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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 : The article explains the complete evolution of buyback taxation in India, highlighting how tax liability shifted between companies...
Income Tax : Section 265 of the Income Tax Act, 2025 specifies who can legally verify an income tax return for different assessees. Incorrect v...
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...
The petitioner stated that reassessment notices were not acted upon because the auditor failed to inform it about the proceedings. The Court allowed fresh adjudication and restored the matter to the Section 148A(b) stage.
The ITAT Delhi held that the Assessing Officer could not alter book profit under Section 115JB by disallowing losses from alleged penny stock transactions. The Tribunal ruled that such adjustment was not permitted under the statutory explanations to Section 115JB.
Relying on its earlier ruling in the assessee’s own case, the Tribunal held that gross profit should be estimated at 0.40% rather than 2% of turnover. The order emphasised consistency in estimation across assessment years.
The Tribunal condoned a 60-day delay after accepting explanations relating to migration of the ITAT portal and the death of a family member. The registration dispute was thereafter heard on merits.
The Gujarat High Court set aside reassessment proceedings after finding that the Income Tax Department relied on an undated and uninvestigated complaint. The Court held that reopening based on conjectures and unsupported material could not be sustained.
The Tribunal held that leasehold rights transferred with land and building fall within the ambit of Section 50C. The matter relating to reassessment validity was sent back for fresh adjudication.
ITAT Mumbai held that Form 3CL issued by DSIR could not be treated as additional evidence during rectification proceedings since it had already been sent to the jurisdictional Assessing Officer. The Tribunal restored the issue for fresh quantification of deduction under Section 35(2AB).
The Delhi High Court held that a reassessment notice without physical signature remains valid when the name and designation of the Assessing Officer are clearly mentioned. The Court ruled that Section 282A(2) recognizes such authentication in the digital era.
Court upheld the validity of the Section 148 notice but set aside the assessment order after finding that notices were sent to an old email address, resulting in denial of adequate opportunity to the assessee.
ITAT Delhi held reassessment orders invalid because the assessee was not supplied with the recorded reasons for reopening under Section 148. The Tribunal ruled that such non-compliance violated the law laid down in GKN Driveshafts.
