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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 Tribunal held that reopening based on Section 50C was unsustainable because the provision applies only to sellers, not purchasers of property. With the very foundation of reassessment failing, the addition based on circle-rate difference was deleted. The ruling underscores that incorrect legal assumptions cannot justify reopening under Section 147.
The Tribunal deleted the Section 68 addition after finding no material linking the assessee to any accommodation-entry scheme. All documentary evidence—demat records, broker notes, and banking channels—supported genuine share transactions. The ruling reiterates that suspicion or probability cannot override verified evidence.
The ITAT held that cash deposits during demonetisation could not be taxed u/s 68 when all sales were recorded, verified, and supported by stock and VAT records. Since books were audited, accepted, and showed no defect, the addition of ₹12.20 crore based on mere averages was unsustainable. The ruling confirms that documented cash sales cannot be taxed again as unexplained cash credit.
Chhattisgarh High Court held that TCS provisions covered under section 206C(1C) of the Income Tax Act doesn’t apply to amount of compounding fees/ fine that was recovered from illegal miners and transporters of minerals.
ITAT ruled that reopening was bad in law as reasons cited property purchases, while additions related to cash credits—showing no live nexus. The case reaffirms that reassessment must be based on specific, relevant material.
Delhi ITAT held that non-filing of Form 10B is a curable defect and the assessee must be given an opportunity under section 139(9). Gross receipts cannot be taxed in entirety if exemptions fail.
Gujarat High Court held that Explanation to section 73(1) of the Income Tax Act cannot be applied to loss on sale of shares which were acquired on conversion of partly convertible debentures. Hence, loss on sale of such shares is not speculation loss and hence set off allowed.
The ITAT held that cash deposits recorded in books and from legitimate business sales during demonetisation cannot be treated as unexplained under Section 69A. Entire addition of ₹45.23 lakh was quashed.
Gujarat High Court held that since for the year under consideration, there is no retention of income but in fact there is a deficit of 7%, hence the question of denying the exemption under section 11 of the Income Tax Act wouldn’t arise. Accordingly, writ petition is allowed.
The Delhi ITAT upheld deletion of ₹2.57 crore TP adjustment, confirming that mere margin variations do not trigger 80IA(10) without evidence of profit manipulation. Revenue’s appeal dismissed.
