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Income Tax : A significant change proposed in the current Union Budget relates to the disallowance of deduction of interest expenditure incurre...
Income Tax : The ITAT held that revisional powers under Section 263 cannot be exercised when the Assessing Officer has already examined the iss...
Income Tax : The Finance Act 2023 introduced a 12.5% LTCG tax without indexation as an alternative to 20% with indexation. Taxpayers must compa...
Income Tax : The benchmark price was incorrectly determined because material economic differences between Thailand and Vietnam markets were not...
Income Tax : Residential status under Section 6 determines whether a taxpayer is liable for global income or only Indian-source income. The rul...
Income Tax : Rules 307–311 of the Draft Income-tax Rules, 2026 outline how pension funds must purchase annuities, restrict commutation, preve...
Income Tax : Draft Income-tax Rules 2026 prescribe definitions, trust conditions, investment rules, and limits on employer contributions for ap...
Income Tax : Draft Income-tax Rules 2026 outline procedures for provident fund recognition, penalties for assigning PF interest, and tax treatm...
Income Tax : Draft Income-tax Rules 2026 require provident fund nominations to favour family members and mandate annual account reporting by tr...
Income Tax : Rule 333 mandates electronic tax payments for companies and specified taxpayers, while the draft rules also prescribe detailed dep...
Income Tax : The High Court held that reopening an assessment merely because the tax officer formed a different view on the same material is no...
Income Tax : The Supreme Court declined to entertain the revenue’s SLP after noting that a fresh notice had already been issued following the...
Income Tax : The Court found that the Assessing Officer had knowledge of the amalgamation before issuing the assessment orders. Passing orders ...
Income Tax : ITAT Hyderabad held that reassessment proceedings were invalid because the notice under Section 148 was issued by the jurisdiction...
Income Tax : ITAT Delhi held that reassessment proceedings are invalid when notice under Section 148 is issued in the name of a company that ha...
Income Tax : The notification expands reporting rules to include central bank digital currencies, electronic money products and relevant crypto...
Income Tax : The Central Government has approved a Chennai-based higher education trust for scientific research under Section 35(1)(ii) for AY ...
Income Tax : Explains the CBDT notification granting section 10(46) exemption to a district legal services authority and the categories of inco...
Income Tax : CBDT directs adjournments in court and ITAT cases as Finance Bill 2026 proposes clarificatory amendments to key Income Tax Act pro...
Income Tax : Summary of the Finance Bill, 2026 outlining income-tax rates, surcharge structure, threshold relief, amendments across direct and ...
The High Court held that reopening an assessment merely because the tax officer formed a different view on the same material is not permissible, and the Supreme Court declined to interfere.
The Supreme Court declined to entertain the revenue’s SLP after noting that a fresh notice had already been issued following the High Court judgment. The Court allowed the revenue to raise all objections in the pending writ proceedings.
The Court found that the Assessing Officer had knowledge of the amalgamation before issuing the assessment orders. Passing orders in the name of dissolved entities was held to be without jurisdiction.
ITAT Hyderabad held that reassessment proceedings were invalid because the notice under Section 148 was issued by the jurisdictional officer rather than through the mandatory faceless system. The assessment order was quashed for lack of jurisdiction.
A significant change proposed in the current Union Budget relates to the disallowance of deduction of interest expenditure incurred on borrowings used for earning dividend income or income from units of mutual funds. The proposal seeks to amend Section 93(2) of the Income-tax Act, 2025, and is intended to come into effect from 1 April 2026.
ITAT Delhi held that reassessment proceedings are invalid when notice under Section 148 is issued in the name of a company that had already converted into an LLP. The Tribunal ruled that proceedings against a non-existent entity are void in law.
The ITAT held that revisional powers under Section 263 cannot be exercised when the Assessing Officer has already examined the issues during scrutiny. Mere disagreement with the assessment cannot justify revision.
The Finance Act 2023 introduced a 12.5% LTCG tax without indexation as an alternative to 20% with indexation. Taxpayers must compare both options carefully before choosing the beneficial one.
The benchmark price was incorrectly determined because material economic differences between Thailand and Vietnam markets were not adjusted under the CUP method.
The Tribunal ruled that unverified KOT data and handwritten loose sheets are insufficient to establish unaccounted sales. Additions based on assumptions and unsupported survey statements were deleted.
