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Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...
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 : 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 court held that reopening an assessment on the same facts amounts to an impermissible change of opinion. Arbitrary second reassessment notices were quashed with ₹1 lakh costs imposed to deter harassment.
ITAT affirmed that assessments for block period years must be framed only under Section 153C. Any assessment completed under Section 143(3) during such period is void in law.
The tribunal ruled that reassessment notices for AY 2015-16 issued after 31 March 2022 are barred by limitation. The key takeaway is that TOLA extensions do not apply to this assessment year.
The penalty was quashed as the Assessing Officer failed to strike off the inapplicable limb in the notice. Clear satisfaction and precise charge are mandatory for sustaining penalty proceedings.
The Tribunal held that land cost must be allocated based on saleable/built-up area under the JDA, not total land area. It directed adoption of a higher per-sq-ft land cost while recomputing capital gains.
The Tribunal held that assessments under Section 153A cannot be sustained when no incriminating material is found at the assessees premises. Additions based on third-party material were quashed as being without jurisdiction.
The Tribunal ruled that treating a belated return as non est is legally unsustainable. Absence of a Section 143(2) notice invalidates the entire reassessment proceedings.
Payments to AwasBandhu were allowed as application of income. The Tribunal held such statutory contributions further public purposes and cannot be treated as non-business or taxable expenses.
The Tribunal held that cash advances/on-money received for an ongoing real estate project cannot be taxed before completion when the Project Completion Method is consistently followed. Income already offered and accepted in the completion year cannot be taxed again earlier.
The Tribunal held that wrist watches are valuable articles covered under Section 69A, and additions made under Section 69 were unsustainable.
