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Income Tax : ITAT Jaipur held that proceedings under Section 153C are invalid where the Assessing Officer merely reproduces information from th...
Income Tax : The Income Tax Department explains how CPC processes returns under Section 143(1) by correcting apparent errors and incorrect clai...
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 : 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 Ahmedabad held that the tax authorities failed to consider evidence of an earlier agreement and prior payments before invokin...
Income Tax : The ITAT Hyderabad held that an uncorroborated loose sheet could not justify an addition under Section 69 for alleged on-money pay...
Income Tax : The Calcutta High Court held that a sanction order must reflect consideration of the taxpayer's explanation and provide reasons fo...
Income Tax : ITAT Hyderabad held that the assessee was denied a fair hearing because appellate notices were not served in the mode opted in For...
Income Tax : The Mumbai ITAT held that penalty under Section 270A cannot be sustained where income is determined purely on estimation after rej...
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 if there was enquiry conducted by the AO even if the enquiry in inadequate there will be no occasion to the Commissioner to exercise the power of revision u/s 263 of the Income Tax Act.
Assessee was entitled to set-off brought forward business loss and unabsorbed depreciation against the dividend income as the non-obstante clause provided in Section 115BBD(1) covered both current year loss as well as brought forward business loss, therefore, Tata Industries was eligible for set off of current year business loss against the foreign dividend income received by it.
ITAT Delhi held that the main objective of the assesses is to carry on the business of letting out of properties and hence the income earned by the assessee from letting out of the property is assessable under the head Income from Business.
ITAT Hyderabad held that if the assessee is not entitled to claim the loss of investment as bad debts, the same cannot be claimed as business loss as per his sweet will.
ITAT Mumbai held that bad debts arising from credit card business would be part and parcel of loss arising in the course of banking business and hence liable as deduction u/s.36(1)(vii) of the Income Tax Act.
Delhi High Court held that loss on account of the Forward Contracts cannot be considered as speculative loss and hence loss on Forward Contracts is allowable as a deduction from the income chargeable to tax even if the Forward Contracts have not closed.
ITAT Kolkata held that company incorporated on 07.11.2012 and valuation of share done on 16.11.2012, therefore share premium on issue of equity share capital and issue of preference share capital are hit by provisions of section 56(2)(viib) of the Income Tax Act and hence addition towards share premium sustained.
Madras High Court dismissed the writ petition challenging the circular issued by District Central Cooperative Banks as the circular merely sought to bring to the notice of the petitioner societies the statutory provisions in regard to the deduction of tax, enjoining that they adhere to and comply with the same.
ITAT Bangalore held that rental income is inseparably connected with the business carried on by the assessee and emanate directly from the business of the undertaking. Accordingly, rental income derived by the assessee from Cargo Agents, Airlines, Banks etc., is derived from the cargo business and eligible for deduction u/s. 80IA. The addition is deleted.
ITAT held that invocation of provision of 263 to correct section under which penalty is leviable or not is beyond the power vested under section 263 of Income Tax Act,
