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Income Tax : The Income-tax Act, 2025 has officially replaced the Income-tax Act, 1961 from 1st April 2026. The new law focuses on simplified l...
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 : 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 : ITAT Bangalore held that sale of 25 plots did not amount to an adventure in the nature of trade because the properties were held f...
Income Tax : The Tribunal held that joint ownership alone cannot restrict Section 54 deduction where the entire source of investment for the ne...
Income Tax : The Tribunal ruled that under-reported income must be calculated as the difference between assessed income and income processed un...
Income Tax : The Tribunal deleted penalty under Section 271(1)(c) after substantially deleting the unexplained cash credit addition under Secti...
Income Tax : The Tribunal observed that delays in completion of housing projects by builders cannot deprive a taxpayer of Section 54 benefits w...
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 examined denial of rebate due to technical computation issues. It held that deduction must be granted as income was below ₹7 lakh and statutory conditions were satisfied.
The Tribunal held that the addition based on third-party software data was invalid as the material was not provided to the assessee. Denial of cross-examination was found to violate principles of natural justice.
The Tribunal held that revision under Section 263 is invalid without proving both error and revenue prejudice. The AO’s order was restored as valid.
The Tribunal held that reopening beyond three years requires escaped income in the form of an asset. Since bogus purchases are revenue items, the reassessment was declared invalid.
The case involved an addition based on AIR information regarding a property transaction. The Tribunal deleted the addition after finding that the assessee’s documentary evidence remained unchallenged by the department.
The tribunal held that the safe harbour limit applies to valuation determined by the DVO, not just stamp duty value. It ruled in favour of the assessee as the variation was within 10%.
The Tribunal held that the maintainability of the appeal must be based on the correct tax effect and not erroneous figures in Form 36. Since the actual tax effect was below the CBDT threshold, the appeal was dismissed, reinforcing strict adherence to monetary limits.
The Court held that Tribunal remand is not a fresh reference under transfer pricing law. Hence, limitation expired earlier, entitling the assessee to refund.
High-risk cases involving benami transactions, foreign assets, and TDS defaults have been identified for verification and investigation under various tax laws.
The department has identified high-risk cases across multiple assessment years and enabled reassessment action through the Insight portal.
