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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...
ITAT Kolkata upheld the deletion of disallowance relating to brought forward losses of an amalgamating company after finding that the amalgamated entity had continued the business and retained the prescribed fixed assets. The Tribunal held that there was no evidence showing non-compliance with Section 72A(2).
The Bangalore ITAT held that ambiguity in the penalty proceedings rendered the levy unsustainable. The Tribunal emphasized strict compliance with the statutory framework under Section 270A.
The Supreme Court declined to interfere with the Karnataka High Court’s judgment, which had held that the issues raised by the Revenue were already settled by precedent in the assessee’s own case.
The High Court refused to entertain the Revenue’s appeal after holding that the questions raised had already been decided in the assessee’s favour in an earlier judgment involving the same assessment year.
The ITAT condoned the delay after finding that assessment and appellate notices were sent to incorrect email addresses. The ruling highlights the importance of valid service of notices in tax proceedings.
The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ultimately granted relief after recognizing the taxpayer s genuine reliance on employer disclosures.
The ITAT observed that invoking the test of human probabilities cannot replace factual verification of books and bank records. Additions under Section 69A require evidence showing that the disclosed cash was unavailable.
The ITAT found that provisions for identified legal and professional expenses represented crystallized liabilities requiring TDS deduction. The key takeaway is that only genuine contingent liabilities may escape such obligations.
The Court held that the delay in e-verification of Form 10B during the pandemic was supported by bona fide reasons. It ruled that denying exemption on technical grounds would cause genuine hardship.
This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalment due dates. It also outlines how taxpayers can revise advance tax payments when income estimates change.
