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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...
ITAT Mumbai ruled that the PCIT rightly invoked revisional powers under Section 263 as the assessment order showed lack of proper inquiry, upholding the revision.
Gujarat High Court ruled that reassessment under Section 148 issued after the permissible time period is invalid, quashing the notice and allowing the writ petition.
ITAT Agra held that amount deposited during demonetization period cannot be treated as unexplained income since the amount is deposited out of genuine cash sales. Accordingly, appeal of revenue dismissed.
Conflicting interpretations on Section 87A emerged as CIT(A) allowed rebate on short-term capital gains, while CBDT Circular 13/2025 restricted it to slab-rate income, leaving taxpayers uncertain.
once the income forming the basis of AO’s reason to believe is explained, AO cannot tax other income independently
ITAT Ahmedabad held that unexplained credit additions cannot be sustained where HUF’s bank transactions are fully documented, and reassessment beyond four years without failure to disclose material facts is invalid.
ITAT Mumbai allowed Gateway Distriparks Ltd. s appeal, holding that Section 14A disallowance must be restricted to investments that actually generated exempt income, following the prospective nature of the 2022 amendment. The Tribunal also condoned a significant delay based on the Supreme Courts substantial justice’ principle.
ITAT Mumbai held that long-term capital gains on sale of land are taxable in the year of transfer of possession and payment, even if the formal sale deed is executed later. The decision emphasizes the principle of substance over form under Section 2(47).
Jewellers and Diamond Traders Association Vs CIT (Exemptions) (ITAT Chennai) The Jewellers and Diamond Traders Association (“the Association”) filed an appeal before the Income Tax Appellate Tribunal (ITAT), Chennai, challenging the rejection of its application for registration as a charitable trust under Section 12AB of the Income Tax Act, 1961 (“the Act”). The application had […]
ITAT holds that filing audit report late due to Covid-19 is a procedural lapse, not a ground to deny exemption, following Telangana and Gujarat High Court rulings.
