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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...
ITAT Mumbai ruled that a flat booked in 2009 is valued based on that year, even if the flat number changed later, preventing a ₹1.26 crore addition under Section 56(2)(vii)(b).
The assessee furnished PANs, bank statements, and confirmations proving the genuineness of share capital and loan transactions, leading to dismissal of the Revenue appeal. Both CIT(A) and Tribunal confirmed that repayment and identity verification are sufficient. This reinforces legal certainty in documented transactions under Section 68.
ITAT held that ₹1.5 Cr advance for a real estate project, which became irrecoverable, qualifies as a trading loss under section 28. The decision reverses AO and CIT(A) disallowances, allowing the loss as a business expense.
CIT(A)’s order upheld; assessee acted as a middleman, and no evidence supported AO’s mechanical addition. Only Rs.15.42 lakh as brokerage recognized.
The Tribunal held that the loan could not be treated as unexplained when the assessee had furnished complete documentary evidence. The authorities failed to conduct further inquiry or rebut the lender’s confirmation. The ruling emphasizes that additions under Section 68 cannot be made solely on suspicion.
The ITAT ruled that unexplained cash credit cannot be added under Section 68 when the assessee furnishes full documentation, setting aside the addition of ₹15 lakh and related interest disallowance.
The Tribunal found that the notice did not indicate whether scrutiny was limited or complete, contrary to CBDT directives. This omission made the notice invalid and rendered the assessment unsustainable. The decision reinforces the necessity of clarity and compliance in scrutiny notices.
ITAT Kolkata ruled that expenses cannot be disallowed under Section 40(a)(ia) based on assumptions if TDS is duly deducted and documented, setting aside additions exceeding ₹5 crore.
ITAT Mumbai held that donations to registered trusts cannot be taxed under Section 69C solely based on third-party statements without supporting evidence.
Tribunal held that natural justice was violated when notices were sent only by email despite explicit instructions otherwise. Appeals were restored with costs, and the Assessing Officer must reconsider the case after allowing additional evidence.
