Cash deposits in bank accounts often trigger additions under section 69A, especially where assessees are unable to maintain complete books of account. However, judicial authorities have consistently drawn a clear distinction between unexplained money and business receipts arising from regular trading activity. In …
In a significant ruling clarifying the scope of capital loss set-off provisions under the Income-tax Act, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that capital losses can be set off against capital gains irrespective of the …
Tax laws are constantly evolving, and judicial decisions play a crucial role in interpreting and shaping their practical application. Staying updated with key rulings from courts and tribunals is therefore essential for taxpayers, professionals, and businesses alike. In this post, …
The Delhi ITAT held that disallowance of director’s remuneration under section 40A(2)(b) cannot be sustained when it is based solely on a retracted and uncorroborated statement recorded under section 132(4), particularly when documentary evidence establishes the director’s active role and …
The Gujarat High Court, in a recent ruling reiterated the settled principle that reassessment proceedings cannot be sustained when initiated on the basis of borrowed satisfaction. In this case, although the assessee had duly disclosed and paid tax on short-term …
The Mumbai Bench of the Income Tax Appellate Tribunal examined whether goodwill arising from an amalgamation qualifies as an intangible asset eligible for depreciation under Section 32 of the Income-tax Act, 1961. The assessee had recognized goodwill in its books pursuant to an amalgamation …
This case concerns a charitable trust engaged in conducting medical seminars, Continuing Medical Education (CME) programs, and professional training workshops for doctors and medical students. The Assessing Officer denied exemption under Sections 11 and 12 on the ground that such …
The Income Tax Department has rolled out several important updates from December 1, 2025, aimed at improving compliance, enhancing accuracy, and speeding up refund processing. These changes will significantly impact both taxpayers and deductors. Here’s a complete breakdown. New Real-Time TDS …
The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has delivered an important ruling on the applicability of the enhanced leave encashment exemption limit under Section 10(10AA). In the case reported as [2025] 180 taxmann.com 123 (Pune – Trib.), the Tribunal held that …
In a significant ruling reinforcing the binding nature of appellate orders, the Delhi High Court in Santosh Kumar Suri v. DCIT criticised the Income Tax Department for its prolonged delay in giving effect to an ITAT order that had granted relief …
In a significant ruling, the Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the Assessing Officer (AO) erred in treating the cash deposits of Specified Bank Notes (SBNs) made by a Non-Banking Financial Company (NBFC) as …
The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that a delay in filing the audit report in Form 10B will not deprive a charitable trust of exemption under Section 11, provided it is duly registered under Section 12A and has otherwise …
In a significant ruling, the Delhi High Court clarified the tax treatment of payments made for using the goodwill and trade name of another firm. The Court held that when an assessee merely uses the goodwill of another entity without …
In a significant ruling on TDS compliance and prosecution under the Income-tax Act, the Delhi High Court in ITO (TDS) v. Delhi Iron & Steel Co. Pvt. Ltd. [[2025] 179 taxmann 643 (Delhi)] held that delay in depositing TDS without proof of genuine hardship constitutes an offence …
In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Indore Bench, held that a society registered under section 12AA in 2021 could still claim exemption under sections 11 and 12 for an earlier year, i.e., Assessment Year 2018-19, by virtue of the first proviso to section …
The case of Sterling Farm Research and Services Pvt. Ltd. v. Commissioner of Income Tax came before the Kerala High Court concerning the validity of a revisional order passed under Section 263 of the Income Tax Act, 1961. The dispute arose from the Assessment Year 2016–17, …
The Supreme Court of India is poised to deliver an important ruling that could reshape the compliance landscape for charitable and religious institutions across the country. The case concerns whether registration of a trust under Section 12AA of the Income Tax Act, 1961 — …
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) recently reaffirmed an important principle governing Section 41(1) of the Income Tax Act, 1961 — that an addition on account of remission or cessation of liability cannot be sustained in the absence of …
In a significant ruling that brings clarity to capital gains reinvestment timelines, the Income Tax Appellate Tribunal (ITAT), Mumbai has held that making the investment payment within two years from the date of sale is sufficient to claim Section 54F …
A charitable trust filed its return of income claiming exemption under Sections 11 and 12 of the Income-tax Act, 1961. The Assessing Officer (AO) denied the exemption on the technical ground that the trust’s audit report in Form 10B was not submitted along with …