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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 Gujarat High Court restrained the Assessing Officer from passing a final order under Section 148, citing non-compliance with the preliminary verification requirements under the Scheme framed under Section 135A.
Punjab and Haryana High Court held that a Section 148 notice issued by a Jurisdictional Assessing Officer after the faceless assessment scheme is invalid. The notice contravened Section 151A and the 2022 e-Assessment scheme. The court quashed the notice with directions to follow statutory faceless procedure.
The Rajasthan High Court dismissed the challenge to Section 234E of the Income Tax Act, holding that the fee for late TDS filing is compensatory, not punitive.
The ITAT Jaipur ruled that penalty under Section 271AAB cannot be imposed when no undisclosed income is found during search operations. Loose documents alone do not justify penalty.
The ITAT found the assessee was not required to maintain books under Section 44AA. The recall led to cancellation of the Section 271AAB penalty for commodities trading income.
The Tribunal held that the penalty notice failed to specify the applicable clause under Section 271AAB. It ruled that the omission invalidated the penalty, as the assessee was not informed of the precise charge.
ITAT Jaipur clarified that penalty under section 271AAB is not mandatory and requires proper examination of evidence and explanation by the assessee before imposition. Mere surrender of income does not constitute undisclosed income.
The Tribunal held that projected profitability notes could not be treated as incriminating material and did not establish undisclosed income. Penalty under section 271AAB was therefore cancelled.
The decision clarified that income supported by books, demat records, and banking documents cannot be penalized as undisclosed under section 271AAB. Penalty reduction by CIT(A) was set aside.
Tribunal holds that surrendered LTCG cannot be treated as undisclosed income when fully recorded in books and supported by verifiable documents. Penalty under section 271AAB was therefore not leviable.
