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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...
Bangalore ITAT held that interest earned on statutory SLR and fluid resource deposits maintained under the Karnataka Co-operative Societies Act qualifies for deduction under Section 80P(2)(a)(i).
India’s new PAN compliance framework introduces stricter documentation and verification requirements for NRIs and foreign entities. The reforms replace old forms and mandate TIN, passport, and authorized representative details.
The Delhi High Court held that additional documents already referred to in a criminal complaint can be filed later under Section 311 Cr.P.C. The Court ruled that procedural defects should not obstruct substantive justice where no serious prejudice is caused.
The Delhi High Court held that shareholders of a foreign company cannot be taxed on the company’s rental income and capital gains merely because they hold all its shares. The Court reiterated that a company is a separate legal entity unless fraud or sham arrangements are proved.
The article explains how gems and jewellery businesses must distinguish compliances governed by the Income-tax Act, 1961 and the new Income-tax Act, 2025 during May 2026. It highlights important TDS, TCS, and reporting deadlines applicable during the transition period.
ITAT Mumbai held that addition under Section 69A could not survive when based solely on a third-party statement without granting cross-examination. The Tribunal ruled that denial of cross-examination violated principles of natural justice.
The Mumbai ITAT held that assessment proceedings conducted in the name of a deceased person are legally void once the department is informed about the death. Both the assessment and appellate orders were quashed as nullities.
The Pune ITAT ruled that purchases cannot automatically be disallowed merely because suppliers failed to reply to notices issued under Section 133(6). The Tribunal restored the matter for fresh verification after considering documentary evidence produced by the assessee.
The Bombay High Court held that reassessment proceedings became time-barred because no reassessment order was passed within the limitation period prescribed under Section 153. The Court ruled that procedural remand directions did not extend limitation under Section 153(6).
ITAT Mumbai held that denial of cross-examination in a case based on third-party statements and seized records violated principles of natural justice. The matter was remanded for fresh assessment after granting the assessee an opportunity to cross-examine witnesses.
