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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 Court held that although filing the audit report along with the return is directory, complete failure to furnish the report is fatal to the deduction claim. The ruling emphasizes that statutory benefits cannot be granted without substantive compliance.
The Supreme Court held that filing Form 3AA during assessment proceedings constituted sufficient compliance, even though it was not submitted with the return. The ruling clarifies that delayed filing before the final assessment order does not automatically defeat the claim.
The Court noted that the Revenue had not submitted any claim during the insolvency resolution process for the relevant assessment years. Following established precedent, the appeals were dismissed.
The ITAT Mumbai held that gifts of shares completed before the introduction of Section 56(2)(vii)(c) could not be taxed under that provision. The ruling clarifies that subsequent procedural formalities cannot alter the original date of transfer.
The Delhi ITAT held that unsigned reasons recorded for reopening assessment constituted a jurisdictional defect that invalidated the reassessment proceedings. The defect was not curable under Section 292B of the Act.
Madras High Court condoned delay in filing an income tax return by a co-operative society, holding that small farmer-members should not suffer due to administrative lapses.
The Delhi High Court held that ₹25 lakh paid under a prior agreement to sell was deductible under Section 48(i) as it was incurred wholly and exclusively in connection with the eventual transfer of the property.
The Chennai ITAT held that payments received by a UAE resident could not be taxed as Fees for Technical Services in India because the India-UAE DTAA lacks an FTS provision. In the absence of a Permanent Establishment, the income was treated as business profits not taxable in India.
The Jodhpur ITAT held that deduction under Section 80GGC cannot be denied merely on allegations against a political party in the absence of evidence showing any benefit returned to the donor.
Assessment orders passed pursuant to express liberty granted by the High Court during pendency of settlement-related litigation remain valid and enforceable. Mere keeping of demand in abeyance did not invalidate already communicated assessment orders, nor did it require passing of fresh assessment orders after rejection or abatement of settlement proceedings.
