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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...
Mukesh Arvindlal Vakharia Vs ITO (ITAT Surat) ITAT Allows Full 54EC Relief Because Investments Were in Two Financial Years; 54EC Deduction Restored as Advance Money Investment Considered Valid; 54F Claim Denied Because Joint Ownership Counts as Second House; Section 54F Exemption Refused Due to Ownership of Multiple Residences; Expense Deduction Rejected Since Firm Interest Cannot […]
The Tribunal held that joint ownership of multiple residences does not disqualify a taxpayer from Section 54F benefits. It upheld the CIT(A)’s decision allowing the deduction and rejected the Revenue’s reliance on contrary precedent.
Tribunal held that Section 54F allows exemption only for one residential unit. The assessee’s claim for a second flat was rejected, affirming that multiple units do not qualify unless treated as a single house.
The Tribunal held that the assessee established a prima facie case regarding deduction eligibility for habitable-unit expenditure.
The Tribunal upheld the deletion of ₹5.85 crore addition under Section 40A(3), confirming that payments to meat producers under Rule 6DD(e)(ii) are exempt.
Reopening Based on Incorrect LTCG Information Invalid; Long-Held Penny-Stock Shares Treated as Genuine — ITAT Mumbai Quashes Additions
The Court reviewed bogus purchases of Rs. 4.65 crore, confirming the purchases as unverifiable but reduced the income estimation from 12.5% to 8%. The appeal was partly allowed, providing relief to the assessee.
The ITAT Mumbai ruled that income already taxed under a proprietorship cannot be taxed again in a partnership, deleting the estimated 2% addition by CIT(A).
ITAT Delhi upheld that failure to pass a speaking order on objections under GKN Driveshafts makes reassessment void, dismissing Revenue’s appeal for AY 2012-13
ITAT Kolkata held that an employee cannot be denied TDS credit if the employer fails to deposit deducted tax. Once TDS is deducted from salary, it is deemed paid, and the employee’s liability does not arise. The Tribunal directed full TDS credit and deletion of the demand.
