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Income Tax : The article argues that recurring demands for ITR deadline extensions arise from delayed AIS updates, late utility releases, and t...
Income Tax : Senior citizens aged 75+ with only pension and bank interest income need not file ITR if a specified bank computes income and dedu...
Income Tax : Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. ...
Income Tax : Employer-provided interest-free or concessional loans are taxable as salary perquisites due to the financial benefit enjoyed by em...
Income Tax : ESOPs are taxed as salary perquisites on allotment based on FMV at exercise. Eligible start-up employees can defer TDS and tax pay...
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 observed that the assessee discharged its burden under Section 68 by filing confirmations, financials, and banking records of the lender. In absence of contrary evidence, the onus shifted to the Revenue. The addition was rightly deleted.
ITAT Mumbai observed that additions based solely on estimation do not establish concealment of income. Consequently, penalty under Section 271(1)(c) was deleted for both assessment years.
The Tribunal held that reassessment cannot survive when the final addition differs from the reasons recorded. Treating dividend as unexplained cash credit was beyond the scope of reopening.
Relying on the Supreme Court ruling in Rajeev Bansal, ITAT ruled that proper sanction is mandatory under the new reassessment regime. Non-compliance with Section 151 rendered the notice and subsequent proceedings void ab initio.
The Tribunal ruled that mere reliance on Sales Tax Department information and unserved notices cannot justify full addition. Since turnover and quantitative records were accepted, only estimated profit could be taxed.
The Tribunal set aside the assessment after finding that a combined approval under Section 153D for multiple years vitiated proceedings. It held that such approval renders the assessment legally unsustainable.
The Tribunal set aside denial of exemption where authorities taxed interest and other receipts without examining eligibility under Section 11. The issue was remanded for fresh adjudication.
ITAT Mumbai deleted ₹2 crore additions, holding assessment based solely on third-party investigation report and assumed 3% commission unsustainable without independent evidence or proof under Sec 69A.
The Tribunal found inconsistencies in the CIT(A)’s findings while restricting addition to 12.5% of purchases. As key facts were not properly examined, the issue was restored for fresh adjudication.
he Tribunal emphasized that assessment and penalty proceedings are distinct and strict proof of concealment is required. Estimated additions alone cannot justify penalty under Section 271(1)(c).
