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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 Delhi held that amount received under the Master Franchise Agreement cannot be treated either as royalty or Fee for Technical Services (FTS) or FIS and hence addition deleted.
ITAT Mumbai held that estimated rate of profit applied on the alleged non-genuine purchases doesnt amount to concealment of income or furnishing inaccurate particulars. Accordingly, penalty u/s 271(1)(c) of the Income Tax Act unsustainable.
ITAT Held that, only 10% of the purchase would be added to the Appellant’s income in case where the Appellant was unable to prove the supplier’s identity. Further remanded back the matter for verification.
ITAT held that ITR is a sacred document prescribed in law and reporting-error cannot be pleaded so lightly. The prescribed forms of ITR have suitable columns to furnish the details of cash-balance, this law procedure has been in statute for several years and nobody can dispute it.
It is trite law that No addition can be made in the hands of power of attorney holder and further revenue has not brought on record any material evidence indicating that ownership of the said land belongs to appellant assesse. Therefore, we hold that the assessment order is passed without jurisdiction.
The determination of residency is first step in the whole process of finalizing tax aspect of certain transaction. One need to ascertain that if any income is accrue/arise or deemed to accrue/arise in India in terms of Section 4,5 and 9 of Income tax Act.
ITAT Mumbai held that sales tax subsidy received by the assessee is capital receipt and does not come within definition of income under section 2(24) of the Income Tax Act, 1961 and when, a receipt is not a in the nature of income, it cannot form part of book profit u/s 115JB of the Income Tax Act, 1961.
ITAT Mumbai held that assessee has duly discharged identity, creditworthiness and genuineness of the transactions of receipt of share premium of Rs. 2.25 crore received from 19 share subscribers and hence addition towards unexplained cash credit u/s 68 is unsustainable.
ITAT Delhi held that a solitary opportunity of one day to respond to show cause notice is in negation of overriding principles of natural justice accordingly revisionary order passed u/s 263 is liable to be quashed and set aside.
ITAT Mumbai held that action of AO in disallowing 50% of the depreciation and maintenance charges on the sports car is unsustainable as sports car was owned and used for the purpose of business and AO failed to establish that the sports car was not used fully for the purpose of business.
