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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...
Accordingly, the A.O vide his order passed u/s.143(3) of the Act, dated 26.12.2018, after making the aforesaid addition determined the income of the assessee firm at Rs.20,98,730/-.
Gujarat High Court held that passing of order u/s. 148A(d) of the Income Tax Act without considering reply filed by the petitioner by not granting adjournment time as prescribed u/s. 148A(b). Thus, order quashed and matter remanded back.
Madras High Court held that the recording of satisfaction note is pre- requisite before initiating proceeding under section 153C of the Income Tax Act. In absence of the same, assessment order is liable to be quashed. Accordingly, appeal of the revenue is dismissed.
The assessee is a private limited company. Post completion of assessment u/s. 143(3)/153A, reassessment u/s. 148 was initiated. However, AO accepted the contention of the assessee and passed order u/s. 143(3)/ 147.
Held that wherever a company is required to deduct tax at source and to pay it to the account of the Central Government, failure on the part of the company in deducting or in paying such amount is an offence under the Act and has been made punishable.
Since the status of assessee changed from society to Section 8 Company, it had filed an application in Form no.56D, on 11/04/2008, seeking grant of fresh approval u/s. 10(23C)(vi) of the Income tax Act, 1961.
ITAT Raipur held that vacating addition/ disallowances by CIT(A) based on additional documentary evidences filed before him without confronting AO is against the provisions of rule 46A of the Income Tax Rules, 1962. Thus, matter restored back to AO.
ITAT Pune held that additional income surrendered during the course of survey is taxable at normal rates and not at special rates as per section 115BBE of the Income Tax Act. Accordingly, appeal of revenue dismissed.
ITAT Delhi held that re-assessment notice issued under section 148 of the Income Tax Act and sent to unrelated e-mail address is regarded as never served to assessee and hence re-assessment order framed thereon is nonest and bad in law.
ITAT Mumbai held that assessee is permitted to set off unabsorbed depreciation pertaining to AY 1997-98 to 2001-02 against short term capital gains. Accordingly, AO is directed to delete the addition and appeal of the assessee is allowed.
