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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 High Court held that issuing a demand notice along with a draft assessment order violated the mandatory procedure under Section 144C. Since the assessment had effectively been completed at the draft stage, the reassessment orders were quashed.
The Court found that the ITAT wrongly held there was no business income despite the assessment record showing income under “Business and profession.” The finding was held to be perverse and the orders were set aside.
The ITAT Ahmedabad held that ad hoc disallowance of business expenditure cannot be sustained when audited books are accepted and no specific defects or bogus expenses are identified. The Tribunal deleted the entire 10% estimated addition.
Delhi ITAT held that an assessment initiated through Section 153C proceedings could not be completed under Section 143(3). The Tribunal ruled that the resulting jurisdictional defect rendered the assessment invalid.
The Delhi ITAT held that rejection of books under Section 145(3) was unjustified where the tax authorities failed to identify specific discrepancies. The Tribunal deleted the profit estimation-based addition and emphasized the need for concrete defects before rejecting accounts.
The Tribunal ruled that vague information and an excel sheet prepared by the Investigation Wing could not satisfy the statutory requirement of reason to believe under Section 147. It emphasized that reassessment powers cannot be exercised on mere suspicion. The notice issued under Section 148 was therefore quashed.
ITAT Mumbai noted that the excel sheets relied upon by the Revenue had not been established in accordance with legal requirements governing electronic evidence. Since the material lacked evidentiary support, the addition for Alleged On-Money Payment could not survive.
ITAT Mumbai held that an addition based solely on a builder’s statement could not survive without evidence directly linking the assessee to the alleged cash payment. The ₹4 lakh addition was deleted for lack of corroboration.
The ITAT Delhi held that reassessment under Section 147 was invalid because the Assessing Officer merely relied on an investigation report without applying independent mind. The Tribunal ruled that such material did not establish a valid reason to believe that income had escaped assessment.
ITAT Delhi held that television channel and content owner companies could not be compared with a content distribution business. The Tribunal directed exclusion of such entities from the transfer pricing comparables list.
