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Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...
Income Tax : Form 16 and Form 16A serve distinct purposes under the TDS framework, with Form 16 relating to salary income and Form 16A covering...
Income Tax : Permanent Account Number (PAN) serves as a unique identifier enabling the Income-tax Department to track tax payments, returns, TD...
Income Tax : This analysis explains how Parliament designed Sections 11 to 13 to ensure that tax-free income is ultimately used for charitable ...
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 ruled that jurisdiction to reopen assessment arises only when a valid notice is issued to a living person or legal representative. Since the notice was issued to a deceased assessee, the reassessment order was declared illegal.
ITAT Chennai held that where unaccounted purchases are found and the corresponding sales are not doubted, only the profit element embedded in such purchases can be brought to tax, and not the entire purchase value. Accordingly, addition towards unaccounted purchases duly restricted.
ITAT Delhi held that gift of a property to wife specially when she is a co-sharer in the property cannot be considered to be a colourable device and camouflage transaction to taint claim of Section 54F of the Income Tax Act. Accordingly, deduction u/s. 54F erroneously disallowed.
The Income-tax Act, 2025 introduces Form 141 to replace Form 26QB from April 2026. The change aims to reduce reporting mistakes and simplify TDS compliance in property transactions.
The new Income-tax Act, 2025 retains the obligation to maintain books of account under Section 62. Businesses and professionals must maintain proper records to enable accurate income assessment and avoid penalties.
The Tribunal held that capital gains from property transferred to a spouse without consideration must be taxed in the hands of the transferor under Section 64(1)(iv). Assessing it again in the transferee spouse’s hands was invalid.
The Tribunal held that reopening beyond three years requires sanction from higher authorities under Section 151(ii). Since approval was obtained only from the PCIT, the reassessment notice was declared invalid.
The Tribunal held that Section 269SS does not apply when cash is received as part of final sale consideration at the time of property registration. Since no advance was involved, penalty under Section 271D was deleted.
The tribunal examined whether the tax authority correctly calculated allowable promotional expenses. It held that the disallowance based on an incorrect assumption about the number of gifts issued was unsustainable.
The Tribunal held that reopening an assessment after four years is invalid when the assessee has fully disclosed all material facts during the original scrutiny. The reassessment was quashed for lack of new material evidence.
