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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 : The judgment rejected the practice of assigning a nil arms length price merely because a taxpayer reported financial losses. The c...
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...
The Mumbai ITAT held that donations made as part of CSR expenditure can still qualify for deduction under Section 80G if statutory conditions are satisfied. The Tribunal clarified that disallowance under Section 37 does not prohibit relief under Chapter VI-A.
The Court ruled that although the Joint Commissioner is the competent authority to levy penalty, initiation of proceedings still requires satisfaction recorded during assessment proceedings. Absence of such satisfaction rendered the penalty invalid.
The Calcutta High Court held that filing an audit report in Form 10BB instead of Form 10B was a procedural lapse that could not defeat substantive exemption rights under Section 12A. The Court directed the authority to decide the condonation application within a specified timeline.
The Calcutta High Court held that a rectification order under Section 154 passed after the statutory limitation period was without jurisdiction. The Court consequently quashed the order and related recovery proceedings.
The Mumbai ITAT held that a mismatch in loan repayment figures arising from an unpresented cheque could not automatically justify addition under Section 68. The Tribunal directed limited verification of subsequent payment before deciding the taxability issue conclusively.
The Tribunal held that differences between customs assessable value and invoice value cannot automatically justify additions under Section 69C. The ruling clarifies that actual unexplained expenditure must first be proved by the Revenue.
The new Income Tax Act, 2025 significantly reduces the number of statutory sections and reorganises tax compliance procedures effective from FY 2026-27. The reforms introduce new forms, revised reporting systems, and simplified compliance mechanisms.
The Bangalore ITAT held that revision proceedings under Section 264 are intended to provide relief to taxpayers and cannot worsen their position. The Tribunal struck down an enhanced addition made after remand proceedings during demonetisation cash deposit verification.
PCIT had erroneously mixed up the scope of renewal proceedings with cancellation proceedings under Section 12AB(4). Further, Settlement Commission itself had accepted the charitable nature and genuineness of the assessee’s activities and PCIT (Central) was found to lack jurisdiction to adjudicate the issue of renewal/cancellation of registration.
The Bangalore ITAT held that the Assessing Officer cannot estimate additional profit merely due to a fall in net profit ratio when books of account are not rejected. The Tribunal ruled that suspicion over self-made vouchers without concrete evidence cannot justify arbitrary additions.
