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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 : Senior citizens aged 75+ with only pension and bank interest income need not file ITR if a specified bank computes income and dedu...
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 : 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 held that additions under Section 68 cannot be sustained merely on suspicion regarding penny stock transactions. The T...
Income Tax : The Court held that the assessee failed to produce any written or registered document proving transfer of property to the firm. Co...
Income Tax : ITAT Mumbai upheld the CIT(A)'s directions to verify fund flow, bank statements, and lenders' creditworthiness before making addit...
Income Tax : ITAT Chennai held that estimating income at 8% of turnover was excessive where the assessee's accounts were tax-audited and past p...
Income Tax : The Tribunal restored the matter to the Assessing Officer after finding that transfer pricing adjustments may have been added twic...
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 Kolkata dismissed Rs. 6.52 crore addition under section 68, holding that cash deposits were substantiated by audited books and AO failed to reject accounts or prove them unexplained.
The CIT(Exemption) canceled 80G approval as the trust did not submit audit reports, expenditure proof, and bank statements. The tribunal remitted the case for fresh consideration with opportunity to comply.
ITAT remanded penalty proceedings to CIT(A) as the underlying quantum of income addition is pending adjudication, directing fresh consideration post-quantum decision.
The Tribunal directed a fresh adjudication after the assessee was wrongly credited with company income due to erroneous PAN and 26AS entries, emphasizing fair play over technical delay.
The Tribunal held that reassessment fails in law when the AO drops the original reason for reopening and makes an unrelated addition, rendering the entire reassessment unsustainable.
The Tribunal condoned a 152-day delay in filing appeals, emphasizing that the delay was unintentional and did not benefit the appellant. This reinforces the justice-oriented approach in tax appeal filings.
The Tribunal deleted Rs. 26.73 lakhs added under Section 69A, holding that the deposit was from agricultural income and prior withdrawals. Revenue failed to disprove the assessee’s explanation, confirming that farmers’ cash deposits need proper evaluation.
The tribunal found that the income addition of ₹80 lakh was incorrectly attributed to the assessee personally instead of the company, allowing the appeal to proceed on merits.
ITAT held that reassessment proceedings are invalid where the Assessing Officer failed to grant the minimum seven days’ time under section 148A(b), making the entire process unsustainable.
Tribunal ruled that examining purchases was permissible under limited scrutiny for sales mismatch. However, the 3% profit estimation was found arbitrary and sent back for fresh computation.
