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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...
Delhi High Court has in the case of CIT Vs M/s Bharat Hotels held that If appellant Leasee is having entire control over the building than even though no ownership rights vest him, still he can claim depreciation on the same.
ITAT Delhi has held in the case of Perfect Paradise Emporium Pvt. Ltd vs. ITO that If creditors are found bogus then the amount can be added back to income u/s 68 as unexplained cash credits or us 41(1) as business income.
Claim cannot be denied if sufficient documents are in hand of AO even though the party does not reply to notice issued u/s 133(6); (even though the party confirmation is not available against notice issued u/s 133(6)).
In, the present case the Hon’ble High Court held that the deposit of tax before the initiation of penalty proceedings will not help Assessee in escaping the penalty proceedings u/s 221. Also, the point of Financial hardship, diverse locations and lack of computerization will not give any relief to the assessee.
In the present case the Hon’ble High Court while accepting the Writ filed by the assessee, restored the matter back to the Tribunal by observing that the Judicial Functions should not be performed in the arbitrary manner.
In, the present facts of the Case the Hon’ble High Court held that no penalty could be levied until it is proved that there was an active concealment or there is deliberate furnishing of inaccurate particulars.
Filing of appeal under Section 260A of the Act is a serious issue. The parties who seek to file such appeals must do so after due application of mind and not raise frivolous / concluded issues. This is certainly expected of the State.
In the present facts of the Case there were two vital issues contended by the Revenue which were dismissed by the Hon’ble High Court by observing that the amount received as restrictive covenant is a capital receipt and is taxable only as a revenue receipt w.e.f. 1/4/2003.
CIT vs. M/s Hind Agro Industries (ITAT Chandigarh) The assessee pleaded since it is not feasible to maintain stock register, therefore books should not be rejected CIT (A) upheld rejection of books , but considered G.P. rate taken by A.O. of previous year
Disallowance of expenditure for deduction of tax at source but non payment of the same on or before the due date of filing of return of income: Sub-clause (i) of clause (a) of aforesaid section has been amended by the Finance (No. 2) Act, 2014 to provide that disallowance under the said sub-clause will be attracted,
