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Income Tax : This analysis explains how Parliament designed Sections 11 to 13 to ensure that tax-free income is ultimately used for charitable ...
Income Tax : The revised CBDT guidelines effective from 17 October 2024 streamline the compounding process under the Income-tax Act by prescrib...
Income Tax : Section 40A of the Income-tax Act restricts the deduction of specified business expenses where statutory conditions are not fulfil...
Income Tax : Taxpayers can apply for a nil or lower TDS certificate in Form 13 when their estimated tax liability supports deduction at a reduc...
Income Tax : The Income-tax Act contains strict provisions under Sections 40A(3), 269SS, 269ST, 269SU, and 269T to regulate cash transactions, ...
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...
Where income admitted in section 153C proceedings is accepted in assessment, penalty still requires strict compliance with section 270A. Absence of a specific misreporting charge defeats penalty levy.
The ITAT Chennai held a reassessment notice under section 148 invalid as it was issued after the statutory limitation expired, emphasizing strict compliance with time limits.
The Tribunal held that mere possession of cash during seizure does not establish ownership for section 69A. Where the source is explained and ownership lies elsewhere, addition in the carrier’s hands is unsustainable.
ITAT Mumbai held that section 70 of the Income Tax Act allows first setting off the short term capital loss against the non STT gains taxable at thirty percent, and then applying the balance against the STT gains taxable at fifteen percent. Accordingly, appeal stands allowed.
The Tribunal held that reassessment under section 147 fails when seized search material exists. The correct and exclusive route is section 153C, making the reopening jurisdictionally invalid.
The Tribunal held that delays caused by internal approvals from senior officials cannot justify late filing. Lack of due diligence by officials led to outright dismissal of the appeal.
The Tribunal ruled that taxing entire bank cash deposits under section 69A without examining business explanations is unsustainable. The reassessment was restored for de-novo adjudication with conditions.
The Tribunal noted that Form 26AS discrepancies were caused by contracts and TDS continuing in the proprietor’s PAN after business conversion. Since reconciliation was not properly examined, the issue was sent back for fresh adjudication.
ITAT held that invoking Rule 8D without recording dissatisfaction with the assessee’s own disallowance violates section 14A(2). Mechanical application of Rule 8D renders the disallowance legally unsustainable.
The Tribunal clarified that section 80G(2) applies to donor deductions, not trust registration. Since conditions under section 80G(5) were fulfilled, registration was directed to be granted.
