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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...
Delhi High Court held that income tax authorities cannot retain seized cash once time period for framing an assessment under section 153A of the Income Tax Act has expired and there is no outstanding demand. Accordingly, petition disposed of.
Supreme Court held that the reduction in share capital of the subsidiary company results into the transfer of capital asset as envisaged in section 2(47) of the Income Tax Act. Accordingly, petition of revenue dismissed.
Assessee is engaged in the business of Manufacturing and Trading of Mill Board Paper, Cone, S.S. Rolled Patta and commission agent. The assessee company filed return at income of Rs. 2,77,330/-.
Assessment proceedings against the petitioner were started and completed on 23.01.2018 and on the same day penalty proceedings were initiated. Appeal against the assessment order got dismissed on 14.11.2022.
Sujit Biswas Vs ITO (ITAT Kolkata) The assessee is a proprietor of Baba Lokenath Sahal Sabji Bhandar and total turnover disclosed by the assessee during the instant financial year were ₹32,00,500/- against the purchases of ₹15,52,770/-. Assessee filed his return at total income at ₹2,92,240/-. The assessee engaged in the business of purchase and sale […]
Bombay High Court held that assessment order passed after expiry of period of limitation as prescribed under section 153 of the Income Tax Act read with first proviso below explanation 1 is barred by limitation. Accordingly, petition succeeds.
ITAT Nagpur held that addition under section 68 of the Income Tax Act without providing an opportunity to assessee to cross-examine the person whose statement was relied upon is untenable in law and hence liable to be deleted.
Delhi High Court held that initiation of reassessment under section 148 of the Income Tax Act unsustainable as based on information which is contested as palpably incorrect without examining the material giving rise to the said information.
ITAT Ahmedabad held that addition towards cash deposit in bank account u/s. 69A as unexplained liable to be deleted since assessee satisfactorily explained the source. Accordingly, addition deleted.
ITAT Surat held that it is mandatory to provide proper opportunity of being heard to the assessee before finalization of revisionary proceedings under section 263 of the Income Tax Act.
