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Income Tax : Analysis explains why Section 50C is a computation provision, discusses the First Proviso to Section 50C(1), and examines its stat...
Income Tax : Capital gains, business income, foreign assets, directorship and other transactions may make taxpayers ineligible to file ITR-1....
Income Tax : Know ITR due dates for FY 2025-26, belated and revised return deadlines, ITR-U timelines, late filing consequences and correspondi...
Income Tax : Learn how to report RSU and ESOP share sales for AY 2026-27, including capital gains, Schedule FA, Schedule CG, advance tax and di...
Income Tax : Know the eligibility, exclusions and key differences between ITR-1, ITR-2 and ITR-4 for AY 2026-27, including Section 139(9) and r...
Income Tax : A representation seeks activation of Form 68 filing for misreporting cases after the Finance Act, 2026 expanded immunity under Sec...
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 : ITAT Panaji held BSNL VRS-2019 compensation is retrenchment compensation exempt under Section 10(10B), set aside CIT(A) orders, an...
Income Tax : ITAT Pune held BSNL VRS compensation exempt under Section 10(10B), condoned delay in filing appeals, and directed grant of refund ...
Income Tax : ITAT Ahmedabad condoned delay in filing appeal and allowed Section 10(10B) exemption claim for BSNL VRS compensation, making the a...
Income Tax : ITAT Delhi deleted TP adjustments on export commission and model fee, allowed Section 80G claim principles, and granted relief on ...
Income Tax : ITAT Delhi held that disallowance of CSR expenditure under Section 37(1) does not prevent Section 80G deduction for eligible donat...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in Annual Information Statement Form 168 under section 239 and Rule 245(...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in AIS Form 26AS under sections 119, 90 and 90A, prescribing timelines a...
Income Tax : CBDT Circular 05/2026 clarifies safe harbour rules for foreign companies selling raw diamonds in Special Notified Zones, covering ...
Income Tax : CBDT Notification 74/2026 exempts TDS on eligible IFSC aircraft lease rent under section 393, subject to Form 1(N), effective from...
Income Tax : CBDT notifies NCCL's Core Settlement Guarantee Fund under Section 11 and Schedule III of the Income-tax Act, 2025, subject to spec...
The Tribunal held that activities linked to micro-credit and welfare schemes do not negate charitable status in absence of profit motive. The ruling directs grant of 80G approval based on genuine charitable objectives.
Tribunal held that non-compliance with earlier appellate directions requires fresh adjudication. Key takeaway: appellate authorities must follow binding instructions.
The Tribunal ruled that exemption under Section 11(2) should not be denied solely due to delayed filing of Form-10. It directed reconsideration where the form was available during assessment.
The Supreme Court dismissed SLPs and upheld the High Court’s finding that reassessment notices lacked tangible material. The ruling reinforces that mere survey findings cannot justify reopening of assessments.
Court found that the appellant failed to clearly identify which exceptional clause applied. Since the tax effect was below Rs.2 crores and no valid exception was demonstrated, the Court held that there was no reason to entertain the appeal. Accordingly, the appeal and the connected application were dismissed.
The Tribunal set aside orders where the assessee failed to appear and granted another opportunity. It emphasized adherence to natural justice while imposing a cost.
The Tribunal upheld reopening under Section 147 as Form 26AS reflected substantial contract receipts despite no return being filed. It ruled that such information constitutes valid grounds for belief of income escaping assessment.
The Supreme Court rejected the appeal due to unexplained delay, leaving the High Court ruling intact. The decision confirms that depreciation is allowable where leased assets are used in business.
The court held that leased assets qualify for depreciation since they are used in the course of business. It clarified that physical use by the assessee is not required if leasing generates business income.
The new law keeps depreciation methods unchanged for continuity. However, it broadens tax scope by including assets “belonging to” taxpayers beyond legal ownership.
