution of a registered joint development agreement amounts to transfer of land. Capital gains timing must be det...
Income Tax : Following judicial criticism of delayed appeals, officers urged structural reforms to fix institutional gaps rather than penalisin...
Income Tax : With repeated technical failures hampering compliance, officers requested formal absolution from blame. The letter emphasizes coll...
Income Tax : Net direct tax collections recorded an 8.82% increase despite moderate gross growth. Lower refunds played a key role in boosting n...
Income Tax : The issue concerns high-pitched additions proposed under faceless scrutiny even where agricultural income is exempt and fully docu...
Income Tax : Authorities cannot insist on adding an irrevocable clause in trust deeds for Section 12A renewal when the trust is otherwise legal...
Income Tax : The tribunal held that revision under Section 263 is invalid where the Assessing Officer has examined the issue and adopted a plau...
Income Tax : The tribunal ruled that statements of third parties cannot be relied upon unless the assessee is provided copies and allowed cross...
Income Tax : ITAT Delhi held that day of arrival should be excluded while computing number of stayed in India. Accordingly, the status of asses...
Income Tax : The Tribunal confirmed deletion of additions where the AO made no effort to verify consignees, transporters, or stock movement. Pr...
Income Tax : ITAT Ahmedabad held that addition made on the basis of third-party WhatsApp chat without any incriminating material is unsustainab...
Income Tax : The government has granted time-bound approval under section 35(1)(ii) enabling eligible donations to scientific research to quali...
Income Tax : The notification exempts defined categories of income of a legal services authority, while warning that violations may lead to pen...
Income Tax : The government has approved an institution for scientific research under section 35(1)(ii), enabling donors to claim tax deduction...
Income Tax : The notification exempts specified non-commercial e-governance income such as government grants, service charges, and consultancy ...
Income Tax : The government has granted Section 10(46) tax exemption to a welfare board for cess, fees, and interest income. The relief applies...
Tribunal held that identity, creditworthiness, and genuineness of shareholders were proven through documents filed before AO and CIT(A). Since authorities ignored valid evidence, the section 68 addition was deleted.
An addition of ₹1 crore under section 68 was challenged on the ground that the assessee had no opportunity to produce supporting documents. The matter was remanded to the AO for de novo assessment, keeping all contentions open.
The tax authority’s assessment and penalty were set aside as the assessee was not given a fair opportunity to submit documents or Rule 46A application. The court emphasized adherence to natural justice before rejecting section 54F claims.
The ITAT ruled a reassessment under Section 147 invalid because the Assessing Officer failed to issue the mandatory Section 143(2) notice. compliance with notice requirements is crucial for valid reassessment.
The Tribunal held that unexplained money addition cannot stand when the AO ignores direct verification from the bank. Matter restored to the AO to summon the bank and tax only actual interest income.
The Tribunal held that agricultural income cannot be disallowed merely due to a year-on-year increase. Since land ownership, crop details, and receipts were undisputed, the addition was deleted.
The Tribunal condoned a 960-day delay after finding that the assessee’s reliance on VSV settlement and pending rectification was a bona fide cause. It ruled that penalty under Section 271D is independent of quantum proceedings. The penalty appeal was wrongly dismissed as infructuous and has been remanded for fresh decision.
The Tribunal found that a fixed-deposit mismatch caused an unjustified ₹5.33-crore addition. Delay was condoned and the matter was remanded for fresh assessment with proper verification.
The Tribunal accepted that the 7.5% rebate was a pre-negotiated commercial discount and not an unaccounted cash return. As the seized loose sheets were unverified and unsupported by witnesses, the ₹9.06 crore addition failed.
Incorrect Form 3CD reporting led CPC to treat rental income and capital gains as business income. The Tribunal ruled that such mismatches cannot justify additions without verification.
