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Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...
Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...
Income Tax : Form 16 and Form 16A serve distinct purposes under the TDS framework, with Form 16 relating to salary income and Form 16A covering...
Income Tax : Permanent Account Number (PAN) serves as a unique identifier enabling the Income-tax Department to track tax payments, returns, TD...
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...
Madras High Court held that dormant partner cannot be made vicariously liable for benami transaction especially since even the necessary averment to invoke vicarious liability is absent in the complaint. Accordingly, order set aside to that extent.
The article explains how AIS-based data matching is triggering tax notices despite Form 26AS matching. The key takeaway is that AIS now drives scrutiny and compliance.
Karnataka High Court held that vocational training qualifies as education under section 2(15) of the Income Tax Act. Exemption under section 11 of the Income Tax Act allowed since surplus generated is used only for educational purposes. Accordingly, writ allowed.
Setting aside the lower authorities orders, the Tribunal ruled that reliance on amalgamation-related precedents was misplaced. It reaffirmed that goodwill from a slump sale is depreciable when not hit by statutory restrictions.
The ruling clarifies that once a reassessment return is accepted, earlier returns lose relevance for penalty purposes. In the absence of defects in the reassessment return, penalty cannot survive.
The Tribunal upheld deletion of an ad-hoc expense addition where the Assessing Officer failed to point out defects in audited accounts. Proper documentation shifted the burden back to the tax authority.
ITAT held that share capital additions cannot rest on an inspector’s report not shared with the assessee. Matter remanded for fresh examination in line with natural justice.
ITAT held that Section 68 cannot be invoked where donors are identified with names, PAN, ITRs, and confirmations. Such donations cannot be treated as unexplained cash credits or anonymous income.
Section 194T introduces a flat 10% TDS on partner remuneration and interest, sharply reducing monthly liquidity for small firms. The key takeaway is that blocked refunds and borrowing costs may outweigh any compliance benefit.
The Tribunal ruled that additions based only on presumptions and low income of subscribers are invalid. Proper documentary evidence outweighs non-appearance under summons.
