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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 Tribunal ruled that the Assessing Officer wrongly invoked Section 143(3) despite the case being covered under the block assessment provisions of Section 153C. ITAT reaffirmed that jurisdictional defects cannot be cured by regular scrutiny proceedings.
Delhi ITAT held that investments in immovable properties cannot be treated as unexplained once payments are made through disclosed bank accounts with explained credits. The Tribunal deleted ₹3.29 crore addition for lack of incriminating material.
Delhi ITAT held that cancellation of GST registration and non-response from suppliers alone cannot justify treating entire purchases as bogus. The Tribunal restricted the addition to 5% profit element, observing that sales and books of account were not rejected.
The Delhi ITAT held that large cash deposits and investigation wing information alone do not create valid reason to believe for reopening assessment under Section 147. The Tribunal ruled that reassessment based on suspicion and borrowed satisfaction is invalid in law.
The Kolkata ITAT held that penalty under Section 271(1)(c) cannot be levied where income addition is based on peak credit estimation. The Tribunal ruled that estimated additions do not automatically prove concealment or inaccurate particulars.
Supreme Court dismissed the challenge against reopening of assessment where the Gujarat High Court had upheld reassessment proceedings based on Investigation Wing material alleging accommodation entries. The case reaffirmed that prima facie material is sufficient at the reopening stage.
Gujarat HC held that reassessment under Sections 147 and 148 was valid where Assessing Officer received fresh investigation material alleging accommodation entries. Court observed that prima facie tangible material is sufficient at reopening stage.
Bombay High Court upheld deletion of disallowance under Section 40(a)(ia) where there was only short deduction of TDS and the recipients had already paid taxes. The Court also reiterated that the second proviso to Section 40(a)(ia) operates retrospectively from 01.04.2005.
The ITAT upheld disallowance of ₹11.71 lakh towards loan processing fees after finding that the loans were obtained for broader business purposes and not for acquiring the property generating rental income. The ruling clarified the limited scope of deductions available under Section 24(b).
ITAT Mumbai held that stamp duty valuation on the date of allotment should be considered where property consideration was fixed earlier and payments were made through banking channels before registration.
