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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 : 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 : Taxpayers can file updated returns within 48 months of the assessment year by paying additional tax. The provision promotes volunt...
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 Mumbai noted that the excel sheets relied upon by the Revenue had not been established in accordance with legal requirements ...
Income Tax : ITAT Mumbai held that an addition based solely on a builder's statement could not survive without evidence directly linking the as...
Income Tax : The ITAT Delhi held that reassessment under Section 147 was invalid because the Assessing Officer merely relied on an investigatio...
Income Tax : ITAT Delhi held that television channel and content owner companies could not be compared with a content distribution business. Th...
Income Tax : ITAT Mumbai held that distribution fees paid to associated enterprises could not be treated as royalty. The Tribunal followed earl...
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 ITAT Nagpur held that only the gross profit embedded in unrecorded sales can be taxed and not the entire sales amount under Section 69A. The Revenue’s appeal seeking full addition was dismissed.
ITAT Delhi deleted a Rs. 50 lakh addition under Section 68 after finding that the investor company had directly responded to notices and furnished supporting documents. The Tribunal held that the identity, genuineness, and source of investment were adequately proved.
The Tribunal restored issues relating to comparable company margins and working capital adjustment after finding that the assessee’s submissions required verification. The appeal was allowed for statistical purposes.
ITAT Delhi upheld addition of Rs. 2.78 crore after finding that the assessee had voluntarily admitted undisclosed stock during survey and post-survey proceedings. The Tribunal held that later retraction without supporting evidence could not displace signed statements and inventory records.
The latest GST advisory requires mandatory reporting of Ship To GSTIN while generating E-Way Bills for Bill To – Ship To transactions. Unregistered consignees must be reported using “URP”.
The article explains that HRA exemption is unavailable under the new tax regime, which is why the HRA field may not appear in the ITR utility. Taxpayers must select the old regime to claim HRA benefits.
The ITAT examined additions based on alleged undisclosed sales and gross profit estimation after a search operation. The Tribunal held that industry-average GP rate should be adopted instead of the higher rate applied by the Assessing Officer and directed recomputation of income accordingly.
The Supreme Court ruled that limitation under Section 263 must be calculated from the original assessment order where the issue revised was not part of reassessment proceedings. The Court held that reassessment does not reopen the entire assessment for all purposes.
The Supreme Court ruled that limitation for revisional proceedings under Section 263 must be counted from the original assessment order where the issues are unrelated to reassessment proceedings. The Court dismissed the Revenue’s appeal as the revision order was held time-barred.
ITAT Hyderabad held that the reassessment notice issued for AY 2015-16 after 31.03.2022 was barred by limitation under the first proviso to Section 149 and therefore invalid.
