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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 issue was whether receipt of shares on amalgamation attracts tax when shares are held as stock-in-trade. The Court held such substitution can trigger business income under Section 28 if the shares are realisable, reinforcing the real income principle.
Input tax credit was upheld as the requirement of actual tax deposit by sellers was introduced only prospectively and could not be applied retrospectively.
The Court held that failure of a creditor to file a return for the relevant year cannot alone justify a Section 68 addition. Once identity and banking trail are proved, the burden on the assessee stands discharged.
The issue was whether exempt dividend income could be taxed by overriding Rule 8D. The ITAT held that additions beyond the Section 14A framework are invalid.
The court examined an eight-year delay in releasing a sanctioned tax refund. It ruled that such inaction is unacceptable and directed immediate payment with statutory interest.
The issue was whether old unabsorbed depreciation could be carried forward beyond eight years. The tribunal upheld unlimited carry-forward post-2001 amendment, reaffirming that such depreciation can be set off without time restriction.
The issue was whether agricultural income was rightly disallowed for lack of proof. The tribunal deleted the addition after the Revenue’s own inspection confirmed active cultivation, reinforcing that verified facts override assumptions.
The High Court held that an addition for unexplained investment cannot rest solely on an unsigned and unexecuted agreement. The key takeaway is that Section 69 requires concrete evidence of actual payment, not assumptions drawn from incomplete documents.
The tribunal held that penalty under section 271(1)(c) cannot be levied where income admitted during survey is duly declared in the return and accepted in assessment. The key takeaway is that absence of concealment or inaccurate particulars bars penalty, even if disclosure arose from a survey.
This article explains how recovery notices can quickly lead to bank or salary attachments if ignored. It highlights the importance of identifying the notice type and taking immediate legal steps to prevent coercive action.
