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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...
ACIT Vs BIP Developers Pvt. Ltd (ITAT Kolkata) In the present case, the commercial expediency of the interest expenditure in question was duly established by the assessee and on appreciation of the relevant facts of the case of the assessee as well as keeping in view the decision of the Hon ’ble Supreme Court in […]
Pradeep Kumar Sonthalia Vs DCIT (ITAT Kolkata) The assessee has claimed exemption under section 54 and 54F of the Income Tax Act. Such exemption has been denied to the assessee by observing that it has booked the flat with the builder in earlier year but ultimately took the possession in subsequent years. Therefore, he failed […]
Gifts in India are cultural aspects handed down from generations. Learn the in-depth analysis of taxation of gifts and how lawmakers are trying to tackle the issue.
Faceless Assessment – Get to know its advantages & disadvantages with the Government of India’s initiative to reduce taxpayers’ compliance burden. This blog post gives an overview of the scheme.
Although the terms merger and acquisition are commonly associated, there are some differences. A merger unifies two entities into one, whereas an acquisition includes one company purchasing and acquiring another.
ITAT Kolkata held that disallowance under section 40a(ia) of the Income Tax Act for non-deduction of TDS untenable if payee has duly disclosed the receipt of the impugned payment in their return of income.
ITAT Chennai held that expenditure towards furniture maintenance which is incurred to make the lease premises workable and functional is revenue in nature.
ITAT Kolkata held that inadvertent mistake of claiming exemption under section 10(23C)(vi) of the Income Tax Act instead of section 10(23C)(iiiab) of the Income Tax Act is mistake apparent from record which is rectifiable under the provisions of section 154 of the Income Tax Act.
ITAT Jaipur held that condonation of delay cannot be granted merely on the basis of sympathy or benevolence. Further, condonation of delay rejected alleging lack of diligence and inaction on the part of the assessee.
ITAT Mumbai held that reopening of assessment without valid reason or intangible material, merely on the basis of information from Electricity Authroity, is not sustainable in the eye of law.
