CA, CS, CMA : A comprehensive guide covering 175 legal compliances for July 2026 under FEMA, Income Tax, GST, SEBI, Companies Act, Labour Laws, ...
Income Tax : The Income-tax Act does not prescribe a single definition of "relative" for all purposes. Different provisions such as Sections 13...
Income Tax : Understand when 1% TDS applies on purchase of immovable property under Section 194-IA. Learn the Rs. 50 lakh threshold, compliance...
Income Tax : This guide explains when NRIs should use Form 128 and when payers should use Form 129 to reduce or eliminate excess TDS. It also c...
Income Tax : The article argues that Section 58(3) of the Income-tax Act, 2025 does not independently mandate books of account or tax audit for...
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 : Madras HC set aside cognizance under the Income-tax Act, holding Section 223(1) BNSS mandates hearing the accused before cognizanc...
Income Tax : ITAT Mumbai quashed reassessment after finding no Section 143(2) notice and that the AO issued a final order disguised as a draft ...
Income Tax : Gujarat HC quashed a Section 148 notice, holding that a seized inquiry register without a live nexus to the assessee cannot justif...
Income Tax : Gujarat HC quashed Section 148 reassessment as it was issued beyond Section 149 limitation, holding Section 152(3) applies to sear...
Income Tax : Madras HC held that merely issuing a corrigendum acknowledging the return did not rectify the defective assessment process and ord...
Income Tax : CBDT has approved a scientific research institution under the Income-tax Act, 2025 for tax years 2026-27 to 2030-31. The notificat...
Income Tax : CBDT has approved the University of Hyderabad for scientific research under Section 45 of the Income-tax Act, 2025. The approval i...
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...
ITAT Delhi quashed a reassessment, ruling that jurisdictional AO lacked authority to issue a Section 148 notice after CBDT notification assigned exclusive power to NFAC under Section 151A. The key takeaway is that post-March 29, 2022, only NFAC can validly initiate reassessment proceedings under faceless regime.
ITATs confirm CSR donations to 80G-approved bodies are deductible, asserting that the bar under Section 37(1) doesn’t override Section 80G or Section 35. PCIT revisions quashed.
Delhi High Court held that separate transfer pricing adjustment for AMP was uncalled for given that the distribution business of assessee was already benchmarked separately and the transaction was benchmarked correctly.
ITAT Delhi sustained reopening under Section 147 but upheld CIT(A)’s deletion of every addition—covering commission income, travel expenses, rent, and salaries—after finding all claims duly supported by records. Revenue’s appeal was dismissed in full.
In a search assessment dispute, the ITAT Delhi struck down an addition of cash payments, concluding that the diary entries used as evidence were rough, unsigned jottings with no established link to the taxpayer’s finances beyond speculation. The entire addition was deleted as the diary lacked legal evidentiary value.
This case clarifies that eligibility for the Section 80-IA deduction must be verified project-by-project, irrespective of a taxpayer’s status in a previous year. The Tribunal held that only projects previously approved by the Settlement Commission are eligible, requiring fresh scrutiny for all new or unverified contracts.
This ruling clarifies that cash deposits during the demonetization period cannot be taxed as unexplained money under Section 68 when they are fully reflected in the business’s accepted books and sales. The ITAT emphasized that the AO failed to reject the books of account under Section 145(3) before making the addition, thereby deleting the entire demand.
The Delhi ITAT deleted a disallowance of Rs.1.22 crore, ruling that charges paid to the Stock Exchange for margin shortfall are regulatory fees, not penalties for offenses prohibited by law. Following Delhi High Court precedent, the Tribunal held these payments are allowable commercial business expenditure under Section 37(1)
The Pune ITAT quashed a Section 263 revision, holding that interest earned by a credit society from deposits in co-operative banks qualifies for the Section 80P deduction as part of business income. The ruling affirms that the AO’s acceptance of the claim, being a plausible view based on precedents, cannot be set aside merely because the PCIT holds a different opinion.
The Mumbai ITAT upheld the deletion of a disallowance for bad debts, confirming that deductions under Sections 36(1)(vii) and 36(1)(viia) are independent. The ruling followed the Supreme Court’s precedent, allowing the entire bad debt written off since no double deduction was claimed.
