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Income Tax : Tax Audit Form 26 now requires reporting of both quantity and value of principal stock, purchases, and sales. The key takeaway is ...
Income Tax : This article examines whether educational institutions with receipts up to Rs. 5 crore must obtain RNPO registration to claim exem...
Income Tax : This article explains why ELSS redemption gains are taxable despite offering tax deductions at the time of investment. It highligh...
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 : 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 : ITAT Delhi held that cash deposits arising from recorded and accepted cash sales cannot be added as unexplained cash credits under...
Income Tax : ITAT Mumbai held that Compulsorily Convertible Debentures cannot be equated with call options and that no option premium arose fro...
Income Tax : ITAT Bangalore held that RBI's classification of compulsorily convertible debentures as equity for FDI purposes cannot determine t...
Income Tax : ITAT Delhi held that no disallowance under Rule 8D(2)(ii) could be made where investments yielding exempt income were financed fro...
Income Tax : ITAT Mumbai held that Compulsorily Convertible Debentures retain their character as debt until conversion into equity. It deleted ...
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...
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 40/2023- Income Tax | Dated: 14th June, 2023 S.O. 2624(E).— In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act) and to give effect […]
ITAT Mumbai held that that the joint ownership of the property would not stand in the way of claiming exemption under Section 54F of the Income Tax Act.
ITAT Mumbai held that deduction u/s 80IB of the Income Tax Act, in respect of increased business income due to addition on account of concealed production, is not allowable.
ITAT Amritsar held that interest on FDR’s received by co-operative society by investing in another co-operative society is eligible for deduction under section 80P(2)(d) of the Income Tax Act.
ITAT Mumbai held that fabrication charges received from Associate Enterprise doesn’t fall under the purview of fees for technical services (FTS) and accordingly not taxable in India.
ITAT Mumbai held that allotment letters issued for purchase of flat should be considered as ‘Agreement to sell’ for the purpose of section 56(2)(x) of the Income Tax Act.
The Income Tax Appellate Tribunal, Delhi, in the case of Raj Kumar Vs ACIT, held that a S. 69 addition is not sustainable based on a mere delay in deposit during the demonetisation period.
ITAT Delhi held that penalty under section 271B of the Income Tax Act not leviable as assessee is a local authority and it cannot be considered to be one engaged in ‘business’ or to be earning profit.
ITAT Kolkata held that grants from the West Bengal State Government to cooperative societies are not income from other sources and eligible for deduction under section 80P of the Income Tax Act, 1961.
Delhi High Court held that order passed under section 148A(d) of the Income Tax Act without dealing with the request for accommodation and according without hearing the petitioner is in violation of principles of nature justice and hence liable to be set aside.
