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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...
ITAT Pune held that as NFAC dismissed the claim of deduction u/s 80P on legal issue without considering the case on merits, matter remanded back for fresh adjudication.
Presently RSU (Restricted stock unit also known as Sweat Equity) allotted by a foreign grand parent company, free of cost to employee of Indian subsidiary, is being taxed as ‘perquisite’; and for the purpose, the FMV of the ‘vested units’, as on the date of vesting, is considered as the taxable perquisite value.
Learn about Section 54 exemption from capital gains tax on the sale of a house property as per the Finance Act 2023. Understand eligibility, conditions, limits, consequences, and revocation of the exemption.
Calcutta High Court held that invocation of provisions of rule 8D(2)(ii) of the Income Tax Rules by AO without examining the accounts of the assessee and without examining the claim made by the assessee is unjustified.
ITAT Delhi held that reassessment proceedings without issuance of notice under section 143(2) of the Income Tax Act is bad in law and liable to be quashed.
NSPIRA Management Services Private Limited Vs DCIT & ACIT (Telangana High Court) From a perusal of the impugned order dated 16.12.2022, it is seen that respondent No.1 had followed instructions of the Central Board of Direct Taxes (CBDT) dated 31.07.2017 to the effect that where outstanding demand is disputed before the appellate authority, the assessee […]
Ashok Kumar Garg Vs ACIT (Delhi High Court) According to the petitioner, although the amount of alleged bogus purchase bills has been quantified as Rs.24,10,705/- the amount in issue is only Rs.13,73,503/-. It is, thus, the petitioner’s case that Rs.10,37,202/- has been wrongly included. Mr Puneet Rai, learned senior standing counsel, who appears on behalf […]
Delhi High Court held that levy of interest under section 234E of the Income Tax Act is illegal for returns of TDS in respect of the period prior to 01.06.2015. Accordingly, directed to be deleted.
The issue in the present appeal relates to the exigibility of penalty u/s 271B for failure of the assessee to get accounts audited in respect of the previous year relevant to the assessment year under consideration as required u/s 44AB and furnished to the Assessing Officer before specified due date i.e. due date for filing the return of income.
Chandrakant Tatoba Patil Vs PCIT (ITAT Pune) ITAT noted that on an examination of the assessment record, the PCIT found abnormal increase in cash deposits during demonetization period as compared to pre-demonetization period. According to the PCIT, during the period from 09-11-2016 to 31-12-2016, the assessee deposited cash amounting to Rs.1,43,81,225/- which is inclusive of […]
