In a significant ruling that clarifies the scope of tax benefits for charitable institutions, the New Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that a trust cannot be denied approval under Section 80G of the Income …
In a significant ruling with far-reaching implications for corporate restructuring and tax planning, the Supreme Court of India has held that an amalgamated company cannot claim the benefit of losses incurred by the amalgamating entity prior to the merger unless …
In a significant ruling that brings clarity to the tax treatment of Common Area Maintenance (CAM) charges, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that such payments are not in the nature of rent and therefore attract Tax …
In a significant ruling that clarifies the scope of interest deduction under the Income Tax Act, the Kerala High Court has held that a partner cannot claim deduction on interest paid on borrowed funds if such funds are invested as …
In a significant ruling highlighting the importance of financial transparency in matrimonial disputes, the Allahabad High Court has set aside a maintenance order granted to a wife, after finding glaring inconsistencies between her declared income and income tax records. The …
The Central Board of Direct Taxes (CBDT), vide it’s Letter bearing F.No. 225/26/2026-ITA.II, dated May 29, 2026, issued a firm directive aimed at ensuring uniformity in the treatment of unexplained cash credits, investments, assets, borrowings and expenditures across all direct tax field …
In a significant and pragmatic ruling, the Income Tax Appellate Tribunal (ITAT), Kolkata Bench, has reaffirmed a fundamental principle of tax jurisprudence—substance must prevail over form. The Tribunal held that mere clerical or inadvertent errors in tax audit reports cannot be …
In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Pune Bench has held that a delay in filing the audit report in Form 10DA cannot be a valid ground to deny deduction under Section 80JJAA of the Income Tax Act, 1961. The decision reinforces …
In a noteworthy ruling that brings clarity and relief to taxpayers, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that exemption under Section 54 of the Income Tax Act, 1961 cannot be denied merely due to …
In a significant ruling reinforcing the principle that suspicion cannot substitute evidence, the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] in favour of a retail jewellery firm. The tribunal …
The Mumbai Income Tax Appellate Tribunal (ITAT) has delivered a significant ruling in the case of actor Sonu Sood, clarifying the scope and applicability of reassessment proceedings under the amended provisions of the Income Tax Act. The decision provides important …
In a significant ruling that highlights the importance of bona fide belief on Form 16 and procedural fairness, the Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has deleted a hefty penalty of ₹51.20 lakh imposed on a taxpayer. …
The scope and limits of reassessment proceedings under Sections 147 and 148 of the Income Tax Act, 1961 have long been a subject of litigation. In a significant ruling, the Supreme Court of India in the case of Commissioner of …
In a significant ruling on reassessment proceedings under the Income Tax Act, the Supreme Court in Sanand Properties P. Ltd. v. Joint Commissioner of I.T. Range 6 has held that merely disclosing a transaction during the original assessment does not …
In a significant ruling reinforcing the principle that income tax assessments must be based on concrete evidence rather than assumptions, the Supreme Court of India has dismissed the Revenue Department’s Special Leave Petition (SLP) against Mahamaya Steel Industries Ltd.. The …
In a significant ruling concerning the interpretation of the Income Declaration Scheme (IDS), 2016, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that undisclosed income declared under the IDS cannot be taxed in the original assessment …
The Calcutta High Court has delivered a significant judgment in favour of taxpayers by holding that a minor procedural delay should not deprive an assessee of substantive tax benefits. In the case of Padmalochanan Radhakrishnan vs. Union of India & …
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 …