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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 Bombay High Court held that reassessment proceedings could not be initiated on the issue of broken period interest when the legal position had already been settled by binding precedents. The Court quashed the notices issued under Sections 148A and 148.
ITAT Delhi remitted matters relating to sections 12AB and 80G after finding that the impugned orders did not clearly establish whether the assessee had filed replies or complied with notices. The cases were sent back for fresh adjudication in the interest of substantive justice.
The Tribunal held that interest earned from surplus funds deposited with banks qualifies for deduction under Section 80P(2)(a)(i). Prudent deployment of business funds does not alter the nature of the income.
ITAT Delhi held that professional fees claimed for raising working capital limits could not be fully allowed as the taxpayer failed to establish their business relevance. However, considering the circumstances, only 50% of the expenditure was disallowed.
The ITAT Dehradun held that cash turnover in a petrol pump business during demonetisation could not be disregarded entirely. Considering the facts of the case, it reduced the addition under Section 68 to a lump sum of Rs.5 lakh.
The ITAT Dehradun remanded the matter to the CIT(A)/NFAC after observing that communication gaps in the newly introduced virtual hearing system could not be ruled out. The assessee was granted three effective opportunities of hearing.
ITAT Surat held that additions relating to credit card payments and cash deposits could not be sustained when the assessee had explained them through sales of Amway products and commission income. The Tribunal found that these details had been overlooked by the tax authorities.
The ITAT Ranchi held that additions for unsecured loans could not survive in the lender’s hands when the recipient company had already disclosed the entire amount as income. The Revenue’s inability to rebut this factual finding led to dismissal of the appeals.
The Mumbai ITAT held that Section 263 revision was valid where the Assessing Officer failed to conduct necessary enquiries into suspected bogus purchases. The ruling emphasizes that inadequate verification can render an assessment order erroneous and prejudicial to Revenue.
The Tribunal held that income could not be assessed in the hands of a firm that had ceased to exist years earlier. Since the deposits belonged to the successor proprietorship concern, the addition was deleted.
