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Income Tax : The Income Tax Act 2025 has overhauled the 1961 law by introducing new section numbers, a unified “Tax Year,” and simplified c...
Income Tax : The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendme...
Income Tax : The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers...
Income Tax : Businesses now face stricter seller-wise tracking, PAN verification, and reconciliation obligations under TDS on purchase provisio...
Income Tax : The judgment rejected the practice of assigning a nil arms length price merely because a taxpayer reported financial losses. The c...
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 updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...
Income Tax : ITAT Bangalore held that an appeal filed without verification by the authorized Principal Officer was not maintainable. The Tribun...
Income Tax : Gujarat High Court held that reassessment notices issued after scrutiny assessment were invalid because the Assessing Officer had ...
Income Tax : ITAT Delhi noted that confirmations from the company and broker regarding share transactions were available but not adequately con...
Income Tax : Mumbai ITAT treated appeals against rejection of Section 12AB and 80G registration as infructuous after the CIT(E) subsequently gr...
Income Tax : Mumbai ITAT held that granting only seven days for compliance before dismissing an appeal violates principles of natural justice. ...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
The Tribunal held that lack of inquiry into a large receipt justified revision under Section 263. It found the assessment erroneous and prejudicial to revenue. The ruling reinforces duty of proper verification.
The issue involved penalty on disallowance of lease premium deduction. The Tribunal held that admission of the issue by the High Court made it debatable. It ruled that penalty cannot be imposed in such cases.
The Supreme Court held that mere differences in property valuation do not amount to furnishing inaccurate particulars. Penalty under Section 271(1)(c) requires proof of deliberate inaccuracy. The ruling clarifies that estimation disputes alone cannot justify penalty.
The Tribunal held that consistent investment history and documentary proof established genuineness of share transactions. Additions under Section 68 were deleted due to lack of contrary evidence.
The High Court ruled that reopening based on unrelated and non-specific seized material is not permissible. It concluded that no prima facie belief of income escapement could be formed. The decision highlights limits on the use of indirect evidence.
The Tribunal held that for under-construction properties, the date of possession is the relevant factor for Section 54 exemption. It rejected the reliance on registration date alone. The ruling clarifies timing criteria for capital gains exemption.
The Tribunal held that revisionary powers cannot be used to substitute the AO’s view with that of the Pr. CIT. It emphasized that such substitution is beyond Section 263. The decision protects independent assessment decisions.
The issue involved whether jurisdictional officers could issue reassessment notices. The Court set aside High Court rulings after a retrospective amendment clarified their authority and remanded the matter.
The Court held that failure to consider a remand report acknowledging agricultural income constituted an apparent error, leading to recall of the earlier judgment and remand for fresh adjudication.
The issue concerns how purchase classification affects tax treatment. The key takeaway is that bogus purchases lead to full disallowance, while non-genuine ones attract only profit-based additions.
