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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 ruling clarified that increased expenditure in one year, by itself, does not permit partial disallowance. The Assessing Officer must demonstrate lack of business purpose or genuineness.
The High Court held that quick repayment alone cannot establish a paper transaction when identity, creditworthiness, and genuineness are proved through records.
The Tribunal held that adverse regulatory findings alone cannot justify tax additions when client code modification trades are already recorded in the books and profits are disclosed.
The High Court ruled that penalty proceedings arising from search and initiated in assessment are governed by appeal-linked limitation rules. A penalty passed within six months from receipt of the tribunal order was held valid.
The tribunal held that an appeal cannot be rejected merely due to a clerical mistake in mentioning the wrong section in Form No. 35. The matter was remanded for fresh decision on merits, reinforcing the duty of appellate authorities to adjudicate substantively.
The judgment clarified that information under Section 148A means a concise narration of alleged escapement, not complete material. The reassessment proceedings were allowed to continue as no jurisdictional defect was found.
The issue concerned taxation of alleged on-money from sale of land. The Tribunal held that once the land was agricultural and outside section 2(14), capital gains and on-money additions could not survive.
The draft rules cut down the number of rules and forms significantly through consolidation. This signals a move toward simpler compliance and clearer tax administration.
This article explains how Section 54EC allows exemption from long-term capital gains through investment in notified bonds. The key takeaway is that timely bond investment offers a safe alternative to property reinvestment.
Revenue argued that control and fixed hours created employment. The Tribunal ruled that such controls ensure discipline and contract enforcement, not employment. Result: TDS under Section 194J sustained.
