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Income Tax : Analysis explains why Section 50C is a computation provision, discusses the First Proviso to Section 50C(1), and examines its stat...
Income Tax : Capital gains, business income, foreign assets, directorship and other transactions may make taxpayers ineligible to file ITR-1....
Income Tax : Know ITR due dates for FY 2025-26, belated and revised return deadlines, ITR-U timelines, late filing consequences and correspondi...
Income Tax : Learn how to report RSU and ESOP share sales for AY 2026-27, including capital gains, Schedule FA, Schedule CG, advance tax and di...
Income Tax : Know the eligibility, exclusions and key differences between ITR-1, ITR-2 and ITR-4 for AY 2026-27, including Section 139(9) and r...
Income Tax : A representation seeks activation of Form 68 filing for misreporting cases after the Finance Act, 2026 expanded immunity under Sec...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
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 : ITAT Panaji held BSNL VRS-2019 compensation is retrenchment compensation exempt under Section 10(10B), set aside CIT(A) orders, an...
Income Tax : ITAT Pune held BSNL VRS compensation exempt under Section 10(10B), condoned delay in filing appeals, and directed grant of refund ...
Income Tax : ITAT Ahmedabad condoned delay in filing appeal and allowed Section 10(10B) exemption claim for BSNL VRS compensation, making the a...
Income Tax : ITAT Delhi deleted TP adjustments on export commission and model fee, allowed Section 80G claim principles, and granted relief on ...
Income Tax : ITAT Delhi held that disallowance of CSR expenditure under Section 37(1) does not prevent Section 80G deduction for eligible donat...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in Annual Information Statement Form 168 under section 239 and Rule 245(...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in AIS Form 26AS under sections 119, 90 and 90A, prescribing timelines a...
Income Tax : CBDT Circular 05/2026 clarifies safe harbour rules for foreign companies selling raw diamonds in Special Notified Zones, covering ...
Income Tax : CBDT Notification 74/2026 exempts TDS on eligible IFSC aircraft lease rent under section 393, subject to Form 1(N), effective from...
Income Tax : CBDT notifies NCCL's Core Settlement Guarantee Fund under Section 11 and Schedule III of the Income-tax Act, 2025, subject to spec...
The ITAT Ahmedabad held that confirmations and banking documents alone were insufficient to establish genuine unsecured loans. The addition under Section 68 and related interest disallowance were upheld.
The Supreme Court dismissed the Special Leave Petition after the Gujarat High Court held that the Tribunal’s findings on the non-genuineness of unsecured loan transactions were based on appreciation of evidence and disclosed no perversity.
The Gujarat High Court upheld the Section 68 addition after holding that the Tribunal had properly examined the evidence and concluded that the unsecured loan transactions were not genuine.
The Karnataka High Court held that appeals filed by the Income Tax Department against inadequacy of sentence are not maintainable. It relied on an earlier Coordinate Bench decision and dismissed the appeals.
The Bombay High Court set aside the transfer of assessment jurisdiction after finding no cogent material or recorded reasons linking the assessee with the searched group. It held that a Section 127 transfer cannot be based on speculation.
The Karnataka High Court held that revisional powers under Section 263 cannot be exercised where the Assessing Officer has adopted one of the possible legal views. The Commissioner’s revisional order and the Tribunal’s order were quashed.
The Gujarat High Court held that the reassessment notice issued under the new regime was time-barred as it was issued after the surviving limitation period prescribed under TOLA and interpreted by the Supreme Court. The notice, order under Section 148A(d), and consequential proceedings were quashed.
The ITAT Mumbai held that the doctrine of merger did not bar revision under Section 263 because the applicability of Section 50C was never considered during the reassessment or appellate proceedings. It upheld the revision while directing fresh consideration of the property’s valuation through the prescribed statutory mechanism.
The ITAT Kolkata held that electricity supplied by captive power plants should be benchmarked using the tariff charged by State Electricity Boards to industrial consumers for computing deduction under Section 80-IA. It upheld deletion of the transfer pricing adjustment by following Supreme Court and Calcutta High Court rulings.
The ITAT Delhi held that an appeal against an assessment order under Section 143(3) was not maintainable where no fresh additions or adverse findings were made. It ruled that the taxpayer’s grievance related to the earlier Section 143(1) order.
