The Calcutta High Court, in its landmark judgment dated 28 July 2025 in the case of Asian Financial Services Ltd. v. CIT, settled a long-standing controversy regarding the tax treatment of losses incurred from trading in derivatives. The Court categorically held that such losses …
The Chhattisgarh High Court has clarified that the Income Tax Department cannot file appeals before the High Court solely on the basis of monetary thresholds. Even if the tax demand exceeds the prescribed limit, the appeal must be supported by substantive legal grounds. In a …
The Bombay High Court has taken a significant step in a matter concerning equal tax treatment for same-sex couples. A division bench comprising Justice Burgess Colabawalla and Justice Firdosh Pooniwalla has issued notice to the Attorney General of India on a petition challenging …
The Madras High Court has recently set aside a faceless assessment order passed by the National Faceless Assessment Centre (NFAC), ruling in favor of a taxpayer who was denied a fair opportunity to respond. The judgment underscores the critical need for procedural fairness …
In a significant relief for small taxpayers, the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has ruled that the Section 87A rebate is available on Short-Term Capital Gains (STCG) under the new tax regime (Section 115BAC(1A)), provided the total income does not exceed ₹7 lakh …
The characterization of payments for computer software has long been a contentious issue under Indian tax law. The Revenue has consistently argued that consideration paid to foreign suppliers for software amounts to “royalty” under section 9(1)(vi) of the Income-tax Act, …
The government has overhauled the Income Tax law with sweeping changes effective from FY 2025-26. From higher exemption limits and revised tax slabs to faceless assessments and simplified compliance, the new law aims to make taxation fairer, easier, and more transparent. For …
Form No. 10AB is the statutory application prescribed under the Income-tax Act, 1961 for obtaining, renewing, or modifying registration and approval of charitable or religious trusts, institutions, funds, universities, and research entities under sections 12AB, 10(23C), 80G, and 35. It …
In a significant ruling, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) reiterated that the Commissioner of Income Tax (Exemptions) [CIT(E)] cannot refuse registration to a charitable trust under Section 12AB merely on the apprehension that its funds …
When selling land, the Income Tax Act, 1961 allows you to reduce your taxable capital gains by deducting not only the original acquisition cost but also certain eligible expenses incurred for improving the property or executing its transfer. These deductions …
The sale of land in India can trigger significant tax liabilities in the form of capital gains tax. Whether the property is held for a short or long period determines not only the applicable tax rate but also the availability …
In a significant relief to real estate developers, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has ruled in favour of M/s Experion Developers Pvt. Ltd., holding that revenue authorities cannot make arbitrary ad-hoc disallowances of business expenditure …
The Supreme Court of India has delivered a significant ruling clarifying that for the purposes of the Income Tax Act, loans will be classified as Non-Performing Assets (NPAs) only after a default period of 180 days, as prescribed under the …
The Supreme Court has delivered a split verdict on the interpretation of the limitation period for completing assessment proceedings under Section 144C of the Income Tax Act. The provision deals with the procedure for assessments involving eligible assessees, such as foreign companies or cases involving transfer pricing adjustments. The controversy revolved …
In a significant ruling, the Madras High Court has held that digital marketing services fall under the category of “business” and not “profession” for the purposes of Income Tax Act provisions. Consequently, the threshold for compulsory tax audit under Section 44AB will be ₹1 crore (now ₹5 …
In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Lucknow Bench, has held that a notice issued under Section 148 of the Income Tax Act by a non-jurisdictional Assessing Officer (AO) is void ab initio, even if based on Annual Information Return (AIR) data. The Tribunal clarified …
In a significant and clarifying judgment, the Income Tax Appellate Tribunal (ITAT), Chennai Bench, has ruled that long-term capital loss (LTCL) from the sale of shares can be validly set off against long-term capital gain (LTCG) arising from a slump sale, provided …
In a landmark ruling, the Chhattisgarh High Court has upheld the Income Tax Appellate Tribunal (ITAT) order granting Section 80G approval to a Raipur-based charitable society, emphasizing that valid registration under Section 12AA of the Income Tax Act, 1961 is sufficient for eligibility under Section 80G. Background of the …
Health is wealth — and now, it can help you save on taxes too! Under Section 80D of the Income Tax Act, 1961, individuals and Hindu Undivided Families (HUFs) can claim deductions on health insurance premiums and preventive health check-ups. 👤 …
Section 80C of the Income Tax Act, 1961, allows individual taxpayers and Hindu Undivided Families (HUFs) to claim deductions from their gross total income by investing or spending in specified avenues. The maximum deduction limit under Section 80C is ₹1.5 lakh …