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Income Tax : Failure to file ITRs can result in interest, late fees, loss of refunds, and missed tax benefits. Beyond taxation, it may also aff...
Income Tax : A comprehensive overview of Income Tax Return filing obligations, due dates, belated and revised returns, updated return provision...
Income Tax : The document explains tax rates applicable to individuals, HUFs, firms, companies, co-operative societies, foreign companies, and ...
Income Tax : Resident senior citizens aged 60 years or above are exempt from paying advance tax if they do not earn income from business or pro...
Income Tax : This guide explains how taxpayers can challenge assessment, reassessment, penalty, and other specified orders before the Joint Com...
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 Ahmedabad upheld reassessment proceedings after finding that seized diaries recorded unaccounted cash transactions exceeding ...
Income Tax : The Allahabad High Court quashed a reassessment after finding that the Section 148 notice was based on an incorrect allegation of ...
Income Tax : The Tribunal ruled that Section 153C requires the AO of the other person to independently assess whether seized documents have a b...
Income Tax : Jaipur ITAT held that reassessment proceedings were invalid because the Assessing Officer mechanically relied on Investigation Win...
Income Tax : The Tribunal ruled that third-party WhatsApp messages and decoded chat entries lacked evidentiary value against the assessee witho...
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...
ITAT Delhi held that reassessment based solely on Investigation Wing reports without independent enquiry is invalid. The ruling emphasizes that borrowed satisfaction cannot justify reopening under Section 147.
The Tribunal ruled that statements of builder group officials, without corroborative evidence against the purchaser, cannot form the sole basis for addition. The decision reinforces the principle that third-party statements must be independently verified.
The Tribunal accepted that the taxpayer was pursuing rectification remedies and therefore condoned the delay in filing the appeal. The key takeaway is that genuine efforts to resolve disputes through alternative legal remedies can justify delay condonation.
The proposed ordinance exempts FIIs from tax on interest income and capital gains from Government Securities. The measure aims to increase foreign participation in India’s sovereign debt market and reduce tax-related investment barriers.
The Government proposes exempting BIS from tax on interest income and capital gains arising from Government Securities. The move aims to encourage future BIS investments and enhance India’s attractiveness for sovereign debt investments.
The Revenue sought to levy penalty despite accepting the revised income declared by the assessee. ITAT held that accepted disclosures do not automatically amount to misreporting and cannot justify penalty under Section 270A.
The ITAT held that reassessment cannot be sustained when additions are ultimately made on issues not mentioned in the recorded reasons for reopening. The AO’s jurisdiction failed because no valid addition survived on the original escapement issue.
Tribunal held that purchase of land outside the prescribed period does not automatically disqualify exemption on construction of a residential house. Construction expenditure incurred within the time limit prescribed under Section 54 may still qualify for deduction. The issue was remanded for verification of actual construction costs.
The Tribunal emphasized that once sales are entered in regular books and supported by stock records, the burden shifts to the Revenue to prove them false. In the absence of such proof, Section 68 could not be invoked.
ITAT Delhi held that cash deposits made during the demonetization period could not be fully treated as unexplained money when supported by sales records and books of account. However, as the assessee failed to satisfactorily explain the abnormal increase in cash sales before demonetization, the Tribunal sustained only a lump-sum addition of ₹10 lakh. The ruling emphasizes balanced evaluation of evidence in demonetization-related assessments.
