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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 ITAT Pune set aside the CIT(A)’s order that had restricted a bogus purchase addition of ₹2.53 crore to a 12.5% profit element. The matter was remanded to the AO for fresh adjudication to ensure the application of the binding ruling from the jurisdictional Bombay High Court regarding 100% disallowance in hawala purchase cases.
Relying on binding Supreme Court and High Court precedents, the Tribunal set aside the revisionary order as legally invalid because the PCIT failed to bring the legal heir on record before passing the order. The ruling firmly establishes that an income tax order passed against a dead person is a nullity and cannot be enforced.
Overview of the New Income Tax Act, 2025 structure for Salary income. Covers taxable perquisites, standard deduction limits, and exemptions for gratuity, leave encashment, and funds.
The ITAT Ahmedabad set aside the PCIT’s revisionary order under Section 263, ruling that the AO’s acceptance of ₹12.18 lakh exempt LTCG on Kushal Tradelink shares was based on a detailed inquiry and a plausible view. The Tribunal held that revision is invalid when the AO conducts due diligence, finds no adverse material to link the assessee to price rigging, and takes a possible view on the evidence.
Summary of Section 40(b) rules for partner remuneration and interest deductibility. Details caps, partnership deed requirements, and limits on tax-saving deductions.
Pre-Budget 2026 suggestions for widening the tax base, reducing litigation with 30-day resolution limits, rationalizing to a single tax regime, and improving tax administration.
Kolkata ITAT ruled in DCIT vs. Jupiter International that a ₹6.7 crore addition in an unabated tax year was illegal. Jurisdiction under Section 153A fails without seized, incriminating material, per SC precedent.
Adopting a principle of consistency, the ITAT Delhi restored the appeal for AY 2009-10 to the CIT(A), following its own earlier order for AYs 2010-11 to 2019-20 in the assessees case. The ruling ensures that the legal heir gets a proper chance to present evidence and submissions, thereby nullifying the additions made in the ex-parte proceedings.
The ITAT Delhi allowed the appeal because the penalty under Section 271A for non-maintenance of books had already been deleted by the Tribunal, establishing that the authority was not legally obliged to keep books. The Tribunal concluded that if no books are required to be maintained under Section 44AA, no penalty for failure to audit them under Section 271B can legally survive.
The Tribunal directed the deletion of the balance unexplained cash credit, emphasizing that mere suspicion of cash deposits in the lenders account doesnt negate the genuineness of a loan when the lender has significant proven sources like an agricultural land sale.
