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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 : Mumbai ITAT held that Section 69A cannot be invoked where loan transactions are fully routed through banking channels and recorded...
Income Tax : Bangalore ITAT held that applications for registration under Section 12AB and approval under Section 80G cannot be rejected on gro...
Income Tax : The Bangalore ITAT accepted the assessee’s explanation that medical issues and expiry of the digital signature certificate cause...
Income Tax : The Bangalore ITAT ruled that once substantive addition under Section 2(22)(e) is sustained in the managing partners case, the cor...
Income Tax : The Hyderabad ITAT ruled that the CIT(A) could not delete unexplained cash deposit additions merely on the basis of submissions an...
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 tax department clarified that no search or restriction was carried out against the individual. It termed the allegations baseless and factually incorrect.
The Tribunal supported the CIT(A)s decision to allow a new claim under Section 10A, noting that appellate proceedings are a continuation of assessment and aimed at determining correct tax liability.
The Court held that adjusting a refund against a disputed demand during the subsistence of a stay order is illegal and arbitrary, directing release of the refund with interest.
The Tribunal held that deduction cannot be rejected merely due to absence of supporting evidence without examining merits. It remanded the matter for fresh verification of the claim.
Highlights that selecting the incorrect portal tab can lead to data mismatches and filing errors. Emphasizes the need to use the correct tab under the applicable law.
The Tribunal held that a penalty notice lacking clarity on whether it relates to concealment or inaccurate particulars is invalid. It ruled that such a defect makes the penalty unsustainable.
The Tribunal held that BLT cannot be used for transfer pricing adjustments on AMP expenses. It ruled that no adjustment was warranted based on binding precedents.
The Tribunal set aside additions to book profit after ruling that MAT provisions do not apply to banks established under a special statute. It emphasized that such entities are not companies under the Companies Act.
The Tribunal held that mere suspicion of bogus transactions without supporting evidence cannot justify addition under section 68. Proper documentation of sales and purchases led to deletion of the addition.
The Tribunal held that delay alone cannot justify rejection of a statutory deduction claim raised in appeal. It directed fresh verification to determine eligibility on merits.
