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Income Tax : The Income Tax Act 2025 has overhauled the 1961 law by introducing new section numbers, a unified “Tax Year,” and simplified c...
Income Tax : The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendme...
Income Tax : The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers...
Income Tax : Businesses now face stricter seller-wise tracking, PAN verification, and reconciliation obligations under TDS on purchase provisio...
Income Tax : The judgment rejected the practice of assigning a nil arms length price merely because a taxpayer reported financial losses. The c...
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 : ITAT Bangalore held that an appeal filed without verification by the authorized Principal Officer was not maintainable. The Tribun...
Income Tax : Gujarat High Court held that reassessment notices issued after scrutiny assessment were invalid because the Assessing Officer had ...
Income Tax : ITAT Delhi noted that confirmations from the company and broker regarding share transactions were available but not adequately con...
Income Tax : Mumbai ITAT treated appeals against rejection of Section 12AB and 80G registration as infructuous after the CIT(E) subsequently gr...
Income Tax : Mumbai ITAT held that granting only seven days for compliance before dismissing an appeal violates principles of natural justice. ...
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 tribunal held that rental income cannot be taxed as business income when the assessee has diverse business objects. It directed reassessment under the correct income head.
The case examined whether transfer pricing adjustments could stand when an APA covered the relevant year. The Tribunal remanded the matter for reconsideration in line with the APA framework.
The Tribunal held that once the assessee disputes stamp duty valuation, referral to a Valuation Officer is necessary. The matter was remanded for fresh determination.
The court examined whether buy-back of shares below fair market value attracts Section 56(2)(x). It held that buy-back leads to extinguishment of shares, not acquisition of property, making the provision inapplicable.
The case examined whether promotional expenses should be capitalized under the project completion method. The Tribunal held that such expenses, not linked to inventory development, are allowable as revenue expenditure.
The case addressed whether delayed filing of Form 10-IC invalidates a claim under Section 115BAA. The Tribunal held that the delay was procedural and directed allowance of the concessional tax rate.
The issue was whether interest from co-operative banks is eligible for deduction under Section 80P(2)(d). The Tribunal held that co-operative banks are co-operative societies, making the deduction allowable.
The Court held that the notice issued after six years from the relevant assessment year was barred by limitation. The reassessment proceedings were set aside.
The issue was whether a new trust can be denied registration due to lack of activities. The tribunal held that proposed charitable activities must be considered, and non-commencement alone is not a valid ground for rejection.
The case examined whether delayed filing of Form 10/10B invalidates exemption under section 11(2). The Tribunal held that procedural delays do not defeat substantive claims, directing allowance of exemption.
