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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 held that AMC services involving indeterminate acts over a defined period must follow the straight-line method under Section 43CB. The addition of ₹4.26 crore towards AMC receipts was therefore deleted.
The High Court upheld a ₹7 lakh addition after finding a major discrepancy between stock recorded in books and the inflated stock statement submitted to the bank.
The ITAT Raipur held that the assessee had already disclosed the sale of the old car in the return of income and paid tax on the profit from the transaction. Since the sale consideration and profit were recorded and taxed, the Tribunal noted that there was no loss to the Revenue.
The High Court set aside a tax demand issued under Section 156 because it was not based on any assessment or reassessment order. The ruling held that a demand notice cannot exist without a prior order determining tax liability.
The ITAT Delhi set aside the rejection of 12A registration, holding that the applicant should be given another opportunity to submit documents proving the genuineness of charitable activities.
The ITAT Mumbai held that when stamp duty value is disputed, the Assessing Officer should refer the property to the Departmental Valuation Officer. The matter was remanded for fresh assessment.
The Tribunal held that the sale of shares after holding them for nearly ten years could not be treated as a bogus penny stock transaction due to lack of evidence of manipulation.
The ITAT Ranchi held that Section 56(2)(x) cannot apply where the property purchase agreement was executed before the provision existed, even if the sale deed was registered later.
Courts hold that one-time alimony is a capital receipt arising from extinguishment of rights and not taxable. The ruling clarifies limits on taxing matrimonial settlements.
The Government introduced reforms to simplify tax dispute resolution, including broader immunity provisions and expanded scope for updated returns. These measures aim to reduce litigation and encourage voluntary compliance.
