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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 Tribunal ruled that the Assessing Officer cannot tax share premium under Section 68 solely on the basis that the premium lacks...
Income Tax : The ruling emphasized that CAM charges remain separate transactions irrespective of whether payments are made to the same landlord...
Income Tax : The Tribunal held that, apart from the CBDT clarification, the seller had declared the capital gains and discharged taxes. Therefo...
Income Tax : The Tribunal held that interest under Section 244A must be computed up to the actual date of refund issuance. Restricting interest...
Income Tax : The ITAT held that Section 56(2)(viib) cannot apply where equity shares are issued upon conversion of CCDs without receipt of fres...
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 Income Tax Appellate Tribunal (ITAT), Delhi, allowed a retired individual’s appeal, deleting an addition of made under Section 69A of the Income Tax Act, 1961
The ITAT deleted transfer pricing adjustments for Advertisement, Marketing, and Sales Promotion (AMP) expenses, confirming no international transaction existed with the AE. The ruling held that the Bright Line Test (BLT) is invalid and that since the entity-level TNMM was accepted, no separate AMP adjustment was permissible.
The ITAT ruled that the Rs. 5.97 crore received by a charitable trust for a cultural event were tax-exempt donations, not business income hit by Section 2(15) proviso. The Tribunal held that TDS deduction or invoice issuance does not change the essential charitable character of the receipt, relying on a binding Delhi High Court judgment.
The ITAT confirmed the deletion of a Rs.1.84 crore addition on demonetisation cash deposits, ruling they were genuine sales proceeds. The Tribunal held that since the audited books were accepted and the cash increase was explained by business changes, the addition based on mere suspicion was invalid and caused double taxation.
The ITAT quashed the entire assessment order, ruling that the DCIT (Exemption), Ghaziabad, lacked jurisdiction to pass the order since no mandatory Section 127 transfer order was produced. The Tribunal held that without a valid transfer order from the original AO, the assessment is illegal, arbitrary, and void ab initio.
The Tribunal held that a ₹15.22 crore one-time payment to distributors, necessitated by a business model shift, was a valid revenue expenditure under Section 37, driven by commercial necessity. The ruling affirms that business prudence justifies compensation to maintain continuity without creating a capital asset.
ITAT Mumbai held that discount on issue of Employee Stock Option Plan [ESOP] is allowable as deduction in computing income under the head profits and gains of the business. Accordingly, appeal of revenue dismissed and order of CIT(A) upheld.
The ITAT ruled that only the Gross Profit (GP) percentage on unaccounted purchases, not the entire purchase value, is taxable as undisclosed income. The Tribunal rejected the inflated purchase rate of Rs. 1,500 based solely on a partner’s statement, instead fixing a fair estimated rate of Rs. 770 per unit.
Review the historical gold (per 10 gms, 995 standard) and silver (per 1 kg, 999 touch) rates from April 1, 1981, through the current assessment year (2025-26). Data provides valuation dates and rates for capital gains tax purposes, showing the progression of prices across decades. Gold rates have moved from Rs. 1,670 in 1981 to Rs. 88,807 by 2025, and silver from Rs. 2,715 to Rs. 1,00,892.
Delhi ITAT grants relief to Park View Automotive, deleting a ₹5.59 Cr. addition on share sale. The Tribunal held that an AO cannot arbitrarily substitute a genuine bulk sale price based merely on an Investigation Wing report or suspicion, emphasizing that concrete documentary evidence must be rebutted.
