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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...
The Tribunal allowed depreciation on non-compete fees despite Supreme Court ruling it as revenue expenditure, citing practical difficulty and revenue-neutral impact. Revenues appeal was dismissed.
The Tribunal held that once provisions were disallowed and taxed in an earlier year, their subsequent reversal cannot be taxed again. It directed withdrawal of income offered to prevent double taxation.
Penalty was imposed alleging misreporting due to belated PF/ESI remittance. The Tribunal ruled that a disclosed claim later disallowed does not fall under any clause of Section 270A(9), and deleted the penalty.
The Revenue denied deduction by treating bank interest as Income from Other Sources. The ITAT dismissed the appeal, holding that the interest income forms part of business profits eligible for Section 80P.
ITAT Delhi upheld deletion of ₹60 lakh addition after finding that the assessee furnished confirmations, audited financials, bank statements, and Section 133(6) replies. In absence of direct evidence linking loans to accommodation entries, the addition under Section 68 was held unsustainable.
The Court reaffirmed that lease rent paid for use of land qualifies as “rent” under Section 194I. Revenue’s appeals were dismissed in light of binding precedent.
The AO added expenditure based solely on a mistaken audit report entry. The ITAT deleted the addition after confirming from the concerned party that no transaction occurred.
ITAT held that goodwill arising from acquisition of a business as a going concern represents a bundle of commercial and business rights. Following Supreme Court precedent, depreciation under Section 32 was allowed for AY 2018–19.
The ITAT held that for a builder following the project completion method, income arises on handing over possession and not merely on registration of sale agreement. The addition of entire sale consideration under Section 2(47) was ruled unsustainable.
The Tribunal held that Section 14A cannot be invoked when no exempt income is earned during the year. It deleted both the additional disallowance and the assessee’s own mistaken disallowance.
