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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 : Mumbai ITAT held that genuine outstanding trade liabilities arising from accepted business transactions cannot be treated as unexp...
Income Tax : The Tribunal deleted penalty levied on society charges and depreciation disallowances after finding that the claims were fully dis...
Income Tax : ITAT Mumbai ruled that once reassessment proceedings are quashed as void ab initio, the satisfaction recorded therein for initiati...
Income Tax : Bangalore ITAT held that deduction under Section 43B cannot be denied merely because Form 3CD reflected GST payable on the audit r...
Income Tax : The Tribunal ruled that bonus shares sold after being held for more than 12 months were taxable as exempt long-term capital gains ...
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 rejected appeals filed by the assessee s father despite claims that the assessee was untraceable. It clarified that absence of the assessee does not authorize relatives to file appeals. Legal standing is mandatory for invoking appellate jurisdiction.
The Court clarified that recovery actions must be confined to the assessee liable for tax. Attaching a director’s personal account without evidence of liability was held unlawful. The judgment underscores limits on recovery powers.
Tribunal directed allocation of common head-office expenses (and common income) to eligible industrial undertakings when computing deductions under sections 10B and 80-IB, following prior coordinate-bench rulings; AO must apply the earlier directions on remand. Key takeaway: common corporate overheads and income were to be apportioned to units for deduction-computation as previously directed.
The tribunal set aside the assessment after finding that faceless assessment proceedings were initiated before the scheme was formally notified, rendering the assumption of jurisdiction invalid.
The ITAT Mumbai held that adjustments under Section 143(1) cannot be made without issuing prior intimation to the taxpayer. As CPC failed to provide such notice or reasons, the adjustment and resulting demand were set aside.
The Tribunal upheld the disallowance of HRA exemption under Section 10(13A) as the assessee failed to submit any supporting documents for rent payments. In the absence of evidence, the claim of ₹1,08,000 was rightly disallowed.
The court held that an appeal under Section 260A cannot be entertained when it merely seeks re-appreciation of evidence, upholding the addition confirmed by lower authorities.
The tribunal ruled that remuneration paid to a working partner cannot be disallowed when the partnership deed authorizes such payment and the amount is within limits prescribed under Section 40(b).
The High Court set aside the assessment order after noting that it was passed ex parte and remitted the matter for fresh proceedings with an opportunity for the assessee to file a return.
The Madras High Court held that penalty under Section 271(1)(c) cannot be imposed where a DTAA claim was made based on a bona fide interpretation of law and full disclosure of income.
