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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 : The Mumbai ITAT held that an addition under section 69 cannot survive when the Revenue fails to establish that the alleged investm...
Income Tax : ITAT Lucknow held that disallowance of interest expenses cannot be sustained without evidence showing that interest-bearing funds ...
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 : 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 set aside the addition made under Section 68 due to incomplete verification of a large gift transaction. It remanded the case for fresh examination with proper evidence and opportunity.
The case addressed whether reassessment can proceed before disposing of objections. The Tribunal ruled that such action breaches mandatory legal procedure, leading to quashing of the assessment.
The Revenue challenged allowance of bad debts due to lack of NCLT evidence. The Tribunal held that post-amendment law requires only write-off in books, not proof of irrecoverability. The ruling reinforces that accounting write-off alone is sufficient for deduction.
ITAT held that exemption under Section 11 cannot be denied via rectification under Section 154 for alleged delay in filing Form 10B. The issue involved disputed facts and prior acceptance, making Section 154 invocation invalid.
ITAT held that interest under Section 220(2) must be recomputed based on reduced assessed income after rectification under Section 154. However, it clarified that interest will still run from the original demand date.
Tribunal set aside addition as the assessee established genuineness of loans through documentary evidence. However, it remanded the case to verify whether loans were repaid.
ITAT Kolkata held that professional fees for works related to acquisition of new unit or expansion of existing undertaking is governed by provisions of section 35D of the Income Tax Act. Thus, since there is a specific provision u/s. 35D for amortization of certain preliminary expenses, the recourse could not have been had to the residuary provision of section 37(1) of the Act.
Dazzler Confectionery Company Vs ITO (ITAT Mumbai) Penalty u/s 271(1)(c) Deleted Due to Defective Notice – No Specific Charge Mentioned AO levied penalty of ₹44.79 lakh u/s 271(1)(c) on disallowances relating to pre-operative expenses & 35D deduction. Penalty notice u/s 274 was issued using “concealment OR furnishing inaccurate particulars” without specifying the exact charge. Assessee […]
This guide explains how to determine whether to file Form 1040 or 1040NR based on tax residency. Key takeaway: Correct residency status ensures accurate tax filing.
The Tribunal clarified that possession is not a mandatory condition for claiming Section 54 exemption. It held that investment within the prescribed timeline satisfies the legal requirement.
