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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...
The Tribunal examined a case where the assessee failed to substantiate purchases and sundry creditors with supporting documents. It upheld estimation of income at 8% of turnover as a reasonable method when the genuineness of expenses could not be proved.
The Tribunal held that mere generation of surplus from activities does not convert a charitable trust into a business entity. The key issue is whether the surplus is applied for charitable purposes, requiring fresh examination by the Assessing Officer.
The Tribunal held that entire bank deposits cannot automatically be treated as unexplained income under Section 69A. Instead, where deposits relate to commission-based transactions, only a reasonable profit percentage (2% of deposits) should be taxed.
The Tribunal held that the assessee had furnished PAN, bank statements, confirmations, and financial details establishing the identity and source of the investor. Since the AO relied mainly on tracing further layers of transactions without adverse evidence against the assessee, the addition under section 68 was deleted.
The Tribunal ruled that without rejecting the books or identifying concrete discrepancies, expenses cannot be disallowed on an ad-hoc basis. The Revenues appeal challenging deletion of the addition was therefore dismissed.
The Tribunal held that cash deposits recorded in regular books of account cannot be treated as unexplained investments under section 69. Since the books were not rejected and no contrary evidence was produced, the addition was deleted.
ITAT Delhi held that while selecting the comparables transactions or entities, in case of international transactions, the basis should be one of similarity with the control transactions/entities and mere broad similarity is not sufficient.
The Tribunal held that although estimation of income was justified due to absence of books and non-filing of return, applying the 8% presumptive rate automatically was excessive. Considering the nature of the garment business, it reduced the estimated profit to 6.5% of bank credits.
The Tribunal held that determining exemption eligibility after retrospective registration is not a simple computational adjustment. Such matters cannot be decided at the return processing stage under section 143(1).
The Tribunal held that mere non-response to notices issued to vendors cannot justify disallowance of large business expenses when documentary evidence and accepted turnover exist. The issue was remanded to the Assessing Officer for proper verification.
