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Income Tax : The Income Tax Act 2025 has overhauled the 1961 law by introducing new section numbers, a unified “Tax Year,” and simplified c...
Income Tax : The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendme...
Income Tax : The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers...
Income Tax : Businesses now face stricter seller-wise tracking, PAN verification, and reconciliation obligations under TDS on purchase provisio...
Income Tax : The judgment rejected the practice of assigning a nil arms length price merely because a taxpayer reported financial losses. The c...
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 updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...
Income Tax : Chennai ITAT held that seminars, workshops, conferences, and medical training programmes can qualify as “education” under Sect...
Income Tax : ITAT Bangalore held that an appeal filed without verification by the authorized Principal Officer was not maintainable. The Tribun...
Income Tax : Gujarat High Court held that reassessment notices issued after scrutiny assessment were invalid because the Assessing Officer had ...
Income Tax : ITAT Delhi noted that confirmations from the company and broker regarding share transactions were available but not adequately con...
Income Tax : Chennai ITAT condoned a massive delay in filing appeals after accepting the assessee’s explanation that he became aware of favou...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
The Tribunal dismissed the appeals as the tax effect was below the CBDT’s prescribed limit. The case was not examined on merits due to non-maintainability.
The ruling rejected re-characterization of share transactions as loans in absence of exceptional circumstances. Interest imputation on such transactions was deleted.
The Tribunal set aside the order as the CIT(A) failed to examine judicial precedents cited by the assessee. The matter was remanded for fresh adjudication with proper reasoning.
The Tribunal dismissed the appeal after finding that an identical appeal had already been filed and heard. The case was treated as duplicate and not examined on merits.
The Tribunal held reopening valid as tangible material showed undisclosed capital gains. It ruled that execution of a registered sale deed triggers tax liability even if consideration is disputed.
The case clarifies that capital gains tax arises upon execution of a registered sale deed, even if payment is not received. It highlights that the right to receive consideration is sufficient to trigger tax liability.
The amendments focus on reassessment timelines, electronic communication, and procedural clarity. The changes aim to reduce litigation and improve efficiency in tax administration.
The Tribunal held that preference share investments cannot be treated as loans without supporting evidence. Following earlier decisions and High Court rulings, the transfer pricing adjustment was deleted.
Tribunal ruled that share transactions cannot be treated as loans without proof of exceptional circumstances. Notional interest addition on such re-characterisation was deleted.
The provision mandates filing of Form 101 only when directed by the Assessing Officer. The rule ensures independent and accurate valuation of inventory through a Cost Accountant, impacting taxable income.
