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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...
Delhi ITAT allowed an assessee’s appeal, holding that an addition for bogus purchases couldn’t be sustained solely on the supplier’s wrongly reported GST data (Rs. 76.10 lakh).
ITAT Delhi ruled that cash deposits during demonetization, already reflected in the assessee’s books, cannot be treated as unexplained income under Section 68. Entire Rs.53.51 lakh addition was deleted, ensuring no double taxation.
ITAT Delhi Strikes Down Addition: Sale share cannot be treated as an unsecured loan (u/s 68). The tribunal deletes the Rs. 1.41 Cr addition on sale consideration receipt, remanding the s. 54F deduction claim for limited verification.
ITAT Delhi ruled that an AO’s belief based on incorrect assumptions—such as the non-filing of a return—cannot form a valid basis for reopening. Cash deposits fully disclosed in audited accounts were held legitimate.
Mumbai ITAT set aside a PCIT’s u/s 263 order, ruling that allowing Section 80G deduction on CSR donations to an approved entity is a debatable issue, which cannot be revised, thereby restoring the AO’s original assessment.
ITAT Mumbai ruled AO cannot override TPO’s ALP for SDTs, allowing full Section 80IA deduction for captive power sales. Confirms Vireet on 14A/115JB.
Mumbai ITAT allowed Mahindra & Mahindra’s appeal, holding that advertisement and sales promotion expenses of ₹3.26 Cr for ‘Mahindra Parts Plazas’—which were owned and operated by distributors—were revenue in nature and deductible under Section 37(1) of Income Tax Act, rejecting AO’s capitalization.
The court held that objections regarding fraudulent transactions, round tripping, and unstamped documents were triable issues for the arbitrator, not the referral court under Section 11 of the Arbitration and Conciliation Act, 1996.
Professional analysis of Indian incentives: PLI, Green Hydrogen SIGHT, and 15% corporate tax rate. Details capital subsidy impact on DSCR and IES benefits for finance pros.
Mumbai ITAT deleted Rs.8.43 Cr addition u/s68. Assessee proved lenders’ identity, PAN, and bank transfers. Suspicion over creditworthiness cannot replace evidence.
