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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...
Assessee was unable to furnish any cogent explanation supported by evidence to establish that the consultancy charges paid are not in the nature of FTS.
Arya Samaj Vs ITO (ITAT Delhi) Before ITAT, it was pleaded that the assessee has wrongly filled the column A(i) pertaining to “Other details” the ITR7 and since CPC is a automated process, the adjustment has also been wrongly made. It was argued that had there been a notice issued before making an adjustment, the […]
K Ponmudi Vs ACIT (Madras High Court) The petitioner has challenged the impugned assessment order on the following grounds: a) Despite several requests made by the petitioner to the respondents, requesting them to furnish the evidence based on which they have found that M/s. SRS Mining is alleged to have paid Rs.20,00,000/- as illegal payments […]
Defect in statutory notice in not striking out of irrelevant ground vitiates penalty proceedings for the reason that assessee has not given sufficient notice for preparing his defense, as to grounds on which penalty proceedings have been initiated.
It may be pertinent to note that the legislative intent of providing exemption under clause (10D) of section 10 of the Act has been to further the welfare objective by subsidising the risk premium for an individual’s life and providing benefit to small and genuine cases of life insurance coverage.
ITAT held that no tax would be levied on issue of shares to venture capital fund and further upheld observation of CIT(A) that, payment for valuation certification and retainership fees to a CA firm is a revenue expenditure.
Vipin Kumar Vs ITO (ITAT Delhi) ITAT Delhi held that benefit under section 54B of the Income Tax Act cannot be denied on mere fact that property was valued by the registered authority as a non-agricultural land for the purpose of stamp paper. Facts- The AIR information from sub registrar, Hapur Second in the case […]
ITAT Pune held that expenditure incurred on repairs and renovation of the asset is revenue expenditure as no new asset has been created.
Income Tax Department carries out survey operations in Delhi & Mumbai A survey action under section 133A of the Income- tax Act, 1961 (the Act) was carried out at the business premises of group entities of a prominent international Media Company at Delhi and Mumbai. The group is engaged in the business of development of […]
Amendment in Budget 2023 of Income Tax Act Section 43B aims to strengthen working capital for small businesses. Benefits & implications of changes in deductions for delayed payments.
