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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 : 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 : ITAT remanded the case as NFAC passed an ex parte order despite notice issues and held that a combined reassessment and ITAT effec...
Income Tax : ITAT Delhi held that interest expenditure cannot be disallowed without establishing a nexus between borrowed funds and non-busines...
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 Pune ruled that the late filing of the Form 10B audit report is not fatal to the charitable trust exemption if filed before assessment completion. The court reversed the disallowance of application of income solely based on procedural delay.
CBDT notifies Ayodhya Vikas Pradhikaran as exempt under Section 10(46A) of the Income Tax Act, effective from AY 2024-25, with retrospective effect.
CBDT grants tax exemption to Haryana Building and Other Construction Workers Welfare Board for specific income types under Section 10(46) from FY 2025-26 to 2029-30, with compliance conditions.
The ITAT Rajkot set aside the addition of ₹16.99 lakhs in Long Term Capital Gain (LTCG) against the assessee, who acted only as a Power of Attorney (POA) holder for the property sale. The Tribunal remitted the matter to the Assessing Officer for fresh adjudication, noting the assessee was not the property owner or seller.
The Gujarat High Court quashed a faceless assessment order totaling Rs. 3.87 crore after finding the Assessing Officer failed to consider the assessee’s timely reply, violating principles of natural justice.
Delhi ITAT held that disallowance under Section 14A cannot be made without Assessing Officer recording satisfaction about correctness of assessee’s claim. Since no such satisfaction was recorded, ₹25.06 lakh disallowance was deleted.
The ITAT Mumbai affirmed that when a taxpayer’s sales and stock levels are accepted, the entire value of alleged bogus purchases cannot be disallowed. Following judicial consistency in cases involving the Bhanwarlal Jain Group, the Tribunal restricted the addition to only 3% of the disputed purchase value, representing the estimated profit element.
The ITAT Bangalore clarified that the presence of nominal and associate members does not automatically disqualify a cooperative society registered under the KCS Act from claiming Section 80P deduction. The case was remanded for the AO to verify if associate members complied with the 15% statutory ceiling under the KCS Act, upholding the principle that the AO cannot question the validity of the society’s registration itself.
The issue was whether a large cash holding was unexplained money under Section 69A post-demonetization. The ITAT ruled in favor of the assessee, accepting that the cash originated from earlier, disclosed bank withdrawals. Key Takeaway: The burden of proof to disprove the source from prior withdrawals rests with the Department; mere suspicion isn’t enough for an addition.
ITAT Mumbai allowed deduction of interest expenditure, emphasizing that as long as there is a nexus between the borrowing and the income earned, deduction cannot be denied. Disallowance based on investment in shares was found unjustified.
