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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 Chennai restored a lakh addition made u/s 115BBC to a trust, granting one chance to furnish complete donor details (name, address, PAN, and mode of receipt).
ITAT Chandigarh deleted a lakh unexplained money addition and allowed S.54 deduction after the retired Colonel substantiated the property sale source with bank records.
ITAT Jabalpur deleted a lakh disallowance u/s 40(a)(ia) for non-TDS on interest, ruling the payee’s tax payment nullified the assessee’s technical default.
The issue was whether the AO could make an addition for unexplained share capital and premium without finding any defect in the extensive documentation filed by the taxpayer. The Tribunal emphasized that the AO must make an independent inquiry and bring contrary material; mere suspicion or non-appearance cannot override the legal requirement that the addition must be based on a failure to prove the creditor’s details.
The Tribunal held that an AO cannot treat a return filed in response to a Section 148 notice as non-est while using it as the base for computing the final income. Following High Court precedent, the ITAT confirmed that once the return is taken into account for assessment, the issue of Section 143(2) notice becomes a prerequisite, making the assessment void.
The ITAT deleted the addition of Rs. 73 lakh on the unrealized surrender value of Keyman Insurance Policies, ruling that notional or hypothetical income cannot be taxed. Since the matured policy value was already offered to tax, taxing the value of unmatured policies would amount to double taxation.
ITAT Mumbai orders AO to re-investigate crore unexplained cash deposits in egg trade. CIT(A)’s deletion was reversed due to failure to secure a remand report.
Summary of exclusive tax benefits for resident senior citizens (60+ years) and super senior citizens (80+ years), including enhanced deductions for health expenses (Section 80D/80DDB), a Rs. 50,000 deduction on interest income (Section 80TTB), exemption from advance tax, and simplified TDS/return filing procedures.
ITAT Kolkata deletes a lakh addition made u/s 69A against an interior decorator, ruling the amount cannot be taxed as unexplained money if already offered to tax.
The Income Tax Appellate Tribunal (ITAT), Delhi, allowed a retired individual’s appeal, deleting an addition of made under Section 69A of the Income Tax Act, 1961
