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Income Tax : Analysis explains why Section 50C is a computation provision, discusses the First Proviso to Section 50C(1), and examines its stat...
Income Tax : Capital gains, business income, foreign assets, directorship and other transactions may make taxpayers ineligible to file ITR-1....
Income Tax : Know ITR due dates for FY 2025-26, belated and revised return deadlines, ITR-U timelines, late filing consequences and correspondi...
Income Tax : Learn how to report RSU and ESOP share sales for AY 2026-27, including capital gains, Schedule FA, Schedule CG, advance tax and di...
Income Tax : Know the eligibility, exclusions and key differences between ITR-1, ITR-2 and ITR-4 for AY 2026-27, including Section 139(9) and r...
Income Tax : A representation seeks activation of Form 68 filing for misreporting cases after the Finance Act, 2026 expanded immunity under Sec...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
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 : ITAT Panaji held BSNL VRS-2019 compensation is retrenchment compensation exempt under Section 10(10B), set aside CIT(A) orders, an...
Income Tax : ITAT Pune held BSNL VRS compensation exempt under Section 10(10B), condoned delay in filing appeals, and directed grant of refund ...
Income Tax : ITAT Ahmedabad condoned delay in filing appeal and allowed Section 10(10B) exemption claim for BSNL VRS compensation, making the a...
Income Tax : ITAT Delhi deleted TP adjustments on export commission and model fee, allowed Section 80G claim principles, and granted relief on ...
Income Tax : ITAT Delhi held that disallowance of CSR expenditure under Section 37(1) does not prevent Section 80G deduction for eligible donat...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in Annual Information Statement Form 168 under section 239 and Rule 245(...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in AIS Form 26AS under sections 119, 90 and 90A, prescribing timelines a...
Income Tax : CBDT Circular 05/2026 clarifies safe harbour rules for foreign companies selling raw diamonds in Special Notified Zones, covering ...
Income Tax : CBDT Notification 74/2026 exempts TDS on eligible IFSC aircraft lease rent under section 393, subject to Form 1(N), effective from...
Income Tax : CBDT notifies NCCL's Core Settlement Guarantee Fund under Section 11 and Schedule III of the Income-tax Act, 2025, subject to spec...
Tax auditors must now report all purchases and sales of unquoted shares under Clause 47 of Form 26. The key takeaway is increased scrutiny of transactions involving differences between FMV and transaction value.
The Tribunal held that a genuine and reasonable explanation for delay justified condonation of nearly three years. It emphasized that substantial justice should prevail over technical limitations when no mala fide intent is established.
The workbook provides structured annexures for balance confirmations, statutory dues, bank reconciliations, loan reporting, and comparative analysis, helping organize tax audit documentation.
The assessee sought deduction for property tax paid during the relevant financial year but failed to claim it in the return. The ITAT granted another opportunity and ordered verification of the claim on merits.
ITAT held that the assessee discharged the primary burden under Section 68 by producing complete documentary evidence regarding the lender and the loan transaction. The addition was deleted because the Revenue failed to disprove the evidence.
The assessee contended that cash deposits in the bank account represented sales proceeds from a medicine business. The ITAT remanded the matter to the Assessing Officer to verify turnover details and determine taxable income on a reasonable basis.
The Pune ITAT held that estimating net profit at 18% of contract receipts was excessive in the absence of supporting material. Applying principles similar to presumptive taxation under Section 44AD, the Tribunal restricted the profit rate to 8% and granted substantial relief.
The ITAT held that Section 40(a)(ia) could not be invoked where the assessee had not made the rent payments referred to in the tax audit report. The addition was traced to an inadvertent reporting error by the auditor.
The Tribunal ruled that a notice issued beyond three years from the relevant assessment year requires sanction from the authority prescribed under Section 151. Since approval was obtained from the wrong authority, the reassessment proceedings were held to be illegal.
The Tribunal held that the reassessment order was invalid because it was passed within four weeks of disposing of the assessee’s objections to reopening. Following Bombay High Court precedents, the reassessment proceedings were quashed.
