Income Tax : The Income Tax Act, 2025 replaces old reassessment provisions with Sections 279 to 286 and increases reopening timelines in certai...
Finance : The amended Finance Bill 2026 abolishes the Tax Recovery Officer’s power to arrest and detain taxpayers for recovery of dues. Th...
Income Tax : The article explains why advertisement expenses for brand building remain deductible under Section 37. Courts have consistently ru...
Income Tax : The article explains how Section 115BAE offers newly established co-operative societies a concessional 15% tax rate for manufactur...
Income Tax : The Income-tax Act, 2025 replaces old Sections 68 to 69D with a simplified sequential structure under Sections 102 to 106. The cha...
Income Tax : The issue was complexity in the existing tax law. It was clarified that the new Act simplifies structure by reducing sections and ...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : The government informed Parliament that taxpayer-specific details of income tax searches cannot be disclosed due to confidentialit...
Income Tax : The Government clarified that the new income tax search provision does not expand powers or permit AI-based digital surveillance, ...
Income Tax : The representation highlights large-scale pendency and administrative bottlenecks under Sections 12AB and 80G, urging immediate re...
Income Tax : ITAT Delhi held that the assessee was covered under the search proceedings even though its name did not specifically appear in the...
Income Tax : Bangalore ITAT ruled that only solar days and not cumulative man-days should be considered while determining the existence of a Pe...
Income Tax : SC examined nature of amounts received from an AOP and upheld findings that receipts constituted profit share rather than revenue ...
Income Tax : The Rajasthan High Court held that the benefit of Section 115BAA could not be denied when Form 10-IC was filed within the period p...
Income Tax : The Court held that the petitioner had no connection with the entities or individuals from whose devices the disputed material was...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The government enforced a tax collection assistance agreement with Japan effective from 8 July 2025. The notification enables cros...
Income Tax : CBDT updated DIN rules to align with new provisions introduced under the Finance Act, 2026. The circular mandates DIN for most tax...
Income Tax : The CBDT introduced Form ITR-U to allow taxpayers to update previously filed returns. The amendment promotes voluntary compliance ...
Income Tax : The CBDT has substituted the ITR-V form to strengthen verification of electronically filed returns. The amendment enhances accurac...
ITAT Jaipur held that addition under section 69A of the Income Tax Act towards unexplained money found during the course of search is liable to be deleted since assessee has discharged his onus to prove that the cash found is completely verifiable from the audited books of accounts.
ITAT Bangalore held that delay of 1265 days in filing of an appeal not condoned since negligence on part of the lawyer is not sufficient cause. Accordingly, appeal of the assessee dismissed by not condoning the delay.
Visakhapatnam ITAT dismisses Revenue appeals, quashing protective additions on cotton mills. Protective assessment for A.Y. 2016-17 invalid as substantive addition was in A.Y. 2017-18.
The ITAT Delhi dismissed the Revenue’s appeal, confirming that losses of Rs.18.6 crore incurred by Fiem Industries Ltd. on target-redemption forward contracts to hedge export receivables were genuine business losses, not speculative transactions under Section 43(5).
Kerala High Court held that as the gold claimed by the petitioner, is already assessed in the name of the husband of the petitioner, and the proceedings in respect of the same are concluded, the petitioner cannot make a further claim in respect of the same. Accordingly, writ dismissed.
It was held that regarding section 80-IA issue, Tribunal relied on its own earlier orders in assessees own cases for AYs 2014-15 and 2016-17. It held that since the power plant was transferred as part of a court-approved amalgamation, the assessee was entitled to step into the shoes of the amalgamating company and claim the deduction.
The ITAT Rajkot confirmed the addition of Rs.3.99 crore to the income of Kataria Snack Pellets Pvt. Ltd. under Section 56(2)(viib), ruling that the company’s Discounted Cash Flow (DCF) share valuation was speculative, lacked empirical support for growth rates and terminal value, and failed to adhere to ICAI guidelines.
ITAT Jaipur holds u/s 159 that penalty survives assessee’s death and is enforceable against the legal heir. Recovery is strictly limited to the value of the inherited assets or estate.
ITAT Chennai quashes assessment because the notice u/s 143(2) was issued by a non-jurisdictional AO after jurisdiction transfer u/s 127 was effective. Jurisdictional error is fatal; entire assessment declared void ab initio.
ITAT Delhi deletes Rs. 52.65 Cr notional interest addition, affirming only real income is taxable. It allows Rs. 20.18 Cr theft loss and Rs. 12.09 Cr flood/expiry loss on unsaleable inventory.
