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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...
The Tribunal held that cash deposits were fully recorded in audited accounts, making section 69A inapplicable. The addition was removed as no unexplained money was found.
Tribunal ruled that promotional scheme expenses were properly accrued and supported by evidence. Disallowance of ₹16.22 lakh was deleted, allowing assessee’s appeal.
The Tribunal held that additions for cash deposits and property purchase were sustained without considering key bank records. The matter was sent back for fresh verification.
Court held that cheque was issued for repayment of an unlawful job-related payment, which is not a legally enforceable debt. Acquittal was upheld as Section 138 NI Act did not apply.
ITAT Hyderabad held that addition towards cash deposited during demonetization period cannot be approved since explanation of assessee is rejected without verification and also Standard Operation Procedures [SOP] provided in CBDT instruction No. 3/2017 dated 21/02/2017 also not followed. Accordingly, matter set aside to file of AO.
The Tribunal refused to condone an extraordinary delay of 2,590 days, noting absence of evidence supporting the reasons cited for the delay. The appeal was dismissed in limine.
Breaks down the unchanged VDA tax structure, including 30% gains tax and 1% TDS. Key takeaway: strict compliance and accurate reporting remain essential.
The Court held that objections such as lack of pre-SCN consultation were waived and that disputed findings should be raised in appeal. The petitioner was directed to pursue statutory remedies.
The High Court set aside the refusal to condone a 523-day delay after finding the explanation adequate. The ruling allows the trust’s Form 10 filing to be accepted for exemption purposes.
The Court held that payments received by the assessee could not be treated as professional income because no proof of services rendered was produced. The ruling confirms that absence of evidence justifies treating such receipts as salary.
