Karnataka High Court quashes Black Money Act proceedings over foreign assets acquired before 2016, ruling that Section 72(c) required assessment in the correct assessment year. The Karnataka High Court has set aside proceedings initiated under the Black Money (Undisclosed Foreign …
Calcutta High Court rules that an Income Tax objection filed on the next working day is valid when the 30-day deadline falls on Sunday, relying on Section 10 of the General Clauses Act. The Calcutta High Court has delivered an …
Delhi High Court questions AAR’s view treating Mastercard’s Indian network as a Permanent Establishment, raising important issues under the India-Singapore DTAA and international taxation. The Delhi High Court has raised significant concerns over the approach adopted by the Authority for …
Tax audit is not automatically mandatory for five consecutive years. Understand Section 44AB, the five-year rule under Section 44AD, presumptive taxation, and year-wise tax audit applicability for businesses and professionals. Tax audit is an important compliance requirement under the Income-tax …
ITAT Delhi rules that scholarships paid in India to Indian students for overseas studies do not amount to application of charitable income outside India, allowing Section 12A and 80G registration. The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) …
Punjab & Haryana High Court sets aside rejection of delayed revised ITR claim by HMT employee seeking additional VRS compensation exemption under Section 10(10B). The Punjab & Haryana High Court has provided important relief to a former employee of HMT …
Bombay High Court condones 30-day delay in filing Form 10B by a charitable trust, protecting Section 11 tax exemption despite pending CBDT application. The Bombay High Court has granted significant relief to a charitable trust by condoning a 30-day delay …
Delhi High Court rules that an AO cannot demand negative evidence to prove no appeal was filed for Section 270AA penalty immunity, directing fair reconsideration of the taxpayer’s application. The Delhi High Court has clarified an important procedural aspect concerning …
The CBDT’s Income-tax (Fifth Amendment) Rules, 2026 introduce key TDS compliance and reporting changes for immovable property transactions involving non-residents, effective from 1 October 2026. The Central Board of Direct Taxes (CBDT) has notified the Income-tax (Fifth Amendment) Rules, 2026 through Notification …
Calcutta High Court upholds ITAT relief in ₹85.13 crore bogus purchases case, holding that a different view by AO or CIT(A) is not enough for interference under Section 260A. The Calcutta High Court has upheld the Income Tax Appellate Tribunal’s …
Karnataka High Court holds that a Section 143(1) intimation issued without adjustment cannot be revised under Section 263, clarifying the limits of revisionary jurisdiction. The Karnataka High Court has clarified an important issue concerning the scope of revisionary powers under Section …
Delhi High Court upholds Delhivery’s ₹51.48 crore ESOP expenditure deduction and rejects ₹62.72 lakh addition under Section 56(2)(viib) over valuation rules. Case Name: Pr. Commissioner of Income Tax (Central)-2 v. M/s Delhivery Pvt. Ltd. Case No.: ITA No. 479/2024 Court: Delhi High Court …
The Supreme Court has reiterated an important principle of income tax law: CBDT circulars and administrative instructions may bind tax authorities, but they do not bind constitutional courts while interpreting the Income Tax Act. In Orient Crafts Limited v. Commissioner of Income …
The Bombay High Court has held that an income-tax penalty cannot be sustained merely because a taxpayer’s expenditure claim is subsequently reduced pursuant to a position agreed under an Advance Pricing Agreement (APA). The Court observed that treating such a reduction …
The Central Board of Direct Taxes (CBDT) has brought about a significant change in the mechanism for recovery of outstanding income-tax dues by removing the provisions relating to arrest and detention of tax defaulters under the tax recovery rules. Through Notification …
Punjab & Haryana High Court directs income tax authorities to adopt a liberal approach while considering genuine hardship in condoning delay in filing returns, particularly where CBDT circulars apply. Introduction The Punjab and Haryana High Court has reiterated that income …
The Supreme Court has clarified an important aspect of income tax reassessment proceedings by holding that an Assessing Officer (AO) cannot reopen matters that have already attained finality through an order of the Income Tax Settlement Commission (ITSC). In Assistant Commissioner …
In a significant legal development for corporate and individual taxpayers, the Bombay High Court has issued a major interim directive to the Income Tax Department. The High Court has instructed Assessing Officers not to move forward with reassessment proceedings against …
The Madras High Court has emphasised an important principle concerning the interaction between GST proceedings and Income Tax reassessment. The Court has held that an Income Tax authority cannot simply rely upon the findings of a GST adjudication order while …
The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has reaffirmed an important procedural safeguard available to foreign companies and other eligible taxpayers under Section 144C of the Income-tax Act. The Tribunal held that where the Assessing Officer proposes a variation in …