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...
Madras High Court granted the stay in respect of 80% of the demand, as 20% of the disputed tax, interest and penalty already recovered by the department from the bank account of the petitioner.
ITAT Delhi held that depreciation on goodwill cannot be rejected merely because performance didn’t match projections. Notably, valuation of goodwill on discounted cash flow method was duly accepted by AO.
ITAT Chennai held that when assessee has explained the source for excess stock found during the course of survey, then, income offered towards excess stock cannot be treated as unexplained investment u/s. 69B of the Act.
ITAT Mumbai held that compensation paid by the builder for facing hardship during redevelopment of flats is in nature of capital receipts and accordingly not liable to tax.
ITAT Kolkata held that addition based on such retracted statement of third person and that too without giving any opportunity of cross examination to the assessee deserves to be deleted.
Madras High Court held that as the petitioner company is wound up, however, intention of petitioner for clearing the pending dues is sincere. Writ petition is allowed permitting the petitioner to pay pending dues in equal installments.
ITAT Jodhpur held that any issue which was considered by AO in the assessment order and such order is erroneous and prejudicial to the interest of justice, then, such order would be open for revision under section 263 of the Income Tax Act.
Stay vigilant, trustees of charitable trusts! Navigate through Income Tax Act amendments, budget impacts, and compliance nuances affecting your trust’s operations. Essential insights for smooth trust management.
Pratap Joisher Vs ACIT (ITAT Mumbai) ITAT Mumbai held that assessment framed on the basis of ‘base note’ without preferring to collect evidence based on ‘consent waiver form’ is not sustainable in the eyes of law. Facts-On receiving information by the Central Board of Direct Taxes (CBDT) from French Authority under Article 28 of the […]
ITAT Delhi held that scope and ambit of section 44BB of the Income tax Act is wide enough to include receipts of assessee from Cairn India and ONGC in connection with activity of prospecting for, or extraction, or production of mineral oils.
