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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...
The Delhi High Court held that reassessment proceedings cannot proceed on vague notices lacking reasons for alleged escapement of income. Orders under Section 148A(3) and notices under Section 148 were set aside and remanded for fresh consideration.
The issue was whether sale proceeds of inherited jewellery could be taxed as unexplained cash credits. The Tribunal held that valuation reports, affidavits, and banking records sufficiently explained the source, leading to deletion of the Section 68 addition.
The case examined the effect of prolonged departmental inaction after a Tribunal remand. The Court ruled that since the statutory time limit had long lapsed, nothing survived for adjudication.
The issue concerned summons issued during an ongoing enquiry into a complaint. The High Court held that no intervention was required while the enquiry was in progress.
The Court found that intimations under Sections 143(1) and 154(3) were not communicated due to technical reasons. The matter was remitted for fresh consideration after a revised audit report was filed.
The issue was whether cash deposited during demonetisation could be treated as unexplained. The Tribunal held that when sales are supported by available stock and recorded books, cash receipts from such sales cannot be added under Section 68.
The Tribunal held that amendments to Section 11 cannot retrospectively curtail the utilization window for earlier accumulations. Existing accumulations remain governed by the law in force at the time they were made.
The Tribunal upheld restriction of disallowance where interest-free funds were higher than tax-free investments. It reaffirmed that no interest disallowance arises in such circumstances.
The Tribunal held that when interest-free funds exceed exempt-income investments, no interest disallowance under Section 14A can be made. The ruling reinforces the presumption laid down by the Supreme Court.
The courts held that when depreciation on goodwill is allowed after detailed examination, the assessment cannot be revised as erroneous. The key takeaway is that a plausible and informed assessment order bars revision under Section 263.
