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Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...
Income Tax : Form 16 and Form 16A serve distinct purposes under the TDS framework, with Form 16 relating to salary income and Form 16A covering...
Income Tax : Permanent Account Number (PAN) serves as a unique identifier enabling the Income-tax Department to track tax payments, returns, TD...
Income Tax : This analysis explains how Parliament designed Sections 11 to 13 to ensure that tax-free income is ultimately used for charitable ...
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 : 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 Mumbai ITAT held that an addition under section 69 cannot survive when the Revenue fails to establish that the alleged investm...
Income Tax : ITAT Lucknow held that disallowance of interest expenses cannot be sustained without evidence showing that interest-bearing funds ...
Income Tax : SC dismissed Revenue’s plea after Gujarat HC held that even proposed additions would not alter MAT liability, defeating escapeme...
Income Tax : The Tribunal held that the assessee was entitled to additional interest under Section 244A(1A) because the Assessing Officer faile...
Income Tax : The Tribunal held that once Second Line Support services were examined and covered under an Advance Pricing Agreement, disallowanc...
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...
The ITAT ruled that once the assessee establishes the source of investment, addition for unexplained investment cannot survive. Direct payment by a financier through demand draft explained the transaction.
The case examined whether delayed filing of Form 10AB could be condoned after statutory amendments. The Tribunal held that post-October 2024 law empowers authorities to condone delay on reasonable cause and remanded the matter for fresh consideration.
The case examined taxation of a charitable entity when registration under Section 12A was unsettled. While scrutiny selection was upheld, the assessment was remanded to await the outcome of registration proceedings.
The tribunal held that penalty under Section 271AAB cannot survive when the notice fails to specify the exact charge or applicable clause. A vague and routine penalty notice violates mandatory legal requirements, rendering the penalty invalid.
The tribunal ruled that penalty under Section 270A cannot survive when income is assessed purely on estimated gross profit after rejecting books. Additions based on estimation do not amount to under-reporting or misreporting of income.
Authorities applied a higher stamp value at registration to compute capital gains. The Tribunal corrected this by directing consideration of the stamp value on the agreement date, subject to verification.
The tribunal set aside the disallowance of deduction on interest earned from cooperative bank deposits. Consistent judicial precedents confirm eligibility under Section 80P(2)(d).
The case examined rejection of books under Section 145(3) and estimation of profits in a cold storage business. While rejection was upheld, arbitrary enhancement of rates and quantities was struck down, resulting in partial relief.
The ITAT ruled that unexplained cash can only be assessed in the year in which it is seized. An addition made in an incorrect assessment year is legally unsustainable and must be deleted.
The dispute centered on a statutory obligation to maintain books of account. The tribunal confirmed that non-compliance attracts penalty under Section 271A, which cannot be deleted without substantive rebuttal.
