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Income Tax : The Income Tax Department has issued comprehensive FAQs explaining what constitutes a benami property and benami transaction under...
Income Tax : The Income Tax Department has issued detailed FAQs explaining registration, audit, return filing, investment norms, and tax exempt...
Income Tax : The Income Tax Department explains when interest is payable for delayed return filing, advance tax defaults, deferment of instalme...
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 : 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 : The Tribunal affirmed the CIT(A)'s order annulling assessments because the search was not conducted in the assessee's name. It als...
Income Tax : The ITAT held that the Supreme Court’s COVID-19 limitation extension did not apply to statutory timelines for completing income-...
Income Tax : The ITAT Raipur held that estimated gross profit addition on unrecorded sales cannot be sustained when the Assessing Officer has n...
Income Tax : The Karnataka High Court set aside the impugned order after finding that the entire tax demand had been recovered despite an inter...
Income Tax : The ITAT Mumbai held that the assessee's convertible debentures lacked the liability component required for classification as Comp...
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...
Supreme Court of India held that income tax returns do not necessarily furnish an accurate guide of the real income particularly when parties are engaged in a matrimonial conflict. Hence, it is for the Family Court to determine what would be the real income based on a holistic assessment.
Delhi High Court held that Vivad Se Vishwas Scheme requires that the appeal should be pending and hence there is no need to introduce the quantification that the appeal should be valid or competent.
ITAT Chennai held that addition of unexplained income unsustainable as source of money including identity of the creditors is duly explained by the assessee and further the amount has been transferred through proper banking channel only.
ITAT Bangalore held that rule 128(9) of the Income Tax Rules doesnt provide for disallowance of Foreign Tax Credit in case of delay in filing of Form No. 67 and Filing of Form No. 67 is not mandatory, hence Foreign Tax Credit cannot be denied for delay in furnishing of Form No. 67.
ITAT Jaipur held that rejection of books of account on the basis of insignificant defects is unjustified as Before invoking provisions of section 145(3) AO has to bring on record material the basis on which he has arrived at the conclusion with regard to correctness/ completeness of the accounts.
ITAT Pune held that it is an admitted fact that assessee has fully and truly disclosed all the material facts and hence initiation of re-assessment proceedings merely on the change of opinion by AO is impermissible in law.
ITAT Delhi held that locker being in joint names and first name was indicative of real ownership and hence the assessment of the contents of the locker should be rightly done in the hands of the first owner of the locker.
ITAT Delhi held that management fees paid to AE is not chargeable to tax in India in terms with Article 12(4) of India-USA DTAA and hence disallowance of the same u/s 40(a)(i) of the Income Tax Act for non-deduction of TDS is unsustainable in law.
Gujarat High Court held that details relating to share application money from the four entities was supplied by the assessee during regular assessment and AO was satisfied with the genuineness of the same Hence reopening the assessment doubting the same entries on the basis of change of opinion is unsustainable.
It was held that there can be two initial assessment years and the year in which there was substantial expansion that year is the initial assessment year within the period of 10 years for the purpose of claiming deduction under section 80-IC of the Act.
