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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 Chandigarh held that the assessee could not establish the authenticity of the purchase transactions underlying the LTCG claim...
Income Tax : The High Court upheld denial of Section 10(38) exemption after concurrent findings established that the share transactions lacked ...
Income Tax : The Delhi High Court upheld the denial of Section 10(38) exemption after finding that the authorities had rightly treated the shar...
Income Tax : The High Court held that issuing a demand notice along with a draft assessment order violated the mandatory procedure under Sectio...
Income Tax : The Court found that the ITAT wrongly held there was no business income despite the assessment record showing income under “Busi...
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 upheld deletion of a major share premium addition after finding that all investors complied with notices under Section 133(6) and furnished requisite documents. The ruling reiterates that once the three ingredients of Section 68 are satisfied, the burden shifts to the Revenue.
The ITAT ruled that section 269SS targets cash advances in property deals, not final sale consideration paid at registration. Penalty under section 271D was therefore not leviable.
The Tribunal held that estimating closing stock without rejecting books or identifying defects is unsustainable. Mere assumptions of revenue leakage cannot justify additions.
The Tribunal held that section 269SS targets cash advances in property transactions. Cash received at the time of registration was found to be outside its scope.
The High Court quashed reassessment notices holding that mere receipt of dividends and capital loss does not establish sham transactions. Allegations against fund managers cannot automatically implicate investors.
ITAT Mumbai held that condoning a delay in filing an appeal does not replace the right to present submissions on merits and remanded the case for fresh adjudication.
The Tribunal held that amalgamation approved by the High Court cannot be treated as a sham or business reconstruction. Deduction under Section 80IC was upheld as the eligible unit continued unchanged.
ITAT Hyderabad held that addition under section 69A of the Income Tax Act as unexplained money towards bogus long term capital gains not sustained since assessee has proved the genuineness of transactions of purchase and sale of shares as ordinary investor.
The Tribunal held that Section 69A applies only to money not recorded in books of account. Additions based on duly recorded, bank-routed transactions were found unsustainable.
The issue was whether payments for supplying in-flight entertainment content constituted royalty. The Tribunal held that mere provision and processing of licensed content without transfer of copyright does not amount to royalty under the India-UK DTAA.
