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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 held that an inadvertent mistake in Schedule 112A relating to the acquisition period of mutual fund units could be re...
Income Tax : The Court held that reassessment proceedings cannot be sustained merely on the basis of an unsigned and unauthenticated loose pape...
Income Tax : ITAT Delhi set aside the assessment after finding that the assessees additional evidence had not been properly scrutinized by the ...
Income Tax : The Tribunal held that delayed filing of Form 10-IC should not defeat the assessee's substantive right to opt for the concessional...
Income Tax : The Tribunal held that deduction of tax under Section 194J cannot automatically classify receipts as professional income. Tax auth...
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 Tribunal ruled that the crore addition, made solely because the assessee’s petrol pump was allegedly unauthorized to accept SBNs, was incorrect. Since the cash deposits were sourced from historical, recorded cash sales accepted by the AO, taxing the deposits again would constitute impermissible double taxation.
ITAT Raipur held that addition upheld by CIT(A) without passing a speaking order in the backdrop of documents uploaded by the assessee. Accordingly, matter is restored back to the file of CIT(A) for re-adjudication.
The ITAT quashed the reassessment order as void because the final assessment was completed by an Income Tax Officer (Ward-2) who lacked jurisdiction, while the proceedings were initiated by another officer (Ward-3). The Tribunal, citing the Allahabad High Court, ruled that jurisdiction cannot be waived or conferred by participation.
ITAT Ahmedabad held that payment of non-compete fees to retiring partner is revenue expenditure. Accordingly, considering the same as capital expenditure not justifiable. The appeal is allowed to that extent.
The ruling establishes that the AO cannot selectively accept total sales and profit figures while disbelieving a corresponding cash deposit from those sales without rejecting the books or providing concrete proof of bogus entries. Treating the recorded cash deposits as unexplained income is illegal double taxation.
Gujarat High Court held that reassessment under section 148 of the Income Tax Act is liable to be quashed since income earned in NRE Account is exempt under section 10(4)(ii) of the Act and hence there is no question of escapement of income.
he ITAT restricted a S.69A addition on ₹1 crore cash deposits, ruling that treating the entire gross receipt as unexplained income was unjustified for a commission agent. Considering the low-margin onion trading business and past assessments, the Tribunal estimated 4% of the deposits as the correct taxable commission income.
The ITAT Chennai rejected the Revenue’s appeals for AY 2015-16 to 2017-18, confirming that the CIT(A)’s instruction to the AO to recompute the u/s 271AAB penalty based on a reduced quantum income (per ITAT’s prior order) is a valid corrective measure and does not violate u/s 251 appellate powers against setting aside penalty orders.
The ITAT confirmed the penalty levy, ruling that a subsequent rectification order allowing carry-forward losses doesn’t affect the penalty base. Penalty is tied to the tax evaded on the additions confirmed by the appellate body ( crore), not the final assessed income.
The ITAT ruled that filing a revised return does not restrict interest entitlement on the amount claimed in the original, timely filed return, citing the Gujarat High Court. Interest must run from April 1st of the assessment year on the bulk refund, with the later date applying only to the incremental claim.
