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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 : 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 Telangana High Court held that reassessment proceedings initiated under Sections 148A and 148 by the Jurisdictional Assessing ...
Income Tax : The Tribunal held that section 50 merely prescribes a special method for computing gains on depreciable assets and does not conver...
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 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 issue was whether reassessment becomes invalid when the return is filed on the same day as the assessment order. The Tribunal held that such belated filing cannot nullify a best-judgment reassessment.
The issue was whether mutual fund dividend could be taxed as share dividend due to return-form limitations. The Tribunal held that section 115BBDA applies only to dividends from domestic companies, not mutual funds.
The High Court rejected the challenge to reassessment notices issued by the Jurisdictional Assessing Officer. It held that the issue was already settled against the assessee.
The Tribunal remanded the case because the Commissioner (Appeals) decided a Section 248 appeal without hearing the Assessing Officer. The ruling highlights that statutory hearing requirements under Section 250 must be followed.
The High Court held that Fringe Benefit Tax and Section 14A disallowance cannot be added while computing MAT under Section 115JB. The ruling confirms that only adjustments expressly permitted by law can alter book profits.
The issue was whether share sale proceeds could be taxed as unexplained based on general investigation reports. The Tribunal held that without concrete evidence linking the assessee to manipulation, additions cannot survive.
The issue was whether penalty could be sustained when the notice alleged under-reporting but the order punished misreporting. The Tribunal held such variance impermissible, rendering the penalty void.
The issue was whether LTCG could be taxed in a search assessment without incriminating evidence for the year. The Tribunal held that, absent such material, additions under section 153A are unsustainable.
The Tribunal upheld revision since business expenses were within limited scrutiny and education cess deduction was not verified. The key takeaway is that lack of enquiry on a covered issue makes the assessment erroneous and prejudicial to revenue.
The assessing officer estimated commission income by assuming investments were accommodation entries. The tribunal confirmed that additions based on assumptions, without concrete evidence, are legally unsustainable.
