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Income Tax : The article explains how the Finance Acts, 2025 and 2026 have reshaped the Updated Return regime under Section 139(8A). It highlig...
Income Tax : The Supreme Court has remitted reassessment cases for fresh consideration after the retrospective insertion of Section 147A, leavi...
Income Tax : Learn the most frequent errors taxpayers make while filing Income Tax Returns for AY 2026-27 and how avoiding them can prevent not...
Income Tax : The article explains how the interaction of Section 87A, marginal relief, and Health & Education Cess can leave taxpayers earning ...
Income Tax : Learn who can apply for an advance ruling, applicable fees, withdrawal rules, and its binding effect under the Income-tax Act. The...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
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 : The High Court held that failure to pass the order giving effect within the time prescribed under Section 153 resulted in abatemen...
Income Tax : The Madras High Court held that unexplained trade credits falling under Section 68 cannot qualify for deduction under Section 80-I...
Income Tax : The Tribunal restricted the Section 14A disallowance to exempt income and deleted additions relating to bad debts, tea and coffee ...
Income Tax : The ITAT held that the CPC could not make adjustments under Section 143(1) without first issuing the mandatory intimation to the a...
Income Tax : The ITAT Mumbai held that Fees for Technical Services were taxable at 10% under section 115A(1)(b) since the RBI's automatic appro...
Income Tax : CBDT has approved a scientific research institution under the Income-tax Act, 2025 for tax years 2026-27 to 2030-31. The notificat...
Income Tax : CBDT has approved the University of Hyderabad for scientific research under Section 45 of the Income-tax Act, 2025. The approval i...
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...
Hema Hiren Dand vs. JCIT (ITAT Mumbai) Merely because the assessee liquidates its investment within a short span of time, which had given better overall earning to the assessee, would not lead to the conclusion that the assessee had no intention to keep on the funds as investor in equity shares
CIT Vs. M/s. Indo Arab Air Services (Delhi High Court) Assessee had escaped assessment for the AY in question. While the AO has referred to the fact that the ED gave information regarding cash deposits being found in the books of the Assessee
Loan given to the Directors was not from the borrowed funds. Therefore, interest liability of the assessee towards the Bank on the borrowing which was taken by the assessee had no bearings because otherwise, the assessee had sufficient funds of its own which the assessee could have advanced
DCIT vs. Zuari Estate Development & Investment Co Ltd (Supreme Court) After going through the detailed order passed by the High Court, we find that the main issue which is involved in this case is not at all addressed by the High Court.
The Jurisdictional Commissioners of Income Tax are unable to understand specific applicability of Rule 55 of Income Tax Rules, 1962 in connection/relation with each & every Clause of Subsection (2) of Section 288 of the Income Tax Act, 1961,and are blindly rejecting the applications of aspirants opting to become & be Registered Income Tax Practitioners, under a pretext that though the applicant possess the educational qualifications specified u/s 288(2)(v)/(vi), the applicant has not practiced before the Income Tax Authorities for not less than one year on the date of application
ITAT Delhi held In the case of ACIT vs. M/s Command Detective & Securities Pvt. Ltd. that when all the purchases are accounted in the regular books of accounts, it means the source is explained and the provisions of section 69C are not applicable, as there was no unaccounted expenditure.
ITAT Delhi held In the case of ACIT vs. Smt. Divya Jain that the adoption of Fair Market Value of share in lieu of value of sale consideration as declared by the assessee is not valid . There is no provision under the law to include prospective benefit in the ambit of the word income.
Varshaben Sanatbhai Patel vs. ITO (Gujarat High Court) It is settled legal position as held by a catena of decisions that the substratum for formation of belief that income liable to tax has escaped assessment has to form part of the reasons recorded.
DCM Ltd vs. DCIT (ITAT Delhi) AO has neither recorded his satisfaction nor given reasons as to how the claim of expenditure in relation to tax free income has not been correctly made by the assessee as envisaged under section 14A(2).
Bechtel India Pvt. Ltd. vs DCIT (ITAT Delhi)- In view of ratio laid down by Hon’ble Supreme Court in the case of Woodward Governer (312 ITR 254), while the assessee is following mercantile system of accounting, the loss suffered by the assessee by fluctuation in the foreign exchange as on the date of balance sheet is an item of expenditure u/s 37(1) of the Act.
