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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 Jaipur held that a remittance received from a foreign employer under a retirement plan did not amount to concealment of foreign income or assets. It deleted the Rs.10 lakh penalty after accepting the assessee’s bona fide explanation.
The ITAT held that penalty under Section 43 of the Black Money Act was not justified where foreign bank deposits arose from overseas employment income and related interest was regularly disclosed in India. The Tribunal treated the omission as a bona fide mistake based on the facts of the case.
The Tribunal ruled that recording satisfaction in the assessment order is mandatory before initiating penalty under Section 271D. In the absence of such satisfaction, the penalties were deleted.
The ITAT held that penalties under Sections 271D and 271E could not be sustained because the Assessing Officer failed to record satisfaction regarding violations of Sections 269SS and 269T in the assessment order. The Revenue’s appeals were dismissed.
The ITAT held that assessments under Section 153A were invalid because no search warrant was issued in the assessee’s name. As the foundational assessment was void, the consequential Section 263 revision orders were also quashed.
The ITAT held that limitation under Section 153B must be determined based on the assessee’s own last panchanama despite a joint search warrant. As the assessments were completed beyond the prescribed period, they were quashed.
The ITAT Hyderabad held that the assessment orders were time-barred under Section 153 despite the DRP process. Both assessments were quashed after applying the limitation prescribed under the Act.
The ITAT held that limitation under Section 153B had to be computed from the searched person’s last panchanama, making the assessments time-barred. The assessment orders were therefore quashed.
The Karnataka High Court held that the requirement to deposit 20% of the disputed tax demand is not mandatory in every case. It quashed the stay rejection orders and directed disposal of the appeals without insisting on the pre-deposit.
The Tribunal held that the addition under Section 68 could not be sustained because the assessee produced complete documentary evidence supporting the share transactions. It ruled that the Assessing Officer failed to bring any cogent material to rebut the evidence or justify denial of Section 10(38) exemption.
