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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...
The ITAT deleted transfer pricing adjustments for Advertisement, Marketing, and Sales Promotion (AMP) expenses, confirming no international transaction existed with the AE. The ruling held that the Bright Line Test (BLT) is invalid and that since the entity-level TNMM was accepted, no separate AMP adjustment was permissible.
The ITAT ruled that the Rs. 5.97 crore received by a charitable trust for a cultural event were tax-exempt donations, not business income hit by Section 2(15) proviso. The Tribunal held that TDS deduction or invoice issuance does not change the essential charitable character of the receipt, relying on a binding Delhi High Court judgment.
The ITAT confirmed the deletion of a Rs.1.84 crore addition on demonetisation cash deposits, ruling they were genuine sales proceeds. The Tribunal held that since the audited books were accepted and the cash increase was explained by business changes, the addition based on mere suspicion was invalid and caused double taxation.
The ITAT quashed the entire assessment order, ruling that the DCIT (Exemption), Ghaziabad, lacked jurisdiction to pass the order since no mandatory Section 127 transfer order was produced. The Tribunal held that without a valid transfer order from the original AO, the assessment is illegal, arbitrary, and void ab initio.
The Tribunal held that a ₹15.22 crore one-time payment to distributors, necessitated by a business model shift, was a valid revenue expenditure under Section 37, driven by commercial necessity. The ruling affirms that business prudence justifies compensation to maintain continuity without creating a capital asset.
ITAT Mumbai held that discount on issue of Employee Stock Option Plan [ESOP] is allowable as deduction in computing income under the head profits and gains of the business. Accordingly, appeal of revenue dismissed and order of CIT(A) upheld.
The ITAT ruled that only the Gross Profit (GP) percentage on unaccounted purchases, not the entire purchase value, is taxable as undisclosed income. The Tribunal rejected the inflated purchase rate of Rs. 1,500 based solely on a partner’s statement, instead fixing a fair estimated rate of Rs. 770 per unit.
Review the historical gold (per 10 gms, 995 standard) and silver (per 1 kg, 999 touch) rates from April 1, 1981, through the current assessment year (2025-26). Data provides valuation dates and rates for capital gains tax purposes, showing the progression of prices across decades. Gold rates have moved from Rs. 1,670 in 1981 to Rs. 88,807 by 2025, and silver from Rs. 2,715 to Rs. 1,00,892.
Delhi ITAT grants relief to Park View Automotive, deleting a ₹5.59 Cr. addition on share sale. The Tribunal held that an AO cannot arbitrarily substitute a genuine bulk sale price based merely on an Investigation Wing report or suspicion, emphasizing that concrete documentary evidence must be rebutted.
The ITAT ruled that receipts from the sale of power generated during the pre-commencement trial run of a plant are capital receipts, not taxable revenue income. This is because, under the matching principle, corresponding pre-operative expenses were capitalized to the fixed asset cost, justifying the deletion of the Rs. 42.56 crore tax addition.
