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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...
ITAT Mumbai held that reassessment orders issued outside the Faceless Scheme and without a valid DIN were void ab initio, striking down additions under Sections 69A/69B.
The ITAT Rajkot deleted a ₹61 lakh addition made under Section 69A, ruling the funds belonged to clients of the assessee who acted as a sub-share broker. The Tribunal held that Section 69A is inapplicable as the assessee was not the owner of the money, which was meant for derivative transactions.
The Tribunal found that additions made purely on estimated profit percentages cannot attract concealment penalty. Since no specific inaccuracy or suppression was proven, ITAT deleted the penalty in full. The ruling aligns with precedents from Delhi, Rajasthan, Punjab & Haryana, and Gujarat High Courts.
ITAT Delhi deleted a ₹47 lakh bogus LTCG addition, holding that ‘human probability’ cannot override transactions conducted through stock exchange, demat, and banking channels. Mere high profit does not make a transaction bogus.
Mumbai ITAT deleted a ₹4.20 lakh addition, quashing the reassessment because the addition was based solely on uncorroborated, retracted search statements and “dumb documents.” The tribunal ruled that once retracted, statements lose evidentiary value without independent verification.
The ITAT Panaji set aside the NFAC order that confirmed a ₹9.81 crore tax addition after finding the NFAC failed to consider the assessees detailed online submissions. The key takeaway is that an adverse order passed without considering key submissions is invalid and violates natural justice principles.
PCIT initiated a Section 263 revision over AO’s failure to disallow cash payments under Section 40A(3). ITAT held that since AO had conducted adequate inquiry and taken a plausible view, revision was an invalid overreach and quashed order. The ruling affirms that a mere difference in opinion doesn’t satisfy twin conditions for invoking Section 263.
The PCIT challenged the assessment order under Section 263 over the AO’s acceptance of goodwill depreciation, warranty provision, and CSR-linked 80G deduction. The ITAT quashed the revision, finding the AO conducted due inquiry and adopted a plausible legal view on all three claims. The ruling confirms that an assessment order based on due inquiry cannot be revised merely on a difference of opinion.
ITAT Agra remanded a TDS short-deduction case for the second time, finding that both the AO and CIT(A) failed to comply with the Tribunal’s earlier binding directions to verify if deductees had paid taxes.
ITAT Agra granted partial relief on a cash deposit addition, accepting ₹60,000 as explained, ruling that money received back from previous advances through banking channels constitutes the assessee’s own money returned.
