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Income Tax : The Income-tax Act, 2025 has officially replaced the Income-tax Act, 1961 from 1st April 2026. The new law focuses on simplified l...
Income Tax : The Income Tax Act 2025 has overhauled the 1961 law by introducing new section numbers, a unified “Tax Year,” and simplified c...
Income Tax : The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendme...
Income Tax : The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers...
Income Tax : Businesses now face stricter seller-wise tracking, PAN verification, and reconciliation obligations under TDS on purchase provisio...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...
Income Tax : ITAT Mumbai ruled that once reassessment proceedings are quashed as void ab initio, the satisfaction recorded therein for initiati...
Income Tax : The Madras High Court held that membership fees received for long-term time-share agreements could not be fully taxed in the first...
Income Tax : The ITAT Chandigarh held that reassessment proceedings initiated under an incorrect and obsolete PAN suffered from a jurisdictiona...
Income Tax : ITAT Delhi deleted transfer pricing adjustments after holding that retail and after-sales businesses could not be compared with wh...
Income Tax : The Bombay High Court held that penalty proceedings under Section 271-D cannot continue independently when the appeal against the ...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
ITAT Mumbai upheld deletion of ₹19.09 Cr addition, ruling 8% ad-hoc profit on ₹353.68 Cr turnover unjustified; non-resident shipping vendors’ nil ITRs no basis to reject books.
The Tribunal upheld addition of interest accrued on security deposits that was not disclosed in the return. It ruled that accrued interest must be taxed when not voluntarily offered by the assessee.
ITAT held that notice under Section 143(2) issued contrary to CBDT Instruction dated 23.06.2017 is invalid. Since CBDT circulars are binding, the defective notice vitiated the entire assessment.
ITAT held that labeling transactions as accommodation entries without investigation is impermissible. With all three ingredients satisfied, the addition of ₹86.90 lakh was removed.
The ITAT Mumbai deleted the ₹14.70 lakh addition made under Section 69, holding that the NRI assessee had adequately explained the source of investment in property through documented overseas remittances routed partly via his mothers bank account.
ITAT held that mere signature or rubber-stamp approval under Section 151 is invalid if it does not reflect independent satisfaction. The reassessment and consequent additions were quashed for lack of valid jurisdiction.
ITAT Mumbai held 100% bogus purchase disallowance unsustainable where sales and banking trail were proven; restricted addition to 5% profit element, following earlier years.
ITAT held that reassessment proceedings initiated by NFAC before Notification No. 18/2022 dated 29.03.2022 were without jurisdiction. Since Section 151A became effective only upon notification, the entire reassessment and related penalty were quashed.
The Tribunal reaffirmed that providing PAN, confirmations, bank statements, and financial records satisfies statutory requirements. With no defects found by the AO, the addition was rightly deleted.
The ITAT Mumbai held that CPC cannot make an adjustment under Section 143(1)(a) without issuing prior intimation and considering the assessees response, as mandated by the proviso to the section.
