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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 Supreme Court set aside High Court judgments quashing reassessment notices after noting that the Finance Act, 2026 introduced clarificatory amendments affecting the competence of Assessing Officers. The matters were remanded for fresh consideration, leaving all legal issues open.
The SC declined to interfere with the Delhi High Court ruling after the Revenue acknowledged dismissal of similar SLPs. The High Court held that Section 153C proceedings cannot continue where the jurisdictional AO fails to identify year-specific incriminating material.
The ITAT Delhi held that the Assessing Officer failed to record that the seized material had a bearing on the determination of the assessees total income, rendering the Section 153C proceedings invalid. The assessments for multiple years were consequently quashed.
The ITAT Delhi held that a single satisfaction note covering multiple assessment years without identifying year-wise incriminating material could not confer valid jurisdiction under Section 153C. It consequently quashed the assessment.
The ITAT Delhi held that a single consolidated satisfaction note covering multiple assessment years without year-wise incriminating material could not validly confer jurisdiction under Section 153C. It quashed the assessments after following the Delhi High Court’s ruling in Shaksham Commodities Ltd.
Bangalore ITAT held that BSNL employees who received retrenchment compensation under the 2019 VRS were entitled to exemption under Section 10(10B) and full leave encashment exemption under Section 10(10AA). The Tribunal condoned the delay in filing appeals and granted relief on merits.
The ITAT held that Section 68 could not be applied to sale proceeds received from investments already recorded in the books in an earlier year. While the reassessment was upheld, the additions towards alleged accommodation entries and commission were deleted.
Bangalore ITAT held that cash redeposited during demonetisation could not be treated as unexplained under Section 69A when the assessee established that it originated from earlier bank withdrawals.
Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures, notices, timelines, reassessment provisions, and taxpayer remedies.
Bangalore ITAT held that customer deposits representing sale proceeds could not be taxed in full as unexplained money under Section 69A. The Tribunal directed the Assessing Officer to estimate business income at 8% of the receipts, holding that only the profit element was taxable.
