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Income Tax : The Income Tax Act 2025 has overhauled the 1961 law by introducing new section numbers, a unified “Tax Year,” and simplified c...
Income Tax : The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendme...
Income Tax : The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers...
Income Tax : Businesses now face stricter seller-wise tracking, PAN verification, and reconciliation obligations under TDS on purchase provisio...
Income Tax : The judgment rejected the practice of assigning a nil arms length price merely because a taxpayer reported financial losses. The c...
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 updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...
Income Tax : ITAT Bangalore held that an appeal filed without verification by the authorized Principal Officer was not maintainable. The Tribun...
Income Tax : Gujarat High Court held that reassessment notices issued after scrutiny assessment were invalid because the Assessing Officer had ...
Income Tax : ITAT Delhi noted that confirmations from the company and broker regarding share transactions were available but not adequately con...
Income Tax : Mumbai ITAT treated appeals against rejection of Section 12AB and 80G registration as infructuous after the CIT(E) subsequently gr...
Income Tax : Mumbai ITAT held that granting only seven days for compliance before dismissing an appeal violates principles of natural justice. ...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
The case involved addition on account of unexplained foreign remittances. The Tribunal held that failure to examine documentary evidence warranted remand for fresh adjudication.
The case deals with rejection of a delayed tax appeal due to insufficient explanation. The Court upheld the defect but allowed another opportunity to justify the delay and pursue the appeal.
The Court upheld addition of unexplained income after finding no credible evidence of the donor’s financial capacity. It ruled that failure to establish source and genuineness of cash gifts justifies tax addition.
The ruling confirms that additions cannot be made merely on suspicion without supporting material. The Court found that the Assessing Officer did not bring any evidence to disprove the assessee’s transactions.
The High Court quashed assessment and penalty orders after finding notices were sent to an incorrect email address. It held that improper service denied the taxpayer a fair hearing, violating natural justice. The case underscores the necessity of valid notice for lawful proceedings.
The Tribunal held that limited religious spending within 5% does not bar 80G approval. The key takeaway is that incidental religious activity does not negate charitable status.
The ruling requires authorities to hear and decide delay and stay petitions promptly while suspending recovery proceedings. It highlights procedural fairness in tax disputes.
ITAT Chennai set aside the appellate order and remanded issues on protective addition, Section 54F exemption, and TDS credit mismatch for fresh adjudication.
The Tribunal held that loans received from NBFCs cannot be treated as unexplained where identity, creditworthiness, and genuineness are established. Absence of incriminating material led to deletion of additions.
The issue involved additions based on mismatch between property registration and payment dates. The Tribunal held that delayed encashment of cheques does not indicate unexplained investment. It concluded that the additions lacked factual basis and directed deletion.
