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Income Tax : The Income-tax Act, 2025 has officially replaced the Income-tax Act, 1961 from 1st April 2026. The new law focuses on simplified l...
Income Tax : The Income Tax Act 2025 has overhauled the 1961 law by introducing new section numbers, a unified “Tax Year,” and simplified c...
Income Tax : The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendme...
Income Tax : The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers...
Income Tax : Businesses now face stricter seller-wise tracking, PAN verification, and reconciliation obligations under TDS on purchase provisio...
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 updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...
Income Tax : ITAT Bangalore held that sale of 25 plots did not amount to an adventure in the nature of trade because the properties were held f...
Income Tax : The Tribunal held that joint ownership alone cannot restrict Section 54 deduction where the entire source of investment for the ne...
Income Tax : The Tribunal ruled that under-reported income must be calculated as the difference between assessed income and income processed un...
Income Tax : The Tribunal deleted penalty under Section 271(1)(c) after substantially deleting the unexplained cash credit addition under Secti...
Income Tax : The Tribunal observed that delays in completion of housing projects by builders cannot deprive a taxpayer of Section 54 benefits w...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
The issue was whether a penalty can survive when the notice does not specify the exact charge. The Tribunal held that a vague notice vitiates the entire penalty proceedings, even where AMT liability exists.
The Tribunal found that key evidences furnished by the assessee were not adequately considered by lower authorities. The issue was restored to ensure fair examination and compliance with natural justice.
The issue was whether personal capital could be compared with partnership capital to infer unexplained credits. The Tribunal held the comparison flawed and upheld deletion of the Section 68 addition.
The court set aside reassessment proceedings after finding doubt over valid service of notices. Failure to ensure proper communication denied the assessee a fair hearing.
The Supreme Court rejected the Revenue’s delayed appeal where reassessment was initiated repeatedly for the same year. The ruling confirms that completed reassessment on merits cannot be reopened again.
The Court held that reassessment cannot be initiated once an assessment is conclusively closed. Supreme Court directions on reassessment notices were found inapplicable to finalized cases.
The Tribunal ruled that penalty under Section 270A cannot stand where income is enhanced purely by estimation. Additions made by applying a higher profit rate, without incriminating material, fall outside under-reporting.
ITAT ruled that principal amounts in accommodation share entries do not constitute income of a conduit entity. Taxability is restricted to the commission earned for facilitating such transactions.
The issue was whether DRP cases escape the outer limitation under section 153. The Tribunal held that section 153 continues to apply and quashed the assessment as time-barred.
This case addressed the allowability of commission paid to non-resident agents without TDS. The Tribunal held that since the income was not chargeable to tax in India and agents had no PE, Section 40(a)(i) could not be invoked.
