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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...
It was held by Hon’ble High Court of Bombay and Goa in the case of CIT V/s M/s Sai Prasad Properties Limited that an application under section 245D(2C) of the Act has to be disposed of after considering the objections raised by CIT
In was held by High Court of Bombay and Goa in the case of M/s V M Salgaoncar Sale International V/s ACIT, that objections raised by the assessee against the reasons recorded U/s 148 of the Act can not be disposed off on an imaginary ground by the assessing Officer.
The hon’ble High Court of Bombay and Goa held in the case of Betts India Pvt. Ltd. V/s DCIT that when all the material facts necessary for assessment has been truly and full disclosed, the assessment can not be re opened after the expiry of time limit
ACIT Vs. DJ Infrastructure Dev Pvt. Ltd. (ITAT DELHI) AO made additions on account of unexplained sources of expenses on the basis of some documents found during search proceedings u/s 132 on Gopal Zarda Group. On seized documents some details of expenses and payment of share premium is mentioned.
ITO Vs. Facor Power Ltd. (ITAT DELHI) AO made addition on account of interest earned on FDRs put in bank for procurement of capital asset by holding that no such capital assets is acquired by assessee during the year under consideration.
DDIT (Ex) Vs. Gideons International In India (ITAT HYDERABAD) The assessee in this case is a registered society who paid salary to its director along with some perks in addition to the basic salary. AO doubted that excessive salary has been paid to the director and he made addition of excessive salary than the salary mentioned in the appointment letter.
The ITAT Mumbai in the case of Mckinsey Business Consultants Vs. DDIT held that if there is no clause in DTAA to tax fees for technical services (FTS) then the same is taxable as business profits provided the income is earned by assessee through a PE in India.
The ITAT Kolkata in the case of DCIT Vs. Trade Apartment Ltd. held that the delay in filling appeal cannot be condoned if the same is attributable to gross negligence and inaction on the part of revenue.
The ITAT Mumbai in the case of M/s Steller Developers P. Ltd. held that if the letting out of property is with intention to commercially exploit and it is the main object of assessee company then income from such leasing/letting is assessable under business head and not as house property.
In Layman’s language, gift is transfer of goods or property (movable or immovable) from one person to another without consideration. As per Income Tax Act, Receipt without consideration or Receipt with inadequate consideration, by individuals and Hindu Undivided Family is chargeable to Income Tax.
