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Income Tax : The revised ITR forms for AY 2026-27 introduce new tax slabs, expanded ITR eligibility, and enhanced disclosure requirements. Unde...
Income Tax : The article argues that the daily backup requirement under Rule 46(8) applies only to books maintained in electronic mode, not mer...
Income Tax : Judicial authorities have held that Foreign Tax Credit is a substantive right and cannot be denied merely due to procedural delays...
Income Tax : This guide explains how unexplained cash credits under Section 68 and related provisions can attract steep taxation under Section ...
Income Tax : The document outlines how MAT and AMT ensure that companies and eligible non-corporate taxpayers pay a minimum level of income tax...
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 : 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 Delhi ITAT sustained the addition arising from the sale of listed shares after finding discrepancies in purchase records, incl...
Income Tax : ITAT Lucknow held that derivative losses incurred by a spouse using funds gifted by the assessee can be clubbed and set off under ...
Income Tax : While recognising that earlier judgments had invalidated JAO-issued notices, the Court avoided passing orders that would make the ...
Income Tax : The Delhi ITAT held that where purchases are reflected in accepted sales and closing stock, the entire purchase amount cannot be d...
Income Tax : The Delhi ITAT held that repeated non-compliance with statutory notices transformed the reassessment into a best judgment assessme...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
The Delhi High Court quashed a reassessment notice issued to Janus Infrastructure Projects for AY 2014-15, as it exceeded the 10-year limit under Section 149 of the Income Tax Act, as amended in 2021.
Supreme Court disposes of ACIT vs. Sangeeta Bhoolabhai case, following rulings in Rajeev Bansal and Siemens Financial Services.
Understand the consequences of an adverse income tax order, including high tax rates, penalties, interest, and steps to appeal or seek relief.
Gujarat High Court overturns ITAT, upholds tax reassessment notices based on suppressed sales data from Central Excise investigation in PCIT vs Gokul Ceramics.
Gujarat High Court upholds tax reassessment notice for AY 2010-11 against Jayant Security And Finance Ltd. over alleged bogus loan transactions.
Supreme Court overturns penalty on PwC for a genuine error in income tax return, noting clear disclosure in tax audit report negated intent to conceal.
ITAT Ahmedabad held that addition u/s. 69A towards unexplained money [on-money transaction] simply on the basis of presumptions without any concrete evidence is liable to be deleted. Accordingly, addition u/s. 69A deleted as it lacks a valid basis.
CBDT amends Income-tax Rules, 1962; introduces new ITR-2 form effective from 1st April 2025 via Notification No. 43/2025 dated 3rd May 2025.
ITAT Kolkata held that re-assessment proceedings initiated under section 148 of the Income Tax Act without any tangible material and without independent application of mind is not sustainable in law. Accordingly, reassessment is quashed.
Bombay High Court held the reopening of assessment initiated on the basis of subsequent information justified as based on such information transaction was prima facie found to be undisclosed funds routed through various tax havens companies.
