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Income Tax : Resident taxpayers holding foreign assets or financial interests may be required to file returns and disclose such assets regardle...
Income Tax : The Income Tax Act, 2025 preserves the key deduction previously available under Section 80P through Section 149. Most tax incentiv...
Income Tax : ITAT Bangalore held that exemption under Section 54F cannot be denied merely because the sale deed was registered after two years....
Income Tax : Income tax notices are often issued for verification, mismatches, or compliance checks and do not always indicate wrongdoing. Unde...
Income Tax : The law permits taxpayers to adopt the stamp duty value on the agreement date instead of the registration date where prescribed co...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...
Income Tax : The Tribunal held that a penalty notice must clearly state the specific limb of Section 270A being invoked. Absence of such specif...
Income Tax : The ITAT Jaipur held that deduction under Section 54F cannot be denied merely due to delay in completing construction when the ass...
Income Tax : The Tribunal held that generalized investigation reports cannot substitute for concrete evidence against an assessee. Since the tr...
Income Tax : The High Court set aside the Single Judge’s order and remitted the matter for fresh consideration following the Supreme Court’...
Income Tax : The Tribunal sent the matter back to the Commissioner (Appeals) for fresh adjudication after the assessee challenged the validity ...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval to a biotechnology institution under the Income-tax Act, 2025. Eligible donations ma...
Income Tax : CBDT has granted approval to a higher educational institution for scientific research under the Income-tax Act, 2025. Eligible don...
The Tribunal held that a penalty notice must clearly state the specific limb of Section 270A being invoked. Absence of such specification was held fatal to the penalty proceedings.
The ITAT Jaipur held that deduction under Section 54F cannot be denied merely due to delay in completing construction when the assessee had substantially constructed a habitable residential house within the prescribed period. The Tribunal directed deletion of the addition.
Resident taxpayers holding foreign assets or financial interests may be required to file returns and disclose such assets regardless of income levels. Failure to comply can lead to regulatory consequences.
The Tribunal held that generalized investigation reports cannot substitute for concrete evidence against an assessee. Since the transactions were supported by documents and no direct evidence of undisclosed income existed, the addition was deleted.
The High Court set aside the Single Judge’s order and remitted the matter for fresh consideration following the Supreme Court’s directions on the retrospective insertion of Section 147A. The assessee was granted liberty to challenge the amended provision.
The Tribunal sent the matter back to the Commissioner (Appeals) for fresh adjudication after the assessee challenged the validity of the Section 148 notice. The issue relating to notices issued by a Jurisdictional Assessing Officer instead of a Faceless Assessing Officer was left open for reconsideration.
The Tribunal upheld the addition after finding that excess stock discovered during survey was physically verified and admitted by the assessee. The later retraction was rejected as unsupported and delayed.
ITAT Amritsar held that reassessment proceedings were invalid because the reopening was based on factually incorrect AIR information. The Tribunal ruled that failure to verify bank records before issuing notice showed non-application of mind.
ITAT Chandigarh held that reassessment proceedings were invalid because the Assessing Officer relied on factually incorrect assumptions regarding the filing of return and property purchase. The reopening was therefore quashed as unsustainable in law.
ITAT Chandigarh held that reassessment proceedings were invalid because the Assessing Officer recorded incorrect facts regarding the return filing date and declared income. The Tribunal ruled that such defective reasons could not support a valid belief of escaped income.
