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Income Tax : Analysis explains why Section 50C is a computation provision, discusses the First Proviso to Section 50C(1), and examines its stat...
Income Tax : Capital gains, business income, foreign assets, directorship and other transactions may make taxpayers ineligible to file ITR-1....
Income Tax : Know ITR due dates for FY 2025-26, belated and revised return deadlines, ITR-U timelines, late filing consequences and correspondi...
Income Tax : Learn how to report RSU and ESOP share sales for AY 2026-27, including capital gains, Schedule FA, Schedule CG, advance tax and di...
Income Tax : Know the eligibility, exclusions and key differences between ITR-1, ITR-2 and ITR-4 for AY 2026-27, including Section 139(9) and r...
Income Tax : A representation seeks activation of Form 68 filing for misreporting cases after the Finance Act, 2026 expanded immunity under Sec...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
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 : ITAT Panaji held BSNL VRS-2019 compensation is retrenchment compensation exempt under Section 10(10B), set aside CIT(A) orders, an...
Income Tax : ITAT Pune held BSNL VRS compensation exempt under Section 10(10B), condoned delay in filing appeals, and directed grant of refund ...
Income Tax : ITAT Ahmedabad condoned delay in filing appeal and allowed Section 10(10B) exemption claim for BSNL VRS compensation, making the a...
Income Tax : ITAT Delhi deleted TP adjustments on export commission and model fee, allowed Section 80G claim principles, and granted relief on ...
Income Tax : ITAT Delhi held that disallowance of CSR expenditure under Section 37(1) does not prevent Section 80G deduction for eligible donat...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in Annual Information Statement Form 168 under section 239 and Rule 245(...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in AIS Form 26AS under sections 119, 90 and 90A, prescribing timelines a...
Income Tax : CBDT Circular 05/2026 clarifies safe harbour rules for foreign companies selling raw diamonds in Special Notified Zones, covering ...
Income Tax : CBDT Notification 74/2026 exempts TDS on eligible IFSC aircraft lease rent under section 393, subject to Form 1(N), effective from...
Income Tax : CBDT notifies NCCL's Core Settlement Guarantee Fund under Section 11 and Schedule III of the Income-tax Act, 2025, subject to spec...
The Telangana High Court refused to interfere with the assessment order in writ proceedings, citing the availability of an effective statutory appeal remedy. The Court held that all factual and legal grounds, including alleged violation of natural justice, can be raised before the appellate authority.
ITAT Delhi confirmed disallowance of a Section 80GGC claim after relying on investigation findings that the political party operated as an accommodation entry provider. The ruling emphasizes substance over form in tax deduction claims.
The Tribunal ruled that non-deduction of tax pursuant to subsisting High Court directions cannot attract liability under Sections 201(1) and 201(1A). The key takeaway is that employers cannot be penalized for obeying judicial mandates.
The Court held that the bank could not be penalized under Section 201 for complying with binding judicial directions that prohibited TDS on LTC payments during the relevant assessment year.
The Tribunal held that although foreign LFC reimbursements were ultimately held taxable, the bank could not be treated as an assessee-in-default for complying with a subsisting High Court direction restraining TDS deduction.
The Tribunal held that cash deposits linked to recorded cash sales could not be taxed again under Section 68, as doing so would amount to impermissible double taxation.
The Tribunal held that cash received from members and credited to their accounts could not be treated as unexplained income of the co-operative society under Section 68.
The Tribunal ruled that the Assessing Officer erred in applying a 6% net profit rate without examining comparable cases engaged in the same line of business. The decision highlights the necessity of objective criteria while estimating profits after rejection of books.
The High Court held that the Appellate Tribunal erred in restoring benami appeals solely on the basis of liberty granted in a later Supreme Court review order. It ruled that statutory limits governing review proceedings must still be satisfied.
The High Court held that reassessment notices issued physically by jurisdictional officers instead of faceless authorities violate Section 151A. The ruling sets aside non-compliant notices while tying the final outcome to pending Supreme Court decisions.
