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Income Tax : Understand the SFT system, reporting requirements, due dates, and penalties under Section 285BA for high-value financial transacti...
Income Tax : Learn the scope, time limits, and procedure for correcting mistakes apparent from records under Section 154, including appeal rest...
Income Tax : This article clarifies whether filing an ITR is necessary even without tax liability. It explains the major non-tax benefits and l...
Income Tax : The ruling explains strict compliance requirements for specified domestic transactions, including maintaining detailed documentati...
Income Tax : Understand the tax treatment of monetary, movable, and immovable gifts received by individuals and HUFs. Learn the ₹50,000 thres...
Income Tax : Net direct tax collections grew by 7% year-on-year, driven by higher corporate and non-corporate tax inflows and a reduction in re...
Income Tax : ICAI proposes tax reforms for Union Budget 2026-27 to enhance ease of doing business and sustainability. Suggestions cover reducin...
Income Tax : CBDT extends the due date for furnishing the Income Tax Return for AY 2025-26 to Dec 10, 2025, and the audit report due date to No...
Income Tax : CBDT’s 2025 Search & Seizure Manual guides tax officers on lawful, tech-driven investigations under Sections 132–132B of the I...
Income Tax : CBDT’s 2024-25 APA report details 174 new agreements, including record bilateral deals, advancing tax certainty and reducing cro...
Income Tax : ITAT Mumbai dismissed a tax appeal due to a 1,370-day delay, ruling that reliance on a tax consultant’s advice does not constitu...
Income Tax : The Court held that a Section 148 notice issued by the Jurisdictional Assessing Officer instead of the Faceless Assessing Officer ...
Income Tax : The ITAT Mumbai held that Section 263 cannot be invoked when the Assessing Officer has taken a permissible view after inquiry. Rev...
Income Tax : Gujarat High Court rules that reopening assessments using information from third parties without direct evidence linking the taxpa...
Income Tax : High Court ruled that a writ challenging an order under Section 148A(d) is maintainable even when statutory appeals are available,...
Income Tax : The notification grants five-year approval for eligible scientific research activities under Section 35(1)(iia). It confirms retro...
Income Tax : The Finance Ministry notifies the India-Belgium protocol amending the 1993 tax treaty, effective June 26, 2025, updating definitio...
Income Tax : CBDT notifies Ayodhya Vikas Pradhikaran as exempt under Section 10(46A) of the Income Tax Act, effective from AY 2024-25, with ret...
Income Tax : CBDT grants tax exemption to Haryana Building and Other Construction Workers Welfare Board for specific income types under Section...
Income Tax : Notification 157/2025 sets 1% tolerance for wholesale trading and 3% for all other cases for Arm's Length Price variation for AY 2...
Revenue from film distribution was specifically excluded from the definition of “royalty” under both the Act and the India-USA DTAA and interest earned on income tax refund was not effectively connected with any permanent establishment in India and should be taxed at 15% as per Article 11(2) of the India-US DTAA.
ITAT Delhi held that reopening of assessment under section 148 of the Income Tax Act on the basis of stale information results into change of opinion and the same is not sustainable in law. Accordingly, appeal is allowed and reopening is quashed.
ITAT Chandigarh held that cash deposits made during the demonetization period were from genuine business cash sales. The addition of Rs. 20.86 lakh by the AO and CIT(A) was based on assumptions and was deleted.
ITAT Ahmedabad held that a genuine ₹50 lakh loan received and fully repaid with interest cannot be treated as unexplained credit under Section 68. The addition by AO and CIT(A) was deleted as the assessee provided full banking and repayment evidence.
ITAT Ahmedabad dismissed the Revenue’s appeal, confirming CIT(A)’s deletion of ₹1.06 crore addition under Section 41(1). The tribunal held that the unsecured loans were used for capital expenditure, not trading purposes, making the addition inapplicable.
ITAT Chandigarh held that cash deposits of Rs. 17.29 lakh were merely redeposits of earlier withdrawals. The addition made by the Assessing Officer was deleted as the evidence showed no unexplained income.
ITAT Hyderabad held that an ex-parte dismissal by CIT(A) violated section 250(6) as not all grounds were adjudicated. The case was restored for a fresh, reasoned hearing.
ITAT Hyderabad upheld the dismissal of a trust’s appeal as barred by limitation due to a delay of nearly five years. The tribunal emphasized that no reasonable cause was shown to condone the delay under section 249(3).
ITAT Mumbai held that transfer pricing adjustment in relation to international transaction of payment of bareboat charter hire fees is directed to be deleted since benchmarking approach of assessee is already accepted by DRP in earlier years.
Delhi High Court held that order is liable to be set aside and matter remanded to ITAT since ITAT failed to provide appropriate reasoning with regard to functionality of comparable while undertaking transfer pricing adjustment.
