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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...
In the case of Venture Pvt.Ltd vs. DCIT, ITAT Mumbai has held that (1) the Net profit shown in the Profit and loss account should be adjusted with the items given in Notes to accounts, meaning thereby,
ITAT Kolkata held In the case of Sri Som Dutt v ACIT that whenever, the money has been received from overseas, then the onus is on the Assessee to prove that all the transactions are bonafide when he is claiming that the amount has been received as Capital Receipt.
ITAT Chandigarh held In the case of M/s Shree Dhanwantri Herbals vs. The ITO that the careful reading of the form 10CCB, in a serial order would clearly show that the assessee is required to inform the location of the Industry and column (c) specifically ask the assessee to state whether business is a new business
The Supreme Court in the case of CIT v. B. C. Srinivasa Setty, 128 ITR 294, held that no capital gains tax is payable by an assessee where it was not possible to compute the capital gains u/s.48 of the Act. It held that capital gains could not be computed in cases where the cost of acquisition could not be conceived at all.
ITAT Jaipur held In the case of Nirmal Kumar Bardia vs. DCIT that argument of the assessee that the assessee had disclosed salary received from RMC Gems Thai Co. Ltd., Bangkok voluntarily has not substantiated with any evidence.
ITAT Jaipur held In the case of ACIT vs. Shri Johari Lal Sodhani that the CIT (A) had given various reasons of retraction and also has considered the evidence for not honouring the statement made under section 132(4).
I would like to attract your attention for seeking extension of the Tax Audit date of 30th September 2015 as it is totally unjustified to look towards the fraternity of Chartered Accountants to complete their job within 23 days against statutory availability of 180 days.
ITAT Delhi held in Ambience Hotel & Resort Pvt. Vs CIT that if the AO had done his assessment ignoring the provisions of the IT act and TPA and ignoring the examinations/inquiry then that assessment was erroneous
ITAT held in Almora Urban Co-operative Bank Ltd Vs ITO that TDS was not required to be deducted when co-operative society pays interest to its members as per sec 194A(3).
Delhi High Court held in CIT Vs DLF Universal Ltd held that If assessee got hundi from its suppliers and get it discounted from the bank ,then the discounting charges paid by the assessee would be treated as a revenue expense;
