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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...
The dispute involved additions of partners capital treated as unexplained cash credits. The Tribunal did not rule on merits but remanded the matter due to procedural violation by the appellate authority. It highlights that appellate orders must be reasoned and speaking.
The tribunal held that taxing the full sale consideration as short-term capital gain without allowing cost of acquisition is legally incorrect. Capital gains must be computed on net gains, not gross receipts.
Although the Revenue followed the new reassessment procedure, the notice was issued beyond the allowable time. The Tribunal set aside the reassessment as void ab initio.
The tribunal held that reassessment under Section 153C cannot stand without valid satisfaction as mandated by law. Failure to examine this jurisdictional issue vitiates the proceedings.
The tribunal held that estimating commission income at 1% without verifying the existence of a genuine Shroff business was legally unsustainable. The matter was remanded for fresh examination by the Assessing Officer.
The tribunal held that refusal to condone delay defeats substantial justice when reasonable cause exists. Delay was directed to be condoned and appeal heard on merits.
Where funds were merely routed through the assessee’s bank account, the tribunal ruled that only commission income is taxable. The earlier 2% estimation was reduced to 1.5% as more reasonable.
The tribunal held that appellate orders passed ex-parte without examining merits violate natural justice. Matters were restored for fresh adjudication after giving proper hearing.
The tribunal held that adjustments made under section 143(1) solely on Form 3CD disclosures are not conclusive. Matters involving contingent liabilities and factual disputes must be verified by the Assessing Officer.
Capital gains were computed without allowing improvement costs due to submission of an incorrect valuation report. The Tribunal held that a bona fide mistake justified reconsideration with correct evidence.
