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Income Tax : Analysis explains why Section 50C is a computation provision, discusses the First Proviso to Section 50C(1), and examines its stat...
Income Tax : Capital gains, business income, foreign assets, directorship and other transactions may make taxpayers ineligible to file ITR-1....
Income Tax : Know ITR due dates for FY 2025-26, belated and revised return deadlines, ITR-U timelines, late filing consequences and correspondi...
Income Tax : Learn how to report RSU and ESOP share sales for AY 2026-27, including capital gains, Schedule FA, Schedule CG, advance tax and di...
Income Tax : Know the eligibility, exclusions and key differences between ITR-1, ITR-2 and ITR-4 for AY 2026-27, including Section 139(9) and r...
Income Tax : A representation seeks activation of Form 68 filing for misreporting cases after the Finance Act, 2026 expanded immunity under Sec...
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 : ITAT Kolkata deleted the commission disallowance under Section 37(1), holding that non-service of Section 133(6) notices alone can...
Income Tax : ITAT Raipur quashed reassessment after holding that the Section 148 notice was issued by an officer lacking jurisdiction under CBD...
Income Tax : ITAT Mumbai remanded a Section 68 case after holding that the CIT(A) deleted the addition without examining investor financials or...
Income Tax : ITAT Agra set aside assessment framed against a mere legal heir after holding that Section 159 requires proof of legal representat...
Income Tax : ITAT Delhi upheld deletion of a Section 69 addition, holding land transactions were executed by the assessee as employers authoris...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in Annual Information Statement Form 168 under section 239 and Rule 245(...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in AIS Form 26AS under sections 119, 90 and 90A, prescribing timelines a...
Income Tax : CBDT Circular 05/2026 clarifies safe harbour rules for foreign companies selling raw diamonds in Special Notified Zones, covering ...
Income Tax : CBDT Notification 74/2026 exempts TDS on eligible IFSC aircraft lease rent under section 393, subject to Form 1(N), effective from...
Income Tax : CBDT notifies NCCL's Core Settlement Guarantee Fund under Section 11 and Schedule III of the Income-tax Act, 2025, subject to spec...
Net direct tax collections for FY 2025–26 grew by 7.19%, primarily supported by a decline in refunds. Lower refund outflows improved overall revenue realization. This reflects stronger fiscal efficiency and better tax administration.
The Tribunal ruled that revision under Section 263 requires examination of approval granted under Section 153D. Without establishing any defect in such approval, the assessment cannot be termed erroneous. The decision limits arbitrary revision powers.
The Tribunal held that additions cannot be sustained merely on third-party Excel sheets and statements. It ruled that absence of independent evidence and denial of cross-examination renders such additions invalid.
The Tribunal ruled that incorrect invocation of Section 69A does not invalidate the addition. Since the loan was found to be an accommodation entry, it was sustained under Section 68. The decision emphasizes substance over technical defects.
ITAT held that the assessee discharged the burden of proving identity, creditworthiness, and genuineness. Addition was deleted as AO relied only on suspicion without evidence.
The Court set aside rejection of registration based solely on absence of an irrevocability or dissolution clause. It clarified that such conditions are not prescribed under law and cannot be imposed by authorities.
ITAT remanded the matter where the assessee claimed PAN misuse leading to additions under Sections 68 and 69. It directed AO to verify the police report, holding that relief must be granted if misuse is substantiated.
The classification depends on whether there is actual crypto transfer. Cash-settled trades are generally treated as speculative business, not VDA income.
The Tribunal held that delay in filing Form 67 is a procedural lapse. It restored the matter to the AO to verify and allow Foreign Tax Credit if eligible.
The Tribunal held reassessment invalid as no proper sanction under Section 151 was produced. The notice under Section 148 was quashed, making all additions unsustainable.
