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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 Mumbai held that an addition based solely on a builder's statement could not survive without evidence directly linking the as...
Income Tax : The ITAT Delhi held that reassessment under Section 147 was invalid because the Assessing Officer merely relied on an investigatio...
Income Tax : ITAT Delhi held that television channel and content owner companies could not be compared with a content distribution business. Th...
Income Tax : ITAT Mumbai held that distribution fees paid to associated enterprises could not be treated as royalty. The Tribunal followed earl...
Income Tax : The Tribunal found that the assessee had produced complete evidence proving allotment, holding, dematerialization, and sale of sha...
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 Income Tax Act 2025 has merged old presumptive taxation provisions into a single Section 58 framework. The change simplifies compliance for businesses, professionals, and transport operators under one codified structure.
The ITAT Delhi held that the Assessing Officer travelled beyond the limited scrutiny mandate by examining a loan transaction unrelated to the selected issue of increase in capital. Since no approval for expanding scrutiny scope was obtained, the assessment was quashed.
The ITAT Bangalore held that disallowance under Section 40(a)(i) could not survive once the recipient of the income settled the tax dispute under the Vivad se Vishwas Scheme, 2024. The ruling relied on CBDT Circular No.19/2024 and FAQ No.58 granting consequential relief to the deductor.
The Tribunal observed that taxpayers opting for presumptive taxation are not required to maintain books of account and therefore Section 68 could not be applied merely on the basis of bank statements.
Delhi ITAT held that issues relating to source of donations and cash deposits should generally be examined during assessment proceedings, not at the registration stage. The Tribunal remanded the matter for fresh consideration under Section 12AB.
The ITAT ruled that when the Revenue accepts business turnover and sales activity, corresponding cash deposits in bank accounts cannot again be added as unexplained cash credits under section 68. The Tribunal restricted the addition only to estimation of reasonable profit.
The ITAT held that once profit is estimated on unaccounted sales, separate additions for wages and operational expenditure cannot be made again under section 69C. The ruling treated such additions as double taxation of the same income stream.
ITAT Delhi held that reassessment proceedings beyond six years under Section 153C are permissible only where escaped income represented in the form of assets exceeds or is likely to exceed Rs. 50 lakh. Since this statutory condition was not satisfied, the assessments were annulled as time-barred.
The ITAT held that cash deposited by a money transfer agent during demonetisation could not be treated as unexplained income when the funds belonged to principal payment service providers. The Tribunal observed that the assessee merely acted as a collection agent and transferred the amounts to the principals.
The Bangalore Bench held that filing Form No. 10B along with the return is directory and not mandatory in circumstances where the audit report becomes available during appeal proceedings. Relief under Sections 11 and 12A was restored.
