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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...
ITAT Mumbai held that distribution fees paid to associated enterprises could not be treated as royalty. The Tribunal followed earlier decisions and directed fresh transfer pricing analysis based on proper comparables.
The Tribunal found that the assessee had produced complete evidence proving allotment, holding, dematerialization, and sale of shares through the BSE. Since the Revenue failed to disprove these documents or establish any manipulation by the assessee, the LTCG exemption could not be denied. The additions under Section 68 and for alleged commission were deleted.
TAT Mumbai held that additions under Sections 68 and 69C could not be sustained where the Revenue failed to establish any connection between the assessee and alleged price-rigging operators. The Tribunal found that the transactions were supported by demat records, banking documents, and stock exchange evidence. The LTCG exemption under Section 10(38) was restored.
ITAT Mumbai upheld the order deleting the addition made on account of alleged unexplained cash credits arising from share sale proceeds. The Revenues challenge against the relief granted to the assessee was rejected.
The article argues that recurring demands for ITR deadline extensions arise from delayed AIS updates, late utility releases, and technical glitches. The key takeaway is that systemic reforms, not last-minute extensions, are needed to improve tax compliance.
ITAT Mumbai held that an addition under Section 69 could not be sustained merely on the basis of statements recorded from representatives of the builder group. In the absence of incriminating material directly linking the assessee to the alleged cash payment, the addition of ₹31 lakh was deleted.
Senior citizens aged 75+ with only pension and bank interest income need not file ITR if a specified bank computes income and deducts tax under Section 194P.
Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. Non-compliance can attract a ₹25,000 penalty.
The case involved disallowances of business and labour expenses despite accepted books of account. The Supreme Court declined to interfere with the findings deleting the additions.
The Delhi High Court upheld the ITAT’s deletion of expense disallowances, noting that the books of account had not been rejected. The ruling highlights that ad hoc disallowances require stronger justification.
