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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...
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.
The ITAT held that reassessment proceedings were invalid because the Assessing Officer wrongly stated that the original return was never scrutinized. The Tribunal ruled that such factual errors while recording reasons showed complete non-application of mind.
ITAT Delhi held that reassessment proceedings beyond the prescribed period were invalid where alleged escaped income arose from unaccounted sales and not from assets. The Tribunal ruled that conditions under Sections 149 and 153A were not satisfied, leading to quashing of multiple reassessment notices.
The Calcutta High Court held that reassessment proceedings violated principles of natural justice since the assessee was not provided an opportunity of personal hearing before passing the order under Section 148A(d).
Wrong ITR form selection, incorrect residential status, and missing Indian income disclosures can create tax complications for NRIs. Proper verification of AIS, Form 26AS, and bank details is essential before filing returns.
