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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 Delhi High Court held that ₹25 lakh paid under a prior agreement to sell was deductible under Section 48(i) as it was incurr...
Income Tax : The Chennai ITAT held that payments received by a UAE resident could not be taxed as Fees for Technical Services in India because ...
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 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 ITAT Bangalore clarified that the presence of nominal and associate members does not automatically disqualify a cooperative society registered under the KCS Act from claiming Section 80P deduction. The case was remanded for the AO to verify if associate members complied with the 15% statutory ceiling under the KCS Act, upholding the principle that the AO cannot question the validity of the society’s registration itself.
The issue was whether a large cash holding was unexplained money under Section 69A post-demonetization. The ITAT ruled in favor of the assessee, accepting that the cash originated from earlier, disclosed bank withdrawals. Key Takeaway: The burden of proof to disprove the source from prior withdrawals rests with the Department; mere suspicion isn’t enough for an addition.
ITAT Mumbai allowed deduction of interest expenditure, emphasizing that as long as there is a nexus between the borrowing and the income earned, deduction cannot be denied. Disallowance based on investment in shares was found unjustified.
ITAT Bangalore ruled that first proviso to Section 50C(1) is curative and retrospective, applying from A.Y. 2003-04. This allows taxpayer to compute capital gains based on stamp duty value prevailing on earlier MOU date (agreement date) instead of later, higher registration value, since part consideration was paid before registration.
ITAT Chennai upheld that immovable property transfers within family through registered settlement deeds are exempt under Section 56(2)(x). The AO’s view that such transfers were non-bona-fide was rejected.
The issue was whether, for Section 50C purposes, the stamp duty value should be taken on the date of the agreement (MOU) or the date of registration. The Karnataka High Court ruled the date of the agreement must be adopted when part of the consideration was paid via banking channel. Key Takeaway: The second proviso to Section 50C(1) is mandatory and allows the use of the lower stamp value prevailing on the agreement date if banking payment is made before registration.
Additions of unsecured loans were sustained where creditworthiness was not proved, and relief upheld only for creditors who responded to notices under section 133(6) or furnished adequate documentation. Assessee’s case was reopened under section 148, where AO noticed unsecured loans aggregating to ₹14.94 crore from 164 creditors. On verification.
Karnataka High Court held that issuance of reassessment notice under section 148 of the Income Tax Act after expiry of statutory period of limitation as prescribed under section 149 of the Income Tax Act is liable to be quashed. Accordingly, petition allowed.
The ITAT Chennai allowed a charitable trust to rectify its mistake of applying for provisional 80G registration, remanding the case for reconsideration under the correct clause for a five-year registration.
The Delhi High Court set aside the second Section 148 notice, ruling it was time-barred and constituted an illegal initiation of parallel reassessment proceedings.
