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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 Gujarat High Court set aside the reassessment after finding that the Assessing Officer failed to provide specific reasons for treating bank credits as unexplained cash credits under Section 68. The matter was remanded for fresh adjudication.
The ITAT Delhi held that cash deposits representing recorded business sales could not be treated as unexplained under Section 68 when the books of account and trading results had been accepted. It deleted the addition relating to demonetisation cash deposits.
The ITAT Delhi held that an adjustment against excess contributions already made to an approved gratuity fund could not be disallowed under Section 40A(7). It also held that contributions to an approved gratuity fund are allowable under Section 40A(7)(b), resulting in deletion of the disallowance.
ITAT Mumbai held that the Assessing Officer had conducted detailed enquiries on depreciation claimed on concession rights during complete scrutiny and adopted a permissible view. Since the twin conditions under Section 263 were not satisfied, the revision order was quashed.
The Gujarat High Court quashed the reassessment notice after finding that the seized inquiry register did not establish any direct or indirect connection with the taxpayer. It held that reopening based on vague material and presumptions was unsustainable.
The High Court found that withdrawal of garnishee notices and compliance with the CBDT Office Memoranda entitled the assessee to stay of recovery. It held the subsequent refund adjustments to be legally unsustainable.
ITAT Chennai held that the reassessment notice issued on 02.04.2022 for AY 2015-16 was barred by limitation under Section 149, following the Supreme Court’s decisions. The reassessment proceedings were quashed without examining the merits of the additions.
The ITAT Mumbai held that Section 69C cannot be invoked where expenditure is duly recorded in the books and its source is fully explained. It deleted the addition relating to royalty, commission, and technical service payments.
ITAT Nagpur held that rejection of 12A and 80G applications solely because of an incorrect statutory provision was unsustainable. The matter was remanded after directing the authority to allow rectification and decide the applications on merits.
ITAT Delhi restored the penalty proceedings to the Assessing Officer after noting that the related quantum appeal had already been remanded for de novo adjudication. The Tribunal held that the penalty should also be reconsidered in accordance with law.
