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Income Tax : The Income Tax Act 2025 has overhauled the 1961 law by introducing new section numbers, a unified “Tax Year,” and simplified c...
Income Tax : The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendme...
Income Tax : The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers...
Income Tax : Businesses now face stricter seller-wise tracking, PAN verification, and reconciliation obligations under TDS on purchase provisio...
Income Tax : The judgment rejected the practice of assigning a nil arms length price merely because a taxpayer reported financial losses. The c...
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 updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...
Income Tax : ITAT Bangalore held that an appeal filed without verification by the authorized Principal Officer was not maintainable. The Tribun...
Income Tax : Gujarat High Court held that reassessment notices issued after scrutiny assessment were invalid because the Assessing Officer had ...
Income Tax : ITAT Delhi noted that confirmations from the company and broker regarding share transactions were available but not adequately con...
Income Tax : Mumbai ITAT treated appeals against rejection of Section 12AB and 80G registration as infructuous after the CIT(E) subsequently gr...
Income Tax : Mumbai ITAT held that granting only seven days for compliance before dismissing an appeal violates principles of natural justice. ...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
The Tribunal held that where interest-free funds exceed investments, no disallowance is warranted. It applied the presumption that investments are made from own funds.
Zee Entertainment Enterprises Limited Vs DCIT (ITAT Mumbai) The matter concerns two appeals filed by the assessee against orders of the Commissioner of Income Tax (Appeals)-48, Mumbai, for Assessment Years (AY) 2015–16 and 2019–20. Both appeals arise from assessment orders passed under Section 143(3) read with Section 147 of the Income Tax Act, 1961. Since […]
The Bombay High Court held that assessment proceedings conducted in the name of a company that ceased to exist after amalgamation are void. All related notices and orders were set aside. The ruling confirms that jurisdiction cannot be assumed over a non-existent entity.
The ITAT upheld ₹90 lakh addition as the assessee failed to establish genuineness and creditworthiness of the transaction. The ruling emphasizes the burden of proof on taxpayers in cash credit cases.
The ITAT held that the PCIT cannot invoke revisionary powers when the same issue is already pending before the appellate authority. The case involved share transaction additions treated as penny stock.
The Supreme Court declined to recall its earlier order, effectively upholding the High Court ruling that TDS was not applicable on payments for imported Business Information Reports. The decision affirms reliance on consistent AAR rulings.
The Bombay High Court upheld ITAT’s ruling that payments for Business Information Reports did not attract TDS under Section 195. The decision relied on consistent AAR rulings on identical facts.
The Court held that once a resolution plan is approved, prior tax liabilities stand extinguished. Reassessment under Section 148 was therefore unsustainable.
The High Court held that once a resolution plan under IBC extinguishes prior tax liabilities, reassessment cannot be initiated. The notice under Section 148 was set aside. The ruling confirms that extinguished claims cannot be revived through reassessment.
ITAT held that reassessment notice issued after three years without PCCIT approval violates Section 151(ii). The approval taken from PCIT was found insufficient. The ruling confirms that proper authority approval is mandatory for valid reassessment.
