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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 Delhi quashed a ₹65 lakh penalty under Section 271D after finding that no assessment was made for the relevant year and no ...
Income Tax : The Tribunal examined whether reassessment proceedings could be initiated after the NCLT declared a moratorium under the Insolvenc...
Income Tax : The Tribunal examined whether unsecured loans could be accepted solely on the basis of loan confirmations. It held that confirmati...
Income Tax : The Tribunal examined whether donations made as part of CSR obligations could qualify for deduction under Section 80G. It held tha...
Income Tax : The Court upheld deletion of the LTCG addition after finding that the Revenue relied on assumptions rather than evidence. Document...
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 assessee’s capital-gain computation and share-transaction trail matched disclosed data. ITAT held the AO’s conclusion to be unsupported and dismissed Revenue’s appeal.
ITAT held that once investments were accepted in prior assessments, their sale proceeds cannot be treated as unexplained income. The ruling confirms that Section 68 cannot be invoked without fresh incriminating evidence.
ITAT Mumbai held that once the assessee proved repayment of ₹1 crore via banking channels, Revenue must first disprove the evidence before invoking sections 68 or 69C. Both the addition and related interest disallowance of ₹3.78 lakh were deleted.
The Tribunal held that a short-term loan received from a sister concern cannot be treated as deemed dividend under section 2(22)(e). The loan was for business purposes, not for shareholder benefit. Key takeaway: transactions between sister concerns do not automatically attract dividend treatment even if there is common shareholding.
Tribunal held that penalty under Section 270A cannot survive once the Section 14A addition is deleted, especially where no exempt income was earned. The ruling reiterates that prospective amendments cannot justify retrospective disallowances.
The Tribunal allowed the appeal partly due to the assessee’s 60% handicap, emphasizing that delay in filing was not deliberate. The case was remanded for merit-based adjudication, ensuring fairness. Key takeaway: disabilities and procedural lapses can justify condoning appeal delays.
The Tribunal remanded the appeal after the CIT(A) did not consider additional evidence filed under Rule 46A. The assessee can now submit confirmations to substantiate claims. Key takeaway: procedural lapses should not prevent merit-based adjudication.
The assessee’s exemption under section 11 was initially denied as Form 10B was filed after the return. The court held that timely availability before assessment suffices. Key takeaway: Section 11 benefits apply if Form 10B is accessible during assessment.
An addition of ₹14,54,029/- was challenged on sundry creditor differences. The tribunal found total liabilities in the audited balance sheet matched the ITR. Key takeaway: Proper accounting of provisions ensures no unwarranted addition.
The Tribunal held that DCF valuation cannot be discarded merely because projections differ from actual results. AO’s failure to refer the matter to a Valuation Officer rendered the Section 56(2)(viib) addition unsustainable.
