The Delhi High Court has delivered a significant judgment clarifying the legal status of cryptocurrency exchanges in India. In a landmark ruling, the Court held that the taxation of Virtual Digital Assets (VDAs) under the Finance Act, 2022 does not …
In a significant ruling on reassessment proceedings under the Income Tax Act, 1961, the Madras High Court has affirmed that Jurisdictional Assessing Officers (JAOs) are legally empowered to issue reassessment notices under Sections 147, 148, and 148A of the Act. …
Government-funded educational institutions often park unutilized grant money in fixed deposits until the funds are required for approved projects. A common question that arises is whether the interest earned on such deposits should be treated as a separate source of …
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has delivered an important ruling in favour of taxpayers by holding that Tax Deducted at Source (TDS) credit cannot be denied merely because it was not claimed in the original Income Tax Return …
In a significant relief for charitable trusts, funds, and institutions, the Central Board of Direct Taxes (CBDT) has issued Circular No. 06/2026 dated. 2 July 2026, granting condonation of delay in filing Form No. 10AB for renewal of approval under Section 80G(5) of the …
In a landmark ruling reinforcing the importance of procedural fairness in tax administration, the Calcutta High Court has quashed an income tax assessment order and consequential demand of ₹87.20 crore raised against Pricewaterhouse Coopers Private Limited (PwC). The Court held that the Income …
In a significant ruling offering relief to retired employees, the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has held that compensation received under the BSNL Voluntary Retirement Scheme (VRS) qualifies for tax exemption under Section 10(10B) of the Income Tax …
In a significant ruling on the scope of penalty proceedings under the Income Tax Act, the Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has deleted penalties imposed under Section 271DA, holding that the Income Tax Department failed to …
In a significant ruling reinforcing the principles governing reassessment proceedings under income tax law, the Gujarat High Court has set aside reassessment action initiated against Ammann India Private Limited. The Court held that reopening an assessment merely by treating a …
In a significant ruling reinforcing the principles of natural justice and fair hearing, the Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has condoned an extraordinary delay of 1,542 days in filing an appeal after finding that the taxpayer …
In a significant ruling reaffirming the constitutional limits on judicial intervention in election matters, the Madras High Court has refused to direct an investigation into the financial disclosures made by Tamil Nadu Chief Minister and Tamilaga Vettri Kazhagam (TVK) chief …
The Income Tax Department has approached the Supreme Court challenging a significant Delhi High Court judgment that quashed reassessment proceedings initiated against NDTV founders Dr. Prannoy Roy and Radhika Roy. The case concerns interest-free loans allegedly received from RRPR Holdings …
In a significant ruling that could impact thousands of retired Public Sector Undertaking (PSU) employees across India, the Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed a retired ONGC employee to claim tax exemption on the full …
In an important ruling that provides clarity on capital gains exemption under the Income Tax Act, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) held that merely describing a property as “commercial” in a sale deed is not …
In a significant ruling reinforcing procedural fairness in tax administration, the Income Tax Appellate Tribunal (ITAT), Kolkata Bench, held that failure to provide an assessee with the tally data and forensic analysis report relied upon by the tax authorities amounts …
In a significant ruling reinforcing the principle that tax additions cannot rest merely on suspicion or unverified intelligence inputs, the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the deletion of an addition of ₹26.08 lakh made …
In a significant ruling that strengthens taxpayer protections against arbitrary reassessment proceedings, the Gujarat High Court has held that merely recording high-value bank transactions is not sufficient to reopen an income tax assessment unless there is tangible material demonstrating actual …
In a significant ruling on reassessment proceedings under the Income Tax Act, the Gujarat High Court has held that reassessment cannot continue when the alleged escaped income falls below the statutory threshold prescribed under Section 149. The judgment provides important …
In a significant ruling reinforcing the constitutional separation of powers, the Delhi High Court dismissed a Public Interest Litigation (PIL) that sought judicial directions to impose tax on agricultural income in Delhi. The Court held that taxation policy and legislative …
In a significant development concerning tax policy and constitutional governance, the Supreme Court of India declined to entertain a petition seeking the introduction of a “creamy layer” mechanism in the income-tax exemption available to Scheduled Tribes (STs) residing in specified …