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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...
ITAT Mumbai held that the very basis of which the Assessing Officer formed the belief that the income liable to tax is escaped assessment was based upon incorrect understanding of the facts and is, therefore, not sustainable in the eyes of law.
ITAT Pune rules mere execution of a development agreement without transfer of possession doesn’t trigger capital gains tax. Follows Bombay HC precedent.
Janata Grahak Madhyawarti Vs PCIT-4 (ITAT Pune) Facts of the Case: The assessee, a co-operative society involved in the business of wholesale supply of consumer goods, filed its return declaring income of ₹5,50,400. The return was processed under section 143(1) of the Income Tax Act. The Assessing Officer later disallowed a deduction of ₹34,58,980 claimed under […]
Delhi High Court held that once addition on the basis of which reasons recorded for reopening of assessment under section 147 of the Income Tax Act has been deleted, then, other addition made are not sustainable in law. Accordingly, appeal allowed.
ITAT Kolkata held that assumption of jurisdiction to impugned assessment under faceless assessment scheme prior to 29.03.2022 when provisions of section 151A of the Income Tax Act had not come into operation is not sustainable and without jurisdiction. Accordingly, appeal of assessee allowed.
Gujarat High Court held that issuance of notice u/s. 143(2) of the Income Tax Act, after six months from the end of financial year in which return u/s. 139(1) was filed, is barred by limitation and cannot be sustained.
ITAT Mumbai held that deduction under section 80G of the Income Tax Act eligible towards donations, even if donations are part of Corporate Social Responsibility [CSR] expenditure. Thus, appeal of revenue dismissed.
ITAT allows co-operative society’s appeal for 80P(2)(a)(i) exemption, stating registration under Co-operative Societies Act prevails without RBI license.
ITAT Pune sets aside penalty on Kishor Patil under Section 270A, citing lack of clarity in notice and non-specification of misreporting conditions.
ITAT Mumbai cancels penalty on Smita Ashok Thakkar citing invalid notice under Section 271(1)(c) due to non-striking of relevant limb in penalty notice.
