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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 Rajkot held that interest under section 234A and 234B can be levied only up to the date of self-assessment tax paid and not for period beyond that date.
Bombay High Court held that refusal to renew the courier licence registration in international carriage under the Courier Imports and Exports (Clearance) Regulations 1998 without granting an opportunity to explain is unjustified.
ITAT Ahmedabad held that all necessary details and evidences to establish genuineness of the unsecured loans duly furnished by the assessee, accordingly, addition towards the same unsustainable.
The Author in this article discusses the differing views taken by two high courts (exactly opposing views) on the question of limitation as to whether proceedings for AY 2013-14 and AY 2014-15 can be re-opened by issuing notice u/s 148 (deemed to be 148(b) of the Income Tax Act, 1961 [the ITA] from 01-Apr-2021 to 30-Jun-2021. (the Specified Period)).
ITAT Rajkot held that penalty under section 271F of the Income Tax Act not leviable as post search there was delay in providing seized documents. Further, Checking, cross checking and reconciliation of datas was a very lengthy process is also a reasonable cause for non-furnishing of income tax return.
Delhi High Court held that in terms of rule 24 of the ITAT Rules, when the Tribunal has ex-parte disposed of the appeal on merits and thereafter the appellant appears, the Tribunal shall set aside the ex-parte order and restore the appeal if sufficient cause is shown.
ITAT Bangalore held that applicability of the proviso to 2(15) of the Act cannot be on the basis of the default of the parties in not participating in the proceedings but should be on the basis of facts and circumstances of each case. Accordingly, matter remanded for fresh consideration.
ITAT Pune held that lease rent paid for acquiring mining rights is capital in nature and hence deduction against the same is not allowable.
ITAT Bangalore held that delay in filing Form 10B in the relevant period was condoned as per Circular No.10 (F.No.197/55/2018) dated 22.5.2019, accordingly, deduction towards application and accumulation of funds is duly allowable.
ITAT Bangalore held that prior to amendment in section 139(1) of the Income Tax Act effective from 01.04.2020, exemption under section 54, 54B, 54D, 54EC, 54F, 54G, 54GA or 54GB can be claimed even without filing income tax return.
