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Income Tax : The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...
Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
Income Tax : This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...
Income Tax : This article explains the statutory powers of the Principal Commissioner or Commissioner to waive or reduce penalties in genuine c...
Income Tax : Summary: The Income Tax Act, 2025 introduces a significant structural reform by relocating the exempt income provisions previousl...
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 Bangalore ITAT held that ambiguity in the penalty proceedings rendered the levy unsustainable. The Tribunal emphasized strict ...
Income Tax : The Supreme Court declined to interfere with the Karnataka High Court's judgment, which had held that the issues raised by the Rev...
Income Tax : The High Court refused to entertain the Revenue's appeal after holding that the questions raised had already been decided in the a...
Income Tax : The ITAT condoned the delay after finding that assessment and appellate notices were sent to incorrect email addresses. The ruling...
Income Tax : The ITAT observed that invoking the test of human probabilities cannot replace factual verification of books and bank records. Add...
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 deleted the addition after finding that neither possession nor ownership had passed during the relevant assessment year. The decision emphasizes that actual transfer, not mere intention to sell, determines taxability.
Section 54B grants capital gains tax exemption when proceeds from the sale of agricultural land are reinvested in another agricultural property within the prescribed period. The provision also outlines conditions relating to agricultural use, Capital Gains Account Scheme deposits, and withdrawal of exemption on early transfer or non-utilisation of funds.
The ITAT Bangalore held that no disallowance under section 14A read with Rule 8D can be made where the assessee did not earn exempt income during the year. The ruling reiterates that, for years prior to AY 2022-23, absence of exempt income bars such disallowance.
The Court emphasized that reassessment proceedings must comply with principles of natural justice by providing an effective opportunity of hearing. Ignoring explanations and documents submitted by the taxpayer vitiates the entire reopening process.
ITAT held that proving the mode of payment is not enough to secure deduction for political contributions where evidence points to a bogus donation scheme. Taxpayers must establish the authenticity of the entire transaction.
The Court ruled that an order passed over three years after the statutory deadline under Section 153(5) was without jurisdiction and void. It held that failure to act within the prescribed period renders the appellate order final and enforceable.
The Income-tax Act mandates obtaining and quoting TAN because it serves as a unique identifier for all TDS and TCS compliance obligations. The key takeaway is that non-compliance, including failure to obtain TAN or quoting an incorrect TAN, can result in a penalty of ₹10,000, making timely adherence to procedural requirements essential.
Sanand Properties P. Ltd. Vs Jt. Commr. of I.T. Range 6 And Ors. (Supreme Court of India) Reopening of Assessment Valid Because Survey Unearthed Fresh Tangible Material: SC; 35% Share Taxable as Revenue Since Expenses Never Reduced Entitlement: SC; Receipts Linked to Gross Sales Held Taxable as Business Income, Not Profit Share; Assessment Reopening Sustained […]
The article analyses whether declaring profits below presumptive rates automatically triggers tax audit under the Income-tax Act, 2025. It concludes that the law’s ambiguity could support a narrower interpretation limiting audit requirements.
The Tribunal held that rebate under section 87A could not be denied merely because LTCG exceeded Rs.1 lakh. It ruled that the relevant consideration was the tax computed on such gains, leading to deletion of the adjustment made under section 143(1).
