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Income Tax : Taxpayers are facing confusion following the introduction of the Income-tax Act, 2025. The key clarification is that income earned...
Income Tax : The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thres...
Income Tax : The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...
Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
Income Tax : This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...
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 Mumbai ITAT held that reassessment proceedings under Section 147/148 were invalid where the case was based on search material ...
Income Tax : The Tribunal condoned the delayed appeal filing after finding sufficient cause and allowed the matter to proceed. It also clarifie...
Income Tax : The ITAT Delhi ruled that the CIT(A) cannot reclassify an addition under a different provision of the Income-tax Act without issui...
Income Tax : The ITAT ruled that deduction of TDS does not excuse failure to file an income tax return. The decision emphasizes that income dis...
Income Tax : The Tribunal held that technical glitches on the income tax portal, coupled with grievances raised by the taxpayer, justified cond...
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...
ITAT Kolkata held that interest expenditure incurred on loans taken for acquiring property is allowable as deduction under section 48. However, from Assessment Year 2024-2025, due to amendment in provisions, such expenditure will not be allowed as deduction.
ITAT Chennai held that in view of pending decision before Madras High Court which has a bearing on the assessment, the assessment is restored back to the file of AO with a direction to await the pending decision.
Therefore, the addition made by the AO u/s 68 is sustained. Since, addition u/s 68 has been upheld, the expenditure incurred to earn the above sums are to be added u/s 69C as unexplained expenditure.
ITAT Kolkata held that imposition of penalty u/s. 271(1)(c) of the Income Tax Act untenable without concealment of particulars of income or for furnishing of inaccurate particulars. Accordingly, penalty deleted.
ITAT Delhi held that addition under section 68 towards unexplained income rightly deleted as no adverse incriminating material/ document found in the premises of the searched person. Accordingly, appeal of the revenue dismissed.
Telangana High Court held that accumulated profits under section 2(22)(e) of the Income Tax Act are to be computed taking into account the depreciation as per the Income-tax Rules. Thus, matter decided in favour of the assessee.
ITAT Mumbai held that addition under section 68 of the Income Tax Act made towards penny stock deleted since assessee duly discharged the onus cast upon him and there is no adverse order/penalty order against the Assessee.
ITAT Ahmedabad held that disallowances on account of excess contribution to PF deleted since the same didn’t exceed 27% of the salary and wages in terms of rule 87 of the Income Tax Rules. Accordingly, appeal allowed to that extent.
Govt. confirms no changes to the process of tax exemptions for STs in Meghalaya, clarifying no certificates are needed to claim exemptions under Section 10(26).
CBI arrests two Income Tax employees in Silchar for accepting Rs. 4,000 bribe as part of a Rs. 10,000 demand for PAN card closure. Investigation continues.
