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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...
Karnataka High Court sets aside Sec 154 rectification, remands Sec 54 exemption claim for fresh review; validity of Sec 154 left open, assessee to appear before AO without notice.
Key mistakes taxpayers should avoid when choosing between old and new tax regimes for FY 2026-27, including deductions, deadlines, and compliance.
ITAT Kolkata remands case on disallowance of subcontractor expenses, stressing need for evidence, due diligence, and verification of transactions.
The issue was whether a reassessment notice issued by a jurisdictional officer instead of a faceless officer is valid. The Court held it to be a fatal defect and quashed the notice.
The Tribunal held that addition under Section 41(1) cannot be made without proof of actual cessation of liability. It found that mere non-payment or absence of confirmation is insufficient to establish remission.
The Tribunal ruled that surrender of tenancy rights occurs only upon receiving new property possession. As possession was given later, tax could not be levied in the current year. The decision ensures correct year of taxation.
The issue involved taxing capital gains from a development agreement in multiple years. The court held the same income cannot be taxed twice and set aside the addition subject to verification.
The Tribunal held that enhancement of income without issuing notice under section 251(2) is invalid. Such action violates principles of natural justice, leading to quashing of enhancement and related penalty directions.
ITAT Mumbai deletes penalty under Section 270A as quantum addition was fully removed. Held that no under-reporting exists when assessed income equals returned income and TDS details are already on record.
The Tribunal observed disproportionate spending on contractual incentives compared to charity. It directed re-examination of whether such costs served trust objectives. The case highlights scrutiny of administrative expenses.
