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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...
Anuh Pharma Ltd. Vs PCIT (ITAT Mumbai) CSR Deduction u/s 80G Disputed -Cooling Tower is Not Automatically Power – ITAT Mumbai Endorses 263 Revision-Lack of Proper Inquiry Fatal – ITAT Confirms PCIT Action Against AO’s Order; ITAT Mumbai upheld revisionary order u/s 263 against assessee, holding that AO failed to conduct proper inquiry into two […]
ITAT Ahmedabad held that addition towards unsecured loan is liable to be deleted since assessee has duly discharged its onus of proving the genuineness of the unsecured loan with documentary evidences. Accordingly, appeal of the assessee allowed to that extent.
ITAT Lucknow held that claim has been allowed by AO in scrutiny proceedings u/s 143(3) of the Act, it was natural that the demand raised on the same issue under section 143(1)(a) of the Act is required to be modified. Accordingly, appeal partly allowed.
Allahabad High Court held that in absence of valid service of notice under section 148 of the Income Tax Act, proceedings under section 147 of the Income Tax Act for reassessment cannot be initiated. Accordingly, appeal of the assessee allowed.
Karnataka High Court held that no incriminating material was found during the search proceedings and therefore no reassessment of income for the relevant assessment year could be made under Section 153A of the Income Tax Act. Accordingly, appeal of revenue dismissed.
Proportionate expenditure against interest income might be allowed to assessee subject to assessee establishing connection between incurring of such expenditure towards earning of interest income from nationalized banks, which was a specific requirement for claim of such expenditure u/s section 57.
Benami Act was intentionally drafted with a very broad and inclusive definition of property to ensure that all forms of assets, including cash, could be covered. A person could not be treated as a benamidar if they neither possess the property nor claim ownership of it; A property was considered benami when the purported real owner denies their ownership of it.
ITAT Delhi deletes Rs.9.99 lakh unexplained expenditure addition, ruling that the Revenue cannot sustain an addition under Sec. 69C based purely on suspicion of cash handling logistics.
ITAT Rajkot deletes Rs.2.5 lakh cash addition made during demonetization, ruling that the amount was within the non-taxable limit specified by the CBDT for small deposits.
ITAT Delhi quashes reassessment, deleting Rs. 85 lakh Sec 69C addition. AO cannot travel beyond recorded reasons if the original reason for reopening is not sustained.
