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Income Tax : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...
Income Tax : Relocating to Sikkim does not automatically exempt you from income tax. This article explains who qualifies under Section 10(26AAA...
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 : 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 : Assessment orders passed pursuant to express liberty granted by the High Court during pendency of settlement-related litigation re...
Income Tax : The ruling emphasizes that undisclosed business receipts and stock arising from an existing business cannot automatically be chara...
Income Tax : The Tribunal held that when sales are accepted and books of account are not rejected, the entire amount of disputed purchases cann...
Income Tax : The ITAT Pune held that the CIT(A)/NFAC cannot dismiss an appeal merely for non-prosecution without adjudicating the issues on mer...
Income Tax : The Telangana High Court held that Section 254(2) of the Income-tax Act is confined to rectifying mistakes apparent from the recor...
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 Tribunal examined whether an allotment letter fixing consideration could qualify as an agreement under section 56(2)(vii)(b). It held that where part payment is made by cheque, stamp duty value on the allotment date must be adopted.
The Tribunal held that additions under Section 68 could not be sustained where no incriminating material was found during search. Documentary evidence proving the loan’s genuineness was accepted.
The Court held that reassessment is not barred by change of opinion where the original issue was dropped due to absence of evidence. Subsequent reopening based on new material was found legally sustainable.
The Tribunal ruled that rental receipts could not be shifted to income from other sources without any change in facts. Long-standing acceptance of house property treatment required the Department to follow consistency.
The High Court ruled that the Tribunal cannot refuse to consider a stay application merely because no tax demand exists. It held that the power to grant stay flows from appellate jurisdiction and must be exercised where necessary to protect the appeal from becoming ineffective.
The Tribunal held that Section 56(2)(viib) could not be applied once the assessee qualified as a company in which the public are substantially interested. The ruling clarifies that the charging provision itself fails where statutory exclusion applies.
The High Court held that proceedings under Section 153C cannot stand where the satisfaction note lacks a date and is communicated after an unexplained two-year delay. Strict compliance with statutory requirements was reaffirmed.
The addition for alleged cash paid towards property purchase was deleted as the transaction itself stood cancelled. The ruling confirms that cancelled transactions weaken unexplained cash allegations.
The Tribunal ruled that reassessment actions taken by the faceless assessment centre before the notified date were without authority. The final assessment order was therefore held invalid.
The Tribunal set aside a ₹18.48 crore addition under Section 56(2)(x) after noting that the nature of the property as stock-in-trade was never examined. The matter was remanded to verify whether the asset was business inventory, in which case the provision would not apply.
