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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 Bangalore held that sale of 25 plots did not amount to an adventure in the nature of trade because the properties were held f...
Income Tax : The Tribunal held that joint ownership alone cannot restrict Section 54 deduction where the entire source of investment for the ne...
Income Tax : The Tribunal ruled that under-reported income must be calculated as the difference between assessed income and income processed un...
Income Tax : The Tribunal deleted penalty under Section 271(1)(c) after substantially deleting the unexplained cash credit addition under Secti...
Income Tax : The Tribunal observed that delays in completion of housing projects by builders cannot deprive a taxpayer of Section 54 benefits w...
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 government notified an urban development authority for exemption under Section 10(46A). The benefit applies from AY 2025-26, subject to continued statutory status and prescribed objectives.
The Tribunal held that additions treating shooting location receipts as house property income were premature. Authorities were directed to re-examine the claim after considering all relevant documents.
The dispute examined whether satellite transponder charges paid to a foreign entity constituted royalty requiring tax deduction at source. The Tribunal held that such payments were not royalty under the India–UK DTAA, as there was no use of a secret process or transfer of rights. Consequently, no withholding tax obligation arose under section 195
The Tribunal held that rights received under a joint development agreement are not free but exchanged for land. Indexed cost must therefore be allowed while computing capital gains.
The Tribunal ruled that once additional evidence is admitted, the appellate authority must adjudicate it on merits. Absence of a speaking order required the matter to be remanded for fresh consideration.
The Tribunal held that once sales are accepted, corresponding purchases cannot be treated as bogus. Disallowance based only on supplier non-compliance was held unsustainable.
The case examined whether tax authorities could deny working capital adjustment despite clear prior directions of the Tribunal. The ITAT held that such directions are binding and must be implemented in letter and spirit. Once the adjustment was granted, the assessee’s margin fell within the permissible arm’s length rang
The Tribunal noted that share application money in the first year requires proper enquiry before invoking Section 68. Additions were deleted as statutory conditions were satisfied.
The Tribunal held that the entire political donation could not be treated as bogus in the absence of incriminating evidence. To balance equities, only 10% of the alleged on-money was directed to be taxed on an estimated basis.
The Tribunal held that minor delays in depositing employees’ PF during the COVID-19 lockdown do not warrant disallowance. Considering extraordinary circumstances and statutory relaxations, the deduction was allowed despite the Checkmate ruling.
