The Draft Income-tax Rules, 2026 require salaried taxpayers to disclose their relationship with landlords, enabling enhanced scrutiny of family-based HRA arrangements.
The Tribunal held that once income is declared under the presumptive taxation scheme of Section 44AD, individual cash deposits cannot be separately added. The sustained addition was set aside and deleted.
GST Portal revises interest computation in GSTR-3B, factoring minimum cash ledger balance and auto-populating non-editable interest. Taxpayers must self-assess and pay any additional liability.
The alleged unexplained investment was based only on third-party statements and seized digital data. In absence of receipts, confirmations, or admission by the assessee, the addition of ₹50 lakh was deleted.
The Tribunal observed that merely using the term misreporting without linking it to any specific statutory limb is insufficient. It quashed the penalty, reiterating that penal proceedings must be precise and legally justified.
The Tribunal upheld 200% penalty under Section 270A for misreporting income through ineligible deductions. Admitted incorrect claims were treated as conscious misrepresentation, not a bonafide error.
CBDT placed Draft Income Tax Rules and Forms 2026 in the public domain ahead of the new Act’s implementation. Stakeholders are invited to suggest simplification and compliance reforms.
The order held that failure to file DIR-12 within 30 days of resignation violated Section 170(2). The key takeaway is that administrative vacancy does not excuse statutory filing delays.
The Tribunal held that long-term capital gains could not be treated as bogus where documentary evidence supported the transactions and no material connected the assessee to price manipulation. The Revenue’s appeal was dismissed.
The Budget proposes removing buy-back from the definition of dividend and taxing it under capital gains. This aims to rationalise shareholder taxation and align treatment under the new Act.
