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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...
The Tribunal held that interest earned by a co-operative credit society from fixed deposits with co-operative banks remains deductible under Section 80P(2)(a)(i). Such interest is attributable to the business of providing credit facilities to members, even after the Totgars ruling.
The Tribunal held that income admitted during search cannot be treated as undisclosed income unless supported by incriminating material found in the search. In the absence of such material, penalty under Section 271AAB cannot be sustained.
Only income supported by cash actually found during search could attract penal consequences. The balance amount, unsupported by incriminating material, was held outside the scope of Section 271AAB.
The Tribunal observed that rejection of audited books and disallowance of labour charges must be backed by concrete defects. Purely ad-hoc estimations based on minimum wages were held improper.
The Tribunal held that GST paid during the relevant year is allowable under Section 43B even if it relates to an earlier period. Since the amount was actually paid and not claimed earlier, disallowance was unjustified.
The Tribunal found that notices issued manually by the jurisdictional officer contravene the faceless reassessment framework. There is no concurrent jurisdiction between faceless and jurisdictional officers. Any reassessment initiated this way is invalid from inception.
ITAT Jaipur held that assessment under section 153C of the Income Tax Act stands quashed due to lack of jurisdiction since there was no transfer of the case of the assessee from Delhi to Jaipur.
The Tribunal held that after 29-03-2022, only a Faceless Assessing Officer is empowered to issue notices under Section 148. Notices issued by a jurisdictional officer were declared void, vitiating the entire reassessment.
The Tribunal partly allowed the Revenue’s appeal by holding that interest incurred on borrowings used for project development must be capitalised. Absence of evidence showing alternative use of funds justified capitalization.
Kerala High Court held that Bank is not required to deduct TDS on interest paid to senior citizen who has provided Form 15H. Accordingly, Bank cannot be considered as assessee in default for non-deduction of such TDS.
