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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 Delhi High Court upheld ITAT’s order, ruling that no incriminating material was seized, and investor companies had sufficient net worth. Additions under Sections 68 and 153A were not justified.
The Supreme Court dismissed the SLP filed by the Income Tax Department, condoning delay but emphasizing that repeated petitions on settled questions waste judicial resources.
Vishnupriya Tawania Cross-border mergers & acquisitions have become common in this era of globalisation, when two or more companies come together to form a completely new entity or merge into one existing company, which may or may not relate to businesses of those companies. This process involves transfer of property rights, assets and liabilities and […]
The Tribunal held that purchases cannot be treated as bogus when books are accepted and payments are made through banking channels. The addition under section 69C was deleted due to lack of concrete evidence.
The AO treated all commission and part of rent as bogus due to limited vouchers, no TDS, and identity gaps. The Tribunal found this approach inconsistent with the AO’s own initial proposal and disproportionate to the business realities of land-development. It concluded that only estimated disallowances of 20% commission and 50% rent were appropriate.
Tribunal held that delays caused by pandemic disruptions and internal management-auditor communication issues constitute reasonable cause under Section 274, deleting ₹2.42 lakh penalty.
The addition was based on a loose paper that did not match Yes Bank loan details or HMA ledger figures. The Tribunal upheld that such uncorroborated papers cannot sustain a 69C addition, especially when business had not yet commenced. The takeaway is that tax additions must be backed by verifiable evidence, not estimations on loose sheets.
ITAT Agra held that purchases made by a tenant cannot be attributed to the landlord, deleting ₹2.50 crore addition for alleged bogus meat purchases, emphasizing factual accuracy in assessments.
The Tribunal held that even extraordinary circumstances like COVID-19 do not justify appeals filed after limitation expiry. The assessee’s appeal was dismissed due to failure to provide cogent reasons or affidavits supporting the delay.
ITAT Pune ruled that income from temporarily letting sugar factory assets is business income, not Income from Other Sources, allowing set-off of brought-forward losses.
