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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 Income-tax Act mandates specified entities to report prescribed high-value transactions through SFT to help authorities monitor financial activities. Failure to furnish, rectify inaccuracies, or comply with due diligence requirements can result in substantial daily penalties and other compliance consequences.
The Mumbai ITAT held that an addition under section 69 cannot survive when the Revenue fails to establish that the alleged investment was made during the assessment year in question. Documentary evidence showing the transaction belonged to an earlier year remained uncontroverted.
ITAT Lucknow held that disallowance of interest expenses cannot be sustained without evidence showing that interest-bearing funds were diverted for non-business purposes. The matter was remanded to the Assessing Officer for fresh examination.
SC dismissed Revenue’s plea after Gujarat HC held that even proposed additions would not alter MAT liability, defeating escapement claims. HC found all material facts were disclosed during scrutiny assessment; SC left the order undisturbed.
The Tribunal held that the assessee was entitled to additional interest under Section 244A(1A) because the Assessing Officer failed to pass the appeal effect order within the statutory timeline.
The Tribunal held that once Second Line Support services were examined and covered under an Advance Pricing Agreement, disallowance under Section 37(1) could not be sustained.
ITAT remanded the case as NFAC passed an ex parte order despite notice issues and held that a combined reassessment and ITAT effect order was invalid.
ITAT Delhi held that interest expenditure cannot be disallowed without establishing a nexus between borrowed funds and non-business use. The absence of supporting evidence led to deletion of the addition.
The Madras High Court held that filing an appeal before the Commissioner of Income-tax (Appeals) under Section 246A does not require any mandatory pre-deposit. The Court upheld the direction to pursue the statutory remedy and protected the appellant on limitation.
ITAT Chennai held that late filing fees under Section 234E could not be levied through TDS processing for periods prior to 01.06.2015, as the enabling provision under Section 200A was introduced only prospectively.
