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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...
Tribunal deleted Rs. 10 lakh addition made under Section 68 where lender’s deposits were not independently verified. The assessee had no failure in proving identity, genuineness, or creditworthiness. Key takeaway: mere timing of lender’s bank deposits cannot trigger Section 68 addition without corroborative evidence
The ITAT held that excise-duty exemption for backward-area units is capital in nature since the incentive aims at industrial growth, not business profits. The ruling protects such incentives from tax under normal and AMT provisions.
The assessee’s capital-gain computation and share-transaction trail matched disclosed data. ITAT held the AO’s conclusion to be unsupported and dismissed Revenue’s appeal.
ITAT held that once investments were accepted in prior assessments, their sale proceeds cannot be treated as unexplained income. The ruling confirms that Section 68 cannot be invoked without fresh incriminating evidence.
ITAT Mumbai held that once the assessee proved repayment of ₹1 crore via banking channels, Revenue must first disprove the evidence before invoking sections 68 or 69C. Both the addition and related interest disallowance of ₹3.78 lakh were deleted.
The Tribunal held that a short-term loan received from a sister concern cannot be treated as deemed dividend under section 2(22)(e). The loan was for business purposes, not for shareholder benefit. Key takeaway: transactions between sister concerns do not automatically attract dividend treatment even if there is common shareholding.
Tribunal held that penalty under Section 270A cannot survive once the Section 14A addition is deleted, especially where no exempt income was earned. The ruling reiterates that prospective amendments cannot justify retrospective disallowances.
The Tribunal allowed the appeal partly due to the assessee’s 60% handicap, emphasizing that delay in filing was not deliberate. The case was remanded for merit-based adjudication, ensuring fairness. Key takeaway: disabilities and procedural lapses can justify condoning appeal delays.
The Tribunal remanded the appeal after the CIT(A) did not consider additional evidence filed under Rule 46A. The assessee can now submit confirmations to substantiate claims. Key takeaway: procedural lapses should not prevent merit-based adjudication.
The assessee’s exemption under section 11 was initially denied as Form 10B was filed after the return. The court held that timely availability before assessment suffices. Key takeaway: Section 11 benefits apply if Form 10B is accessible during assessment.
