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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 : 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 : Taxpayers can file updated returns within 48 months of the assessment year by paying additional tax. The provision promotes volunt...
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 : ITAT Chandigarh held that the assessee could not establish the authenticity of the purchase transactions underlying the LTCG claim...
Income Tax : The High Court upheld denial of Section 10(38) exemption after concurrent findings established that the share transactions lacked ...
Income Tax : The Delhi High Court upheld the denial of Section 10(38) exemption after finding that the authorities had rightly treated the shar...
Income Tax : The High Court held that issuing a demand notice along with a draft assessment order violated the mandatory procedure under Sectio...
Income Tax : The Court found that the ITAT wrongly held there was no business income despite the assessment record showing income under “Busi...
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 ruled that a notice issued beyond three years from the relevant assessment year requires sanction from the authority prescribed under Section 151. Since approval was obtained from the wrong authority, the reassessment proceedings were held to be illegal.
The Tribunal held that the reassessment order was invalid because it was passed within four weeks of disposing of the assessee’s objections to reopening. Following Bombay High Court precedents, the reassessment proceedings were quashed.
The Tribunal found that the assessees claim for deductions under Chapter VI-A required factual verification rather than outright rejection. It directed the Assessing Officer to reconsider the claim after examining relevant documents and evidence.
ITAT held that a typographical mistake in selecting the wrong sub-clause of Section 80P does not defeat a valid deduction claim. The Tribunal directed the Revenue to grant the full deduction where eligibility was otherwise undisputed.
Assessments arising from searches conducted after 01.04.2021 must strictly comply with the reassessment framework under sections 147 and 148. Failure to adhere to statutory jurisdictional requirements, including mandatory approvals and satisfaction for use of third-party material, rendered the entire assessment void.
The ITAT ruled that an assessment made after the assessees death was not void ab initio where jurisdiction had already been validly assumed before death. The matter was remanded for passing a fresh order in the name of the legal representative.
Tribunal held that the differential amount between the levy price of sugar and the concessional price at which it was sold by a co-operative factory to its members and non-members constitutes an unallowable appropriation of profit to be added to business income, or a valid business practice could not be decided without examining the factual parameters mandated by the Supreme Court in Krishna Sahakari Karkhana Ltd.
The assessee mistakenly filed its registration application under Section 12A(1)(ac)(ii) instead of Section 12A(1)(ac)(iii). The Tribunal held that such an inadvertent error warranted correction and fresh adjudication rather than rejection.
CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benefits. The approval remains effective for tax years 2026-27 to 2030-31, subject to compliance requirements.
CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benefits. The approval remains valid from tax year 2026-27 through 2030-31, subject to compliance conditions.
