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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 Court held that acknowledgment of debt in signed balance sheets validly extends limitation under Section 18 of the Limitation Act. Since the Section 7 application was filed within the extended period, CIRP was rightly admitted.
The Tribunal held that where the difference between purchase consideration and stamp duty value is less than 10%, no addition can be made. The 10% tolerance band was treated as retrospective and applicable to AY 2017–18.
The ruling reiterates that adjudication based on incorrect material vitiates the entire order. The matter was remanded to ensure proper consideration of facts specific to the assessee.
While deleting the interest disallowance on merits, the Tribunal remanded the brought-forward loss issue for limited verification. Other legal grounds were treated as academic.
The ruling clarifies that reopening for AY 2016–17 must comply with the correct sanctioning authority requirement. Non-compliance invalidates the notice and all consequential actions under the Act.
ITAT held that additions relying merely on investigation wing reports and retracted statements, without direct incriminating evidence, violate settled principles governing Section 153A proceedings.
The Tribunal observed that when a foundational jurisdictional issue exists, dismissal on limitation without examining merits is unsustainable. The reassessment and all consequential penalties were accordingly quashed.
Residential classification under Section 6 decides whether only Indian income or global income is taxable. Annual day-count tests directly impact total tax liability.
Since the investment was examined and accepted in scrutiny proceedings for AY 2015–16, the Revenue could not re-characterize the cost during the sale year. The Tribunal dismissed the appeal and upheld full LTCG exemption.
NAV approach using prevailing market value of land, the fair market value exceeded the issue price. The Tribunal ruled that the AO’s reliance on book value was unjustified and deleted the addition.
