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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...
Manjulata Sahoo Vs PCIT (ITAT Cuttack) It was the submission that against the order of the Tribunal, the assessee has filed appeal before the Hon’ble Jurisdictional High court of Orissa and the Hon’ble Jurisdictional High Court of Orissa was pleased to admit the appeal of the assessee in ITA No.8 of 2021 vide order dated […]
Shri Duraisamy Shanmugasundaram Vs ITO (ITAT Chennai) As per assessee’s submissions, the money deposited in NRE account was withdrawn by assessee’s parents in India. The same has been sourced to deposit the same in another NRO account from time to time. However, rejecting assessee’s explanation, Ld. AO held that the cash was not re-deposited within […]
Tzudi Forest Products Vs State of Assam (Guwahati High Court) The grievance of the petitioner is against the action of the respondents in seeking road permit for transporting goods/forest products after obtaining e-way bills. It is the case of the petitioner that previously, there were check gates but, however after coming into effect the Goods […]
Udayanapuram Service Co-Operative Bank Ltd Vs ITO (Kerala High Court) The challenge in this writ petition is against the assessment order produced as Ext.P1 and the demand notice issued pursuant to the assessment. The assessment relates to the assessment year 202021. The only question that is involved is whether the petitioner’s Society is entitled to […]
Narayanan Subramaniam Vs ACIT (ITAT Delhi) Controversy involved is primarily with regard to question if the assessee had non-residential status for the relevant Assessment Year 2017-18 and the ld AO had held it against the assessee on the basis that his stay for more than 180 days abroad was not supported by any evidence including […]
Navneet Dutta Vs ITO (ITAT Delhi) Assessee filed his original return of income on 10.01.2012 for the AY 2011-12 and in the said return due to clerical/typographical error, the assessee could not claim loss from house property. Later on the assessee revised the return of income on 18.06.2012. Assessee has filed rectification application u/s 154 […]
Learn why cash withdrawn and redeposit is not considered income from undisclosed sources. Explore draft submissions backed by key judgments and legal insights.
Assessing Cloud Computing Tax Dispute – AWS Inc. challenges ITAT Delhi on Royalty & FTS, seeks conditional stay on outstanding demands.
Non-specification of limb of the notice would render section 271(1)(c) penalty proceedings invalid. ITAT held that notice u/s 271(1)(c) is omnibus notice, thus defective which goes to the root of the matter. Accordingly the appeal of the assessee stands allowed.
While processing of TDS statement, the late fee, if any shall be computed in accordance with provisions of Section 234E of the Act. As a corollary, prior to amendment under Section 200A of the Act, levy of fee under Section 234E during processing of TDS statement is not tenable.
