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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 : The Mumbai ITAT held that an addition under section 69 cannot survive when the Revenue fails to establish that the alleged investm...
Income Tax : ITAT Lucknow held that disallowance of interest expenses cannot be sustained without evidence showing that interest-bearing funds ...
Income Tax : SC dismissed Revenue’s plea after Gujarat HC held that even proposed additions would not alter MAT liability, defeating escapeme...
Income Tax : The Tribunal held that the assessee was entitled to additional interest under Section 244A(1A) because the Assessing Officer faile...
Income Tax : The Tribunal held that once Second Line Support services were examined and covered under an Advance Pricing Agreement, disallowanc...
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 penalty under Section 271AAB could not be levied because no incriminating documents were found during the search. It ruled that mere surrender of income does not constitute undisclosed income under the statutory definition.
The Tribunal examined the validity of assessments initiated under Section 153C where the Assessing Officer recorded a single consolidated satisfaction note for multiple assessment years. Following binding precedents, the Tribunal held that consolidated satisfaction is a fatal jurisdictional error and quashed the 153C assessments entirely.
The Tribunal noted that the cash was seized in a case involving narcotics, making the assessees story of property-related pooling of funds implausible. With no credible corroboration and significant inconsistencies, the addition under section 69A was upheld. The ruling stresses that factual context can outweigh self-serving explanations.
Assessing the full cash component of a property sale in the hands of one legal heir was found to be factually incorrect, leading the Tribunal to delete the addition. The appellate authority confirmed that the proceeds were jointly receivable by all co-owners and could not be attributed to the Assessee exclusively as unexplained credit.
Tribunal remands the matter after finding that bank records showing cash withdrawals were not examined. The key takeaway is that cash-in-hand cant be treated as unexplained without proper factual verification.
ITAT condones delay in filing appeal as the assessee’s police duties prevented timely submission, restoring the matter for adjudication on merits.
ITAT Mumbai ruled that non-resident investments sourced from foreign salary cannot be treated as unexplained income, deleting ₹2 crore addition under Section 69.
The High Court dismissed the Revenue’s appeal, affirming that the assessee discharged the initial onus under Section 68 by proving the lender’s identity and creditworthiness via banking channels and subsequent repayment with interest. It was held that doubts regarding the lender’s own creditors are irrelevant for the assessee’s assessment prior to the 2022 amendment, provided the primary transaction is genuine.
The ITAT Delhi upheld the allowance of management fees after verifying proper documentation and business purpose, emphasizing that payments to a parent company are deductible if fully supported.
The ITAT Delhi invalidated the reopening of an income tax assessment because the assessee had filed a complete return and the AO failed to record valid reasons, highlighting the need for proper statutory compliance in reassessment.
