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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...
Addition to the differential margin between the Gross Profit (GP) declared by the assessee and the benchmark rate of 10% adopted as the industry average for rice trading was restricted affirming that a full disallowance of such purchases was not justified when the corresponding sales were accepted by the Revenue authorities.
The ITAT Panaji sent the disallowance of agricultural income back to the AO for fresh review, finding that the lower authorities ignored substantial documents and confirmations provided by the assessee. The ruling confirms that tax authorities must properly verify factual material and grant a fair hearing before disbelieving a farm income claim.
The ITAT Delhi ruled that External Development Charges (EDC) paid by a real estate developer to HUDA are statutory government levies, not payments for the use of land. Following High Court and Supreme Court precedents, the Tribunal confirmed that Section 194I (TDS on rent) is not applicable to EDC payments.
ITAT Delhi held that payments received by a US company for software licensing and support services cannot be treated as royalty or fees for technical services. Since the assessee had no permanent establishment in India, such income was classified as business profits and held non-taxable under the India-USA DTAA.
The ITAT Mumbai set aside the PCIT’s revisionary order, holding that the AO’s decision to allow Section 80G deduction on voluntarily disallowed CSR expenses was a plausible view. The ruling reaffirmed the Supreme Court principle that Section 263 revision cannot be invoked merely for holding an alternate opinion.
The ITAT Delhi ruled that the surcharge rate on the residual income of a trust must be restricted to 15%, not 37%. This decision follows the principle that the surcharge rate is governed by the Finance Act provisions, even if the base tax rate is the Maximum Marginal Rate (MMR).
The ITAT upheld the classification of a Rs.5 crore loss on the sale of shares as a capital loss, not a business loss, because the NBFC consistently held the shares as non-current investments for over three years. The Tribunal emphasized that the assessee’s accounting treatment and the mandated sale under Supreme Court directions confirmed the investment motive.
Rejecting the petitioner’s request to keep recovery in abeyance, the Madras HC directed the assessee to comply with the mandatory 20% pre-deposit for AY 2019-2020. Failure to pay will result in the initiation of coercive recovery measures.
ITAT Bangalore held that delay in filing of appeal due to non-registration on Income Tax portal and non-receipt of notices are plausible and sufficient cause show. Accordingly, delay condoned and appeal restored back for fresh consideration.
Reassessment based on a new Permanent Establishment (PE) ground, which was absent from the initial notice, was quashed by the Delhi High Court. The court ruled that tax authorities must adhere strictly to the grounds stated in the statutory notice.
