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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 Delhi held that trade scheme payment to sales promoters whether pure reimbursement or not needs proper verification and since AO granted relief without proper verification and application of mind, PCIT rightly invoked revisionary proceedings u/s. 263.
The Bombay High Court held that when sales are accepted, entire bogus purchases cannot be added; only profit difference is taxable in the case of traders.
ITAT Kolkata held that investments in foreign life insurance policies were made from legitimate non-resident income and inherited sources. Addition of Rs. 1.08 crore under Black Money Act was deleted.
ITAT Mumbai held that USD 2.41 lakh deposits in Jersey bank accounts were inherited from the assessee’s parents and not undisclosed foreign income, setting aside the CIT(A)’s addition under the Black Money (Undisclosed Foreign Income and Assets) Act.
The ITAT Delhi upheld the deletion of an addition for alleged penny stock LTCG under Section 68, ruling that an assessment for an unabated year under Section 153A requires incriminating material found during the search. Since the addition was based on general analysis, not seized documents, the Revenues appeal was dismissed. The key takeaway affirms the Supreme Courts mandate that completed assessments cannot be disturbed without specific incriminating evidence.
Tribunal held that Section 69A covers unexplained money, not loans recorded in books. As all 14 lenders confirmed transactions with evidence, ₹1.86 crore addition was deleted.
The ITAT Bangalore confirmed that an initial order’s failure to consider a binding High Court ruling on bad debt deductibility constitutes a mistake apparent from record. This allowed the bank to claim a deduction under Section 36(1)(vii) for non-rural bad debts via rectification, dismissing the Revenue’s appeal. The key takeaway is that disregarding settled jurisdictional law is a rectifiable error, not a debatable issue.
The ITAT Ahmedabad deleted the Section 36(1)(iii) disallowance of interest expense after the real estate firm successfully proved that the mutual fund investment in question was made using interest-free own funds, not borrowed capital. The ruling emphasizes that disallowance requires evidence of borrowed funds being diverted for non-business purposes.
The Tribunal held that income declared under Sections 44AE and 44AD by a transport HUF owning 10 trucks was valid. Additions for alleged profit diversion were deleted as the AO’s suspicion of tax evasion lacked evidence.
The ITAT deleted the entire addition made under Section 69A concerning demonetisation cash deposits, ruling in favor of a retired government employee. The Tribunal held that deposits from verifiable sources like gratuity, leave encashment, salary arrears, and loan repayment were genuinely explained and not unexplained income.
