The introduction of Form 164 under Section 507 of the Income-tax Act, 2025 has brought a new layer of compliance for professionals operating in the entertainment and events industry. This includes film producers, OTT content creators, sports event organizers, and event management …
In a significant ruling that reinforces the importance of substantive evidence over mere data mismatches, the Income Tax Appellate Tribunal (ITAT) has held that unreconciled Statement of Financial Transactions (SFT) entries alone cannot justify additions under Section 69A of the Income …
In a significant ruling that reinforces settled principles of income classification under the Income Tax Act, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that receipts arising from the transfer of a capital asset cannot be …
In a significant ruling reinforcing the jurisdictional limits of appellate authorities, the Income Tax Appellate Tribunal (ITAT), Chennai Bench, has held that the Commissioner of Income Tax (Appeals) [CIT(A)] cannot issue directions for reopening assessments of years that are not …
In a significant ruling reinforcing the principles of fair taxation, the Chhattisgarh High Court has held that income tax additions cannot be sustained when they are based purely on guesswork, suspicion, or estimation without supporting material evidence. The judgment in the case …
High-value credit card transactions are increasingly under the scrutiny of the Income Tax Department through mechanisms like the Statement of Financial Transactions (SFT) and Annual Information Return (AIR). However, a crucial question arises—can such transactions automatically be treated as undisclosed …
In a significant ruling with practical implications for penalty proceedings under the Income Tax Act, the Kerala High Court has clarified that approval granted by an Additional Commissioner of Income Tax is legally valid for the purposes of Section 274(2). …
In a significant ruling reinforcing taxpayer protections, the Income Tax Appellate Tribunal (ITAT), Mumbai, in the case of Ramesh Kumar Puraji Jain vs DCIT, deleted additions made under Section 69 of the Income Tax Act on account of alleged “on-money” payments …
In an increasingly globalized world, high-earning professionals like IITians are constantly evaluating where their income delivers the best value—not just in numbers, but in quality of life. A recent viral story about a 34-year-old IIT graduate and software architect has …
In a landmark decision that provides significant clarity and relief to corporate India, the Delhi High Court has ruled that share buybacks conducted at a price below the fair market value (FMV) do not constitute taxable “income” or “deemed profit” in the …
In a significant development for taxpayers and professionals, the Central Board of Direct Taxes (CBDT) has released a crucial corrigendum to the newly notified Income Tax Rules, 2026. Issued through Notification No. 64/2026 [G.S.R. 286(E)] dated April 16, 2026, the …
In a significant ruling that reinforces the strict compliance requirements under the Income Tax Act, the Madras High Court has held that taxpayers cannot claim a deduction for bad debts merely by labeling them as irrecoverable. The Court emphasized that …
The distinction between a “works contractor” and a “developer” has long been a point of contention in the Indian tax landscape. In a significant victory for the infrastructure sector, the Bombay High Court recently delivered a landmark judgment on 11 March 2026, …
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench has delivered a significant ruling in ITA No. 2172/Bang/2024, reinforcing the legal position that newly formed charitable trusts cannot be denied registration merely due to limited commencement of activities. The case of Shri Siwanchi Oswal …
In a noteworthy ruling, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) reaffirmed the importance of the principle of consistency in income tax proceedings while deleting a proportionate disallowance of power and fuel expenses. The decision highlights the judiciary’s continued …
In a significant ruling reported in [2026] 184 taxmann.com 636 (Gujarat), the Gujarat High Court has once again reinforced the legal boundaries governing reassessment proceedings under the Income Tax Act. The Court quashed a reassessment notice issued by the Assessing Officer (AO), holding …
In a significant and compassionate ruling, the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has condoned a delay of 153 days in filing an appeal by a senior citizen taxpayer, recognizing her lack of familiarity with tax procedures and digital …
In a significant and taxpayer-friendly ruling, the Income Tax Appellate Tribunal (ITAT), Cuttack Bench, has clarified the legal position regarding delayed deposits of employees’ contributions towards Provident Fund (PF) and Employees’ State Insurance (ESI). The Tribunal held that the amendment …
In a significant ruling, the Income Tax Appellate Tribunal has clarified an important aspect of taxation relating to house property income. The Tribunal held that where a property is held for the purpose of letting but remains vacant throughout the …
India’s direct tax landscape is undergoing a historic transformation with the introduction of the Income Tax Act, 2025, set to take effect from April 1, 2026 (FY 2026–27). Replacing the decades-old Income Tax Act, 1961, the new legislation aims to simplify …