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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...
The ITAT held that once profit is estimated on unaccounted sales, separate additions for wages and operational expenditure cannot be made again under section 69C. The ruling treated such additions as double taxation of the same income stream.
ITAT Delhi held that reassessment proceedings beyond six years under Section 153C are permissible only where escaped income represented in the form of assets exceeds or is likely to exceed Rs. 50 lakh. Since this statutory condition was not satisfied, the assessments were annulled as time-barred.
The ITAT held that cash deposited by a money transfer agent during demonetisation could not be treated as unexplained income when the funds belonged to principal payment service providers. The Tribunal observed that the assessee merely acted as a collection agent and transferred the amounts to the principals.
The Bangalore Bench held that filing Form No. 10B along with the return is directory and not mandatory in circumstances where the audit report becomes available during appeal proceedings. Relief under Sections 11 and 12A was restored.
The ITAT held that reassessment proceedings were invalid because the Assessing Officer wrongly stated that the original return was never scrutinized. The Tribunal ruled that such factual errors while recording reasons showed complete non-application of mind.
ITAT Delhi held that reassessment proceedings beyond the prescribed period were invalid where alleged escaped income arose from unaccounted sales and not from assets. The Tribunal ruled that conditions under Sections 149 and 153A were not satisfied, leading to quashing of multiple reassessment notices.
The Calcutta High Court held that reassessment proceedings violated principles of natural justice since the assessee was not provided an opportunity of personal hearing before passing the order under Section 148A(d).
Wrong ITR form selection, incorrect residential status, and missing Indian income disclosures can create tax complications for NRIs. Proper verification of AIS, Form 26AS, and bank details is essential before filing returns.
Taxpayers now get three extra months to correct mistakes in originally filed income tax returns. The revised return mechanism remains useful for correcting errors like missed income, deduction mistakes, and wrong capital gains reporting.
ITAT held that loose sheets showing cash and cheque transactions could not justify additions under Section 153A where related cheque transactions were accepted as genuine and linked to group business dealings.
