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Income Tax : The article explains how accurate Form 10BD reporting protects donor deduction claims, prevents penalties, and ensures consistency...
Income Tax : The article explains what remains unchanged under the new tax law while highlighting critical compliance checks taxpayers should u...
Income Tax : The provisions under Sections 80C, 80D, 80DD, and 80DDB provide tax deductions because taxpayers incur eligible expenses on life i...
Income Tax : AO rejects books of accounts and applies flat net profit rate. Can taxpayer claim depreciation separately or is it embedded in tha...
Income Tax : The updated provisions explain how long-term capital gains are classified, computed, and taxed following amendments introduced by ...
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 Delhi ITAT held that electricity charges paid to statutory authorities in the ordinary course of business qualify as deductibl...
Income Tax : The ITAT Bangalore held that additions under Section 68 could not be sustained without proper examination of bank statements, PAN ...
Income Tax : The High Court held that appeals concerning the adequacy of sentence should be presented before the jurisdictional Sessions Court....
Income Tax : The Court held that transferring assessment proceedings under Section 127 was justified to facilitate coordinated investigation in...
Income Tax : The Court held that transfer of assessment proceedings to Delhi was justified where connected cases had already been centralized f...
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...
While an error in computation was acknowledged, prejudice to Revenue was not established. The Tribunal quashed the revision for lack of both ingredients. The ruling clarifies strict thresholds for invoking section 263.
The case examined whether entire purchases could be treated as bogus when sales were undisputed. The Tribunal restricted the addition to 6%, holding that only a reasonable estimation was warranted.
Recognizing the nature of the manufacturing business and accepted sales, the Tribunal scaled down the disallowance. The decision stresses pragmatic assessment. It avoids penalizing genuine turnover.
The Tribunal clarified that expenditure disallowances do not qualify as assets under section 149(1). Without asset-based escaped income, reopening beyond three years is barred. This offers strong protection against belated reassessments.
Judicial rulings clarify that Section 54 focuses on timely investment of capital gains, not rigid legal ownership milestones. The exemption depends on when and how the investment is made.
The Tribunal held that interest from bank fixed deposits lacked a direct nexus with credit facilities. Deduction under Section 80P was denied as investment income dominated.
The Tribunal held that reopening based solely on third-party information without independent application of mind is invalid. Income escaping assessment must be based on the Assessing Officer’s own reason to believe.
The Tribunal held that no commission income can arise from circular transactions within group entities. Additions based on estimated commission for such intra-group sales were deleted.
The Tribunal held that an intimation making large additions without giving adequate opportunity violates principles of natural justice. The matter was remanded for fresh adjudication.
The Tribunal examined whether website development charges were genuine business expenses. It upheld the disallowance after finding the vendor to be a non-existent entity and services to be unproven.
