Charitable trusts and societies often rely on the exemption provisions under Section 11 of the Income-tax Act to accumulate income for future charitable purposes. However, tax authorities sometimes deny such benefits on the basis of minor procedural defects, even when the charitable …
The Union Budget 2026 has introduced a major reform in the way Minimum Alternate Tax (MAT) is treated under India’s corporate taxation framework. In a move aimed at simplifying compliance and ensuring greater tax certainty, the government has proposed to convert MAT into a final, …
The Union Budget 2026 introduced a notable change for participants in India’s stock derivatives market by increasing the Securities Transaction Tax (STT) on Futures and Options (F&O) trades. At first glance, the revision may look like a marginal tweak in …
The Finance Bill, 2026 marks a decisive shift in India’s income-tax compliance framework. One of the most significant reforms proposed is the replacement of discretionary penalties with fixed, mandatory fees for certain procedural defaults under the Income-tax Act, 2025, effective from 1 April 2026 (Assessment Year …
The Union Budget 2026, presented by Finance Minister Nirmala Sitharaman, brings significant structural and compliance-oriented changes to the income tax framework while keeping tax rates unchanged. Despite widespread expectations of relief through revised income tax slabs, the government chose to …
The Union Budget 2026–27, presented on 1 February 2026 by the Finance Minister, places a clear emphasis on tax certainty, simplification of laws, and ease of compliance, rather than major rate changes. Both direct and indirect tax proposals aim to reduce …
The Visakhapatnam Bench of the Income Tax Appellate Tribunal (ITAT) held that receipts derived from leasing educational infrastructure along with multifaceted allied services are taxable as business income and not as income from house property. The Tribunal observed that where an assessee is …
The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) examined whether interest received on income-tax refund qualifies for deduction under Section 80-IA of the Income Tax Act, 1961. The dispute arose from partial disallowance of the assessee’s Section 80-IA claim by the …
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that no addition under section 69A of the Income-tax Act, 1961 can be made in respect of cash deposits in a bank account when such deposits are duly …
In a significant ruling, the Pune Bench of the Income Tax Appellate Tribunal (ITAT) held that registration under section 12A of the Income-tax Act cannot be denied on the basis of vague and unsubstantiated allegations of capitation fee collection or …
In a fresh compliance push, the Income Tax Department has intensified its crackdown on undisclosed foreign assets by roping in multinational companies (MNCs) operating in India. As part of its data-driven “nudge” strategy, the department has asked MNCs to alert …
The power to cancel registration of a charitable trust under the Income-tax Act has often been a subject of jurisdictional debate, particularly when a case is transferred from one authority to another. In a significant ruling, the Bangalore Bench of …
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 …