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Income Tax : The Income-tax Act, 2025 has officially replaced the Income-tax Act, 1961 from 1st April 2026. The new law focuses on simplified l...
Income Tax : The Income Tax Act 2025 has overhauled the 1961 law by introducing new section numbers, a unified “Tax Year,” and simplified c...
Income Tax : The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendme...
Income Tax : The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers...
Income Tax : Businesses now face stricter seller-wise tracking, PAN verification, and reconciliation obligations under TDS on purchase provisio...
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 : ITAT Chennai held that the assessee was denied reasonable opportunity when the CIT(A) dismissed the appeal in limine without permi...
Income Tax : The Tribunal ruled that only 8% of disputed purchases could be added where the assessee had disclosed corresponding sales and made...
Income Tax : Mumbai ITAT held that genuine outstanding trade liabilities arising from accepted business transactions cannot be treated as unexp...
Income Tax : The Tribunal deleted penalty levied on society charges and depreciation disallowances after finding that the claims were fully dis...
Income Tax : ITAT Mumbai ruled that once reassessment proceedings are quashed as void ab initio, the satisfaction recorded therein for initiati...
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...
This article explains how Section 2(24) adopts an inclusive definition of income, covering monetary, non-monetary, and even illegal gains. It highlights key judicial doctrines that determine taxability.
ITAT deleted ₹60 lakh addition as the Revenue relied solely on a third-party confession without independent verification. Documentary evidence such as confirmations, ITRs and bank statements discharged the assessee’s onus.
ITAT ruled that once the Assessing Officer makes no addition on the issue forming the basis of reopening, other additions cannot survive. MAT demand under Section 115JB was therefore struck down as unlawful.
Emphasizing judicial consistency, the Tribunal dismissed the Revenues appeal on referral fees and reimbursements. Identical issues decided in earlier years were followed, leading to deletion of all additions.
ITAT held that penalty under Section 271(1)(c) cannot survive where tax is ultimately levied under Section 115JB. Additions under normal provisions did not result in tax evasion.
The Tribunal deleted ₹2 lakh cash addition as no incriminating material directly linked the assessee to alleged on-money. Reliance solely on pen drive data and third-party statements without cross-examination was held insufficient.
ITAT quashed reassessment as approval under Section 151 was granted by PCIT instead of PCCIT. Notice issued after three years was held void for lack of proper jurisdiction.
ITAT ruled that mere endorsement stating “Yes, I am satisfied” does not constitute valid sanction under Section 151. Mechanical approval without independent application of mind invalidated the reassessment.
ITAT Mumbai deleted ₹13.32 lakh penalty u/s 270A, holding bona fide exemption claim by charitable trust not misreporting; 200% penalty unsustainable.
ITAT deleted ₹14.74 lakh addition as identical source was accepted in spouse’s case. Alleged on-money payment lacked corroborative evidence.
