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Income Tax : The article explains how taxpayers often wrongly assume that housing loan loss benefits remain available under the new tax regime....
Income Tax : The article explains how seemingly simple questions in ITR-1 can create major confusion for taxpayers. It highlights practical iss...
Income Tax : The ITAT Mumbai held that alleged accommodation entry operators cannot be taxed on the entire turnover amount. The Tribunal ruled ...
Income Tax : AI-driven scrutiny and AIS integration are increasing Income Tax notices where property transactions occur below stamp duty value....
Income Tax : This case highlights that cash paid to builders as “on-money” will not automatically be treated as tax evasion if it originate...
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 updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...
Income Tax : The Hyderabad ITAT ruled that the CIT(A) could not delete unexplained cash deposit additions merely on the basis of submissions an...
Income Tax : The ITAT Ahmedabad held that co-operative banks qualify as co-operative societies for purposes of Section 80P(2)(d). The Tribunal ...
Income Tax : The Delhi High Court set aside an assessment order after finding that the Assessing Officer failed to consider the assessee’s re...
Income Tax : The ITAT held that credits received in the assessee’s bank account were repayments of earlier advances and not unexplained cash ...
Income Tax : Tribunal ruled that income tax demands not included in the approved resolution plan were irrevocably extinguished. The decision fo...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
ITAT Ahmedabad held that delivery-based share transactions shown as investments in books could not be treated as business income without supporting evidence. The Tribunal upheld capital gains treatment for both STCG and LTCG.
The Madras High Court held that reassessment proceedings must be conducted only under the Faceless Assessment Scheme. The reassessment notice was quashed after the Court relied on an earlier Division Bench ruling.
The Tribunal ruled that once an assessee validly opts for the DCF method and submits a qualified valuation report, the Assessing Officer cannot switch to the NAV method. The decision reinforces the statutory valuation options available under Rule 11UA.
The revised content expands tax planning guidance for business setup by extending deduction analysis up to AY 2026-27 and Tax Year 2026-27. Updates also include revised statutory references and schedules for multiple deduction provisions.
The Tribunal held that interest income earned from mandatory reserve fund deposits and co-operative bank accounts qualifies for deduction under Section 80P. It observed that temporarily parking surplus funds does not amount to carrying on a separate investment activity.
SC examined nature of amounts received from an AOP and upheld findings that receipts constituted profit share rather than revenue share. Court noted that such income could not be taxed again in member’s hands.
ITAT Delhi ruled that the holding period for capital gains purposes began from the date of full payment and transfer of possession under the agreement to sell, not the later registration date. The property was therefore treated as a long-term capital asset.
The Madras High Court held that the option under Section 36(1)(vii-a) of the Income Tax Act belongs exclusively to the assessee and cannot be substituted by the Assessing Officer. The Court directed recomputation of taxable income after rejecting the Department’s restrictive interpretation.
The Rajasthan High Court held that the benefit of Section 115BAA could not be denied when Form 10-IC was filed within the period permitted under CBDT Circulars. The Court ruled that procedural delay could not defeat a clearly exercised tax option.
The ITAT Amritsar held that a valuation report by itself cannot justify addition under Section 69 without evidence of extra payment. The Tribunal deleted the addition after finding no proof of on-money beyond the registered sale deed value.
