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Income Tax : Analysis explains why Section 50C is a computation provision, discusses the First Proviso to Section 50C(1), and examines its stat...
Income Tax : Capital gains, business income, foreign assets, directorship and other transactions may make taxpayers ineligible to file ITR-1....
Income Tax : Know ITR due dates for FY 2025-26, belated and revised return deadlines, ITR-U timelines, late filing consequences and correspondi...
Income Tax : Learn how to report RSU and ESOP share sales for AY 2026-27, including capital gains, Schedule FA, Schedule CG, advance tax and di...
Income Tax : Know the eligibility, exclusions and key differences between ITR-1, ITR-2 and ITR-4 for AY 2026-27, including Section 139(9) and r...
Income Tax : A representation seeks activation of Form 68 filing for misreporting cases after the Finance Act, 2026 expanded immunity under Sec...
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 : ITAT Panaji held BSNL VRS-2019 compensation is retrenchment compensation exempt under Section 10(10B), set aside CIT(A) orders, an...
Income Tax : ITAT Pune held BSNL VRS compensation exempt under Section 10(10B), condoned delay in filing appeals, and directed grant of refund ...
Income Tax : ITAT Ahmedabad condoned delay in filing appeal and allowed Section 10(10B) exemption claim for BSNL VRS compensation, making the a...
Income Tax : ITAT Delhi deleted TP adjustments on export commission and model fee, allowed Section 80G claim principles, and granted relief on ...
Income Tax : ITAT Delhi held that disallowance of CSR expenditure under Section 37(1) does not prevent Section 80G deduction for eligible donat...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in Annual Information Statement Form 168 under section 239 and Rule 245(...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in AIS Form 26AS under sections 119, 90 and 90A, prescribing timelines a...
Income Tax : CBDT Circular 05/2026 clarifies safe harbour rules for foreign companies selling raw diamonds in Special Notified Zones, covering ...
Income Tax : CBDT Notification 74/2026 exempts TDS on eligible IFSC aircraft lease rent under section 393, subject to Form 1(N), effective from...
Income Tax : CBDT notifies NCCL's Core Settlement Guarantee Fund under Section 11 and Schedule III of the Income-tax Act, 2025, subject to spec...
The ITAT Ranchi held that a retired non-government employee was entitled to exemption under Section 10(10AA)(ii) for the entire leave encashment amount in view of CBDT Notification No. 31/2023. The Tribunal also condoned the delay in filing the appeal and allowed the claim.
The ITAT Bangalore held that interest earned on compulsory statutory deposits made under the Karnataka Souharda Sahakari Act constitutes business income eligible for deduction under Section 80P(2)(a)(i). It set aside the orders denying the deduction.
The Gujarat High Court quashed a reassessment notice issued under Section 148 after finding that a loose paper seized from a third party did not establish any live link with the assessee. The Court held that vague and non-specific material cannot justify reopening of assessment.
The Gujarat High Court held that reassessment cannot be sustained merely because of high-value bank transactions without evidence of escaped income. It quashed the Section 148 notices and Section 148A(3) orders after finding that the transactions were recorded in audited books and adequately explained.
ITAT Ahmedabad held that an addition under Section 68 cannot be sustained solely on information received from the Investigation Wing without independent enquiry or supporting evidence. The Tribunal upheld deletion of the addition after finding no direct link between the assessee and the alleged accommodation entries.
The Karnataka High Court held that merely filing an income tax return does not amount to retracting a statement recorded under Section 132(4). It upheld the restoration of the Rs.1.5 crore addition after finding the alleged retraction to be belated.
The ITAT Ahmedabad held that the assessee was entitled to deduction under Section 54B after the Assessing Officer, in a remand report, verified that the land was used for agricultural purposes. The Tribunal ruled that the CIT(A) could not disregard those findings without contrary evidence.
The Madras High Court held that a cash loan advanced in violation of Section 269SS of the Income Tax Act remains legally recoverable. It ruled that the breach may attract statutory penalties but does not invalidate the underlying transaction or bar recovery through a civil suit.
The Court held that the assessment and consequential demand could not stand where the petitioner had not participated in the proceedings and offered a bona fide explanation. The matter was remanded to the notice stage for fresh consideration.
The ITAT Hyderabad held that the entire sale consideration could not be assessed as short-term capital gains without examining the cost of acquisition and improvement. It remanded the matter to the Assessing Officer for fresh adjudication after considering the available records.
