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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 Tribunal ruled that exemption for charitable trusts cannot be denied merely due to belated filing of Form 10B. It reaffirmed that the requirement is directory, not mandatory, when the audit report is eventually furnished.
This ruling clarifies that repayment of loan with interest, coupled with documentary proof, negates allegations of unexplained cash credit. Mere suspicion without defects in evidence cannot sustain an addition.
Relying on Supreme Court precedent, the Tribunal held that the IBC has overriding effect over the Income-tax Act. The decision confirms that tax appeals cannot survive once insolvency proceedings are approved.
The Tribunal held that a reassessment notice issued to a company already struck off from the ROC is invalid. Since the entity had ceased to exist, the entire reassessment and assessment proceedings were quashed.
Applying judicial relief on Section 115BBE, the remaining tax demand fell below the prescribed threshold. The ruling reiterates that revenue appeals must be dismissed when tax effect is below CBDT limits.
The Tribunal ruled that purchases cannot be treated as bogus merely because suppliers did not reply to Section 133(6) notices. When books are audited, evidence is produced, and sales are accepted, disallowance under Section 69C is unsustainable.
The Tribunal ruled that cash deposited during demonetisation came from genuine business sales already offered to tax. It held that taxing the same amount again under Section 68 and Section 115BBE would amount to impermissible double taxation.
The notification exempts specified non-commercial e-governance income such as government grants, service charges, and consultancy receipts from tax. The key takeaway is that exemption applies only if statutory conditions are strictly followed.
The government has granted Section 10(46) tax exemption to a welfare board for cess, fees, and interest income. The relief applies retrospectively, subject to strict compliance conditions.
The notification exempts specified grant and interest income from tax. The benefit is conditional on non-commercial activities and proper return filing.
