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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...
It was felt that the minute details of matching of accounts, working out the exact quantum of turnover from the bank accounts and matching of vouchers with expenses claimed could not be done by this Bench of ITAT.
ITAT order was based on the fact that assessee had discharged its onus to prove the identity and creditworthiness of the share subscribing companies and the genuineness of the transactions.
Assessee had not challenged the validity of reopening, though for the first time, assessee had challenged the action of AO by taking plea that AO should have assessed assessee under section 153C and not section 147/148.
ITAT Bangalore held that delay of 85 days in filing of appeal before CIT(A) condoned on medical grounds. Accordingly, matter remitted back to CIT(A) for fresh consideration on merits.
The assessee is a souharda cooperative society duly registered under the Karnataka Souharda Sahakari Act, 1997 and is engaged mainly in the business of accepting deposits from members and lending credit facilities to its member.
ITAT Ahmedabad held that addition towards undisclosed receipts not sustainable since the amount stand reconciled. Accordingly, order set aside and appeal filed by the assessee allowed.
Madras High Court granted stay on payment of 10% of tax demand since the respondent/ department failed to furnish proof against alleged demand. Accordingly, order set aside and stay granted.
Delhi High Court held that in case of investment in two residential properties, exemption under section 54F of the Income Tax Act is available in respect of only one of the two residential properties. Accordingly, appeal dismissed.
Assessee had given reasons that as per the previous counsel, late Shri R.R. Jain (C.A.) had given advice no separate appeal against the order passed u/s 263 was filed before ITAT.
The stand of the assessee was that it was not necessary that loss of one industrial undertaking should necessarily be adjusted against the profit of another eligible industrial undertaking.
