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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 Tribunal ruled that the guideline value recorded in a registered document is not conclusive for computing capital gains if the...
Income Tax : The Rajasthan High Court held that an order restoring appeals through review proceedings is not separately appealable under the Be...
Income Tax : The Tribunal found that the authorities below failed to properly apply the principles governing section 80P deductions relating to...
Income Tax : The ruling emphasizes that undisclosed business receipts and stock arising from an existing business cannot automatically be chara...
Income Tax : Addition of ₹90 lakh made under section 69A towards alleged cash payment for purchase of property as well as the addition made u...
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 self-assessment tax paid due to failure of an initial IDS declaration must be treated as payment under the revived Scheme, preventing double taxation of the same income.
The Tribunal held that a manufacturing company failing the 75% trading turnover filter applied by the TPO cannot be retained as a comparable. Dilution of the filter by the DRP only to accommodate one entity was found impermissible, leading to deletion of the comparable.
The Tribunal held that interest income earned by a co-operative society from deposits with co-operative banks is eligible for deduction under Section 80P(2)(d), subject to verification of amounts.
The issue was whether reassessment could be initiated without material showing income had escaped assessment. The Court held that mere allegations of circuitous transactions were insufficient. The key takeaway is that actual escapement is mandatory under the amended law.
The Tribunal found that additions for securities transactions may overlap with amounts already accepted by the tax authority. The matter was remitted to the AO for factual verification before sustaining any addition.
The SC held that pending settlement proceedings do not bar restoration of income tax appeals. ITAT was justified in condoning delay and reviving appeals, subject to keeping them in abeyance.
The court upheld restoration of appeals where earlier dismissal was without merits due to settlement proceedings. Delay condonation and remand were held valid with no jurisdictional error.
The SC refused to interfere with the High Court’s ruling that reassessment notices issued on incorrect facts and without supporting material were invalid. The key takeaway is that mechanical reopening cannot survive judicial scrutiny.
The Court held that reopening based on wrong assumptions about return filing and without supporting material is invalid. Mechanical recording of reasons cannot confer jurisdiction.
The Tribunal held that once bills and vouchers are furnished, ad hoc disallowance of expenses is unjustified. Unsupported estimations without defects cannot sustain additions.
