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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 Jodhpur ITAT held that deduction under Section 80GGC cannot be denied merely on allegations against a political party in the a...
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 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...
Delhi ITAT ruled that purchases from paper companies cannot be treated as normal business expenses under Section 37(1). Fraudulent transactions with no goods delivered attract unexplained expenditure taxation under Section 69C and 115BBE.
The appellate authority had mechanically rejected additional evidence without reasons, resulting in denial of fair opportunity. The tribunal restored the quantum issue for reconsideration and quashed the consequential penalty.
The Tribunal held that revision cannot be based on alleged lack of enquiry when detailed verification was already done. A mere change of opinion does not justify section 263 action.
Applying the timelines prescribed in Rajeev Bansal, the Tribunal found the notice issued after the permissible window. The ruling reinforces strict adherence to limitation in reassessment cases.
The Tribunal held that a notice dated 31.03.2021 but dispatched after 01.04.2021 is governed by the new reassessment regime. Failure to follow section 148A procedures rendered the entire reassessment void.
The Tribunal held that Dividend Distribution Tax is effectively a tax on shareholder dividend income and is subject to DTAA benefits. Excess tax collected above the treaty rate was ordered to be refunded.
The Tribunal held that when interest-free own funds exceed investments, no interest disallowance under section 14A can be made. The ruling reinforces that presumption favours the taxpayer in such cases.
Delhi High Court held that application of income tax department for release of FDR towards tax liability not entertained until conclusion of trial under Prevention of Money Laundering Act, 2002 [PMLA] since PMLA has an overriding effect over the provisions of Income Tax Act.
ITAT Pune held that provision of interest on loan from state government is ascertained liability and hence couldn’t be disallowed under section 37 of the Income Tax Act. Accordingly, the appeal is allowed.
Punjab and Haryana High Court held that transfer of case from Chandigarh to Panaji under section 127 of the Income Tax Act to centralize the assessment of all connected or linked persons at one place is justifiable. Accordingly, the present petition is dismissed.
