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Income Tax : The Income Tax Act 2025 has overhauled the 1961 law by introducing new section numbers, a unified “Tax Year,” and simplified c...
Income Tax : The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendme...
Income Tax : The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers...
Income Tax : Businesses now face stricter seller-wise tracking, PAN verification, and reconciliation obligations under TDS on purchase provisio...
Income Tax : The judgment rejected the practice of assigning a nil arms length price merely because a taxpayer reported financial losses. The c...
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 updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...
Income Tax : Chennai ITAT held that seminars, workshops, conferences, and medical training programmes can qualify as “education” under Sect...
Income Tax : ITAT Bangalore held that an appeal filed without verification by the authorized Principal Officer was not maintainable. The Tribun...
Income Tax : Gujarat High Court held that reassessment notices issued after scrutiny assessment were invalid because the Assessing Officer had ...
Income Tax : ITAT Delhi noted that confirmations from the company and broker regarding share transactions were available but not adequately con...
Income Tax : Chennai ITAT condoned a massive delay in filing appeals after accepting the assessee’s explanation that he became aware of favou...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
The issue was whether incorrect tax treatment amounts to concealment. The Tribunal held that mere wrong classification in books does not attract penalty under Section 271(1)(c).
The issue was whether addition can be made based on third-party investigation findings. The Tribunal held that without direct incriminating evidence, such addition is unsustainable, emphasizing the need for nexus.
The issue was whether reassessment is valid without proper service of notice. The Tribunal held that absence of valid service makes the entire reassessment void and unsustainable.
The Court dismissed the appeal as the delay was not properly explained. It reaffirmed that strict compliance with limitation rules applies equally to government bodies.
Expenses incurred for a proposed business project later abandoned were allowed as revenue expenditure. The Tribunal held that such costs remain deductible if incurred for business purposes.
The case addresses whether third-party cultivation affects Section 54B eligibility. The Tribunal ruled that use of land for agriculture, even via villagers, satisfies legal conditions. The decision reinforces substance over form in proving agricultural use.
The Tribunal ruled that failure to issue prior notice before making adjustments violates the mandatory provisions of Section 143(1)(a). Such procedural lapse renders the entire adjustment legally unsustainable.
The Tribunal held that adjustments made without issuing prior notice to the assessee violate the mandatory proviso to Section 143(1)(a). Such actions were declared legally unsustainable and liable to be deleted.
The Tribunal held that CPC cannot make adjustments without issuing prior notice under Section 143(1)(a). The disallowance of TDS credit was set aside for lack of jurisdiction.
The Court held that the matter was already settled by an earlier decision on identical facts. It extended the same relief, emphasizing consistency in judicial rulings.
