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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 : The judgment rejected the practice of assigning a nil arms length price merely because a taxpayer reported financial losses. The c...
Income Tax : The article explains how taxpayers often wrongly assume that housing loan loss benefits remain available under the new tax regime....
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 : Mumbai ITAT held that Section 69A cannot be invoked where loan transactions are fully routed through banking channels and recorded...
Income Tax : Bangalore ITAT held that applications for registration under Section 12AB and approval under Section 80G cannot be rejected on gro...
Income Tax : The Bangalore ITAT accepted the assessee’s explanation that medical issues and expiry of the digital signature certificate cause...
Income Tax : The Bangalore ITAT ruled that once substantive addition under Section 2(22)(e) is sustained in the managing partners case, the cor...
Income Tax : The Hyderabad ITAT ruled that the CIT(A) could not delete unexplained cash deposit additions merely on the basis of submissions an...
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 Bangalore held that profit cannot be estimated arbitrarily when regular books of account are maintained and not rejected under the Income Tax Act. The Tribunal ruled that mere decline in net profit rate does not justify ad hoc additions without evidence of suppressed sales or inflated expenditure.
The Jodhpur ITAT held that penalty under Section 272A(1)(d) could not survive where the Assessing Officer completed scrutiny assessment under Section 143(3) after considering replies and documents furnished later by the assessee.
The Delhi ITAT held that institutions engaged in preservation of environment fall under a specific charitable limb under Section 2(15). Registration under Section 12A cannot be denied merely because fee-based receipts were earned.
The Delhi ITAT held that informal WhatsApp conversations without corroborative evidence cannot establish unexplained investment under Section 69A. Since no excess jewellery, invoices, or payment proof were found, the addition was deleted.
Mumbai ITAT held that additions for alleged accommodation entries and commission income cannot be sustained solely on retracted statements and third-party Tally data without independent corroborative evidence.
Bombay High Court held that delay in filing Form No. 10 for claiming accumulation under Section 11(2) should be condoned where genuine hardship exists. The Court adopted a liberal and justice-oriented approach to protect charitable exemption claims.
The ITAT Amritsar reduced additions on unexplained cash deposits after considering that the assessee and his wife were senior citizens with no regular income source. The Tribunal allowed part of the deposits as past savings and household cash availability.
The ITAT Amritsar remanded a case involving denial of section 54B exemption where the assessee relied on Girdawari records to prove agricultural use of land. The Tribunal directed fresh verification of land records after finding disputes regarding cultivation entries in revenue documents.
KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities are affecting return filing preparedness. The representation highlighted risks of penalties, system congestion and compliance pressure.
The Mumbai ITAT held that additions under Section 69 cannot be sustained merely on the basis of uncorroborated excel-sheet entries and third-party statements. The Tribunal deleted the alleged on-money addition in the Rubberwala Group matter.
