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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 Bangalore held that sale of 25 plots did not amount to an adventure in the nature of trade because the properties were held f...
Income Tax : The Tribunal held that joint ownership alone cannot restrict Section 54 deduction where the entire source of investment for the ne...
Income Tax : The Tribunal ruled that under-reported income must be calculated as the difference between assessed income and income processed un...
Income Tax : The Tribunal deleted penalty under Section 271(1)(c) after substantially deleting the unexplained cash credit addition under Secti...
Income Tax : The Tribunal observed that delays in completion of housing projects by builders cannot deprive a taxpayer of Section 54 benefits w...
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...
The Tribunal reversed additions made towards alleged suppressed rent and bogus salary expenses. It emphasized factual consistency, business necessity, and absence of tax avoidance in granting relief to the assessee.
The Tribunal held that accumulated savings and customary cash gifts over 40 years of marital life were a plausible explanation for seized cash. It deleted the addition sustained by the CIT(A).
The Tribunal held that cash deposits cannot be treated as unexplained when the bank account is recorded in audited books and disclosed in the ITR. In absence of contrary evidence, the addition under Section 69A was deleted.
The Tribunal ruled that admission of fresh evidence without AOs examination violated procedural rules. The deletion of ₹2 crore disallowance under Section 40A(3) was set aside for reconsideration.
The Tribunal found non-compliance with statutory duties under Sections 250(4) and 250(6). The dismissal on delay alone was held improper, and the appeal was restored for fresh adjudication.
When a scheduled video hearing under faceless assessment is not attended by the officer, the opportunity becomes illusory. The key takeaway: document the failure immediately to protect natural justice rights.
The Tribunal ruled that Section 40(a)(ia) cannot be used to penalize deduction under an incorrect TDS provision when tax was actually deducted. The expenditure disallowance was rightly deleted.
The new law consolidates all TDS provisions into a single structured section with three tables for residents, non-residents, and specified payments. Compliance shifts from section-based to table-code reporting.
The Tribunal observed that similar deductions were allowed in earlier scrutiny assessments. Finding no error in the Assessing Officer’s view, it annulled the revision proceedings.
Relying on CBDT instructions and precedent, the Tribunal ruled that approval for reopening must come from the CCIT. Approval by PCIT rendered the notice and assessment unsustainable.
