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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 Gujarat High Court dismissed the petition by Backbone Projects Limited, upholding the reopening of assessment based on fresh, credible information from investigating wings detailing the receipt of ₹1.25 crore in bogus accommodation entries. The court ruled that mere production of documents does not constitute a full and true disclosure when transactions are later found to be false.
Revenue from film distribution was specifically excluded from the definition of “royalty” under both the Act and the India-USA DTAA and interest earned on income tax refund was not effectively connected with any permanent establishment in India and should be taxed at 15% as per Article 11(2) of the India-US DTAA.
ITAT Delhi held that reopening of assessment under section 148 of the Income Tax Act on the basis of stale information results into change of opinion and the same is not sustainable in law. Accordingly, appeal is allowed and reopening is quashed.
The Finance Ministry notifies the India-Belgium protocol amending the 1993 tax treaty, effective June 26, 2025, updating definitions, information exchange, and tax collection assistance provisions.
ITAT Chandigarh held that cash deposits made during the demonetization period were from genuine business cash sales. The addition of Rs. 20.86 lakh by the AO and CIT(A) was based on assumptions and was deleted.
ITAT Ahmedabad held that a genuine ₹50 lakh loan received and fully repaid with interest cannot be treated as unexplained credit under Section 68. The addition by AO and CIT(A) was deleted as the assessee provided full banking and repayment evidence.
ITAT Ahmedabad dismissed the Revenue’s appeal, confirming CIT(A)’s deletion of ₹1.06 crore addition under Section 41(1). The tribunal held that the unsecured loans were used for capital expenditure, not trading purposes, making the addition inapplicable.
ITAT Chandigarh held that cash deposits of Rs. 17.29 lakh were merely redeposits of earlier withdrawals. The addition made by the Assessing Officer was deleted as the evidence showed no unexplained income.
ITAT Hyderabad held that an ex-parte dismissal by CIT(A) violated section 250(6) as not all grounds were adjudicated. The case was restored for a fresh, reasoned hearing.
ITAT Hyderabad upheld the dismissal of a trust’s appeal as barred by limitation due to a delay of nearly five years. The tribunal emphasized that no reasonable cause was shown to condone the delay under section 249(3).
