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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...
ITAT restored penalties under Sections 271AAC and 270A after noting CIT(A) dismissed appeal without hearing assessee. Case highlights necessity of providing a fair opportunity before imposing penalties.
ITAT Bangalore confirmed that income admitted under Section 132(4) constitutes undisclosed income under Section 271AAB. The assessee’s claim of voluntary disclosure to avoid litigation was rejected, validating the ₹30 lakh penalty.
ITAT Delhi held that TDS deposited by a buyer in a later year cannot override correct assessment year of capital gains. Form 71 enables taxpayers to claim such TDS credit in year of transfer.
The Supreme Court scheduled final hearing to determine if a trust working for a particular community can claim income tax exemption under Sections 11 and 12.
ITAT Kolkata held that an addition cannot be sustained solely on a survey statement under Section 133A. Proper verification of stock and business records is required before treating income as undisclosed.
ITAT Delhi held that an addition under Section 69C is invalid if it is not based on the allegations in the show-cause notice. The AO cannot exceed the notice, and procedural fairness is mandatory.
Tribunal ruled that massive companies like Infosys and TCS cannot be used as comparables when the assessee’s turnover is small, holding that size materially affects profitability. It directed exclusion of such entities and recalculation of margins.
ITAT Delhi ruled that sales already recorded in books and accepted under GST cannot be treated as unexplained income under Section 68 without independent verification. No addition can be made solely on untested statements.
ITAT Delhi held that Section 14A cannot be applied when no exempt income is earned, deleting a ₹1.24 crore disallowance. The Tribunal also condoned a 99-day filing delay due to reasonable cause.
ITAT Delhi ruled that validly filed Form 10-IC ensures eligibility for Section 115BAA concessional tax rate. Key takeaway: timely filing secures lower corporate tax in subsequent years.
