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Income Tax : Learn how the increased Rs. 1.25 lakh exemption and 12.5% LTCG tax rate apply to listed shares and equity mutual funds. The guide ...
Income Tax : The Income Tax Department explains how the e-Verification Scheme addresses mismatches between reported financial transactions and ...
Income Tax : This article examines conflicting judicial views on whether capital gains exemption is available when a new residential house is p...
Income Tax : This guide explains how Section 43B(h) defers tax deductions where payments to Micro and Small Enterprises remain unpaid beyond th...
Income Tax : The case highlights denial of TDS credit after an incorrect TAN was reported in the income tax return, even though the correct TDS...
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 : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : The ITAT Mumbai held that cash deposits during the demonetization period could not be treated as unexplained where the assessee's ...
Income Tax : ITAT Bangalore held that TDS credit cannot be denied merely because it was omitted in the original income tax return. The Tribunal...
Income Tax : ITAT Bangalore held that an assessment order passed in the name of an amalgamated bank after it had ceased to exist is void ab ini...
Income Tax : The Tribunal ruled that filing a return in response to Section 148 does not cure the failure to file the original return within th...
Income Tax : ITAT Bangalore held that Section 154 cannot be invoked to make a fresh disallowance of an asset write-off claim that was never exa...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
ITAT Pune held that denial of granting of exemption under section 80G of the Income Tax Act because of spent more than 5% for religious purpose from its total income i.e. violating provisions of section 80G(5B) of the Income Tax Act is justified.
ITAT Delhi held that addition under section 69 of the Income Tax Act on account of cash deposited in bank accounts sustained as the assessee failed to give any explanation regarding such cash found to be credited in the bank accounts.
ITAT Chennai held that deduction of TDS vis-à-vis amortization of discount on debentures needs fresh adjudication in the light of additional evidences filed by the revenue. Accordingly, matter restore back.
ITAT Pune held that imposition of penalty under section 270A(9) of the Income Tax Act without specifying the limb within which the penalty is imposed is unsustainable. Failure of AO to quote any of the six sub-limbs as prescribed u/s 270A(9) makes imposition of penalty unsustainable
ITAT Delhi held that revised return cannot be filed to cover up deliberate omission etc. in the original return. Thus, claim of the Assessee towards incurring impugned capital loss and carryforward thereof vide the revised return is unsustainable.
ITAT Bangalore Held that not every deposit during the demonetization period would fall under category of unaccounted cash. However the burden is on the assessee to establish the genuineness of the deposit in order to fall outside the scope of unaccounted cash. Matter remanded for re-verification.
Perquisites come in various forms, encompassing both cash and non-cash benefits, and include accommodations, employer or self-owned vehicles, stock options, club memberships, medical reimbursements, subscriptions to magazines, and more.
The ITAT Mumbai case of Rajesh Prabhudas Parekh vs CIT(A), ITO is an insightful judgment on on-money payments in real estate transactions and the necessity of corroboration in such cases.
Overview of the ITAT Ahmedabad’s decision in Babusinh P. Thakor Vs ITO case, including wrongful assessment of tax liability and the implications for future income tax assessments.
In the case of N.B. Builders & Promoters (P) Ltd Vs CIT, ITAT Chandigarh held that penalties cannot be imposed for mere lower gross profit based on assumptions and conjectures.
