The Supreme Court of India is poised to deliver an important ruling that could reshape the compliance landscape for charitable and religious institutions across the country. The case concerns whether registration of a trust under Section 12AA of the Income Tax Act, 1961 — …
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) recently reaffirmed an important principle governing Section 41(1) of the Income Tax Act, 1961 — that an addition on account of remission or cessation of liability cannot be sustained in the absence of …
In a significant ruling that brings clarity to capital gains reinvestment timelines, the Income Tax Appellate Tribunal (ITAT), Mumbai has held that making the investment payment within two years from the date of sale is sufficient to claim Section 54F …
A charitable trust filed its return of income claiming exemption under Sections 11 and 12 of the Income-tax Act, 1961. The Assessing Officer (AO) denied the exemption on the technical ground that the trust’s audit report in Form 10B was not submitted along with …
In a significant ruling, the Delhi ITAT has quashed a reassessment initiated under Section 148 of the Income-tax Act after finding that approval under Section 151 was granted by the Commissioner instead of the Joint Commissioner — the competent authority …
In a significant relief to a retired government employee, the Income Tax Appellate Tribunal (ITAT), Cochin Bench, quashed a penalty imposed for “misreporting of income” under Section 270A(9) of the Income-tax Act, 1961. The Tribunal held that a bona fide and fully disclosed claim …
New Delhi, October 29, 2025 — In a major relief to taxpayers and professionals, the Central Board of Direct Taxes (CBDT) has announced an extension of the due dates for filing Income Tax Returns (ITR) and Tax Audit Reports for the Assessment Year 2025-26 under …
As the due date of 31 October 2025 approaches, thousands of businesses and professionals under audit are anxiously waiting for clarity from the Central Board of Direct Taxes (CBDT). The big question — will the government extend the ITR filing deadline for audit …
Every audit season brings a familiar question to every CA’s desk — “How many balance sheets can a Chartered Accountant sign?” For Assessment Year 2025–26 (FY 2024–25), the professional limits under the Income Tax Act and the Companies Act, 2013 remain unchanged. However, their practical …
In a landmark ruling that could reshape India’s digital-asset landscape, the Madras High Court has held that cryptocurrency qualifies as a form of “intangible property” under Indian law. The decision, delivered by Justice N. Anand Venkatesh, aligns India with global judicial thinking in jurisdictions such …
In a significant ruling that clarifies the evidentiary value of income tax documents in employment and compensation disputes, the Punjab and Haryana High Court has held that a firm’s income-tax records cannot be relied upon as standalone proof of an employee’s …
On October 23, 2025, the Income Tax Appellate Tribunal (ITAT) issued a significant ruling concerning the carry-forward of unabsorbed depreciation. The Tribunal held that unabsorbed depreciation under Section 32(2) of the Income Tax Act can be carried forward and set off against income in subsequent …
The Income Tax Return (ITR) filing deadline for audit cases is a crucial compliance date for businesses and professionals whose accounts are subject to audit under Section 44AB of the Income Tax Act, 1961. Each year, the Central Board of …
In a significant ruling, the Kerala High Court in Apollo Tyres Ltd. vs. Assistant Commissioner of Income-Tax (ITA No. 42 of 2024; reported at 2025 LiveLaw (Ker) 660) clarified that non-production of Form 3CL—a report issued by the Department of Scientific and Industrial Research (DSIR)—cannot …
The Central Board of Direct Taxes (CBDT) has recently provided relief to taxpayers covered under audit by extending the due date for furnishing audit reports and considering further extension of the income-tax return (ITR) filing deadline. For the Assessment Year …
In a significant ruling dated October 18, 2025, the Supreme Court of India clarified an important aspect of business taxation for non-resident entities. The Court held that a temporary lull or break in business activity does not amount to cessation of business in India. As …
In a landmark decision dated 18 October 2025, the Madras High Court reaffirmed that prosecution under the Income-tax Act cannot be initiated for mere delay in payment of tax unless the prosecution is supported by cogent evidence of wilful evasion or suppression of income. The ruling, …
Chandraprabha Co-operative Credit Society Ltd. vs. Income Tax Officer Court/Bench: Income Tax Appellate Tribunal (ITAT), Mumbai Bench Introduction: The case revolved around cash deposits made by the assessee, Chandraprabha Co-operative Credit Society Ltd., during the demonetization period (November–December 2016). The Assessing …
In a significant ruling that safeguards taxpayer rights, the Allahabad High Court in U.P. Rajya Nirman Sahakari Sangh Limited v. Union of India & Others (Writ C No. 16125 of 2018, decided on 8 October 2025) held that a genuine tax refund claim supported by …
The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) recently addressed an important procedural issue concerning the validity of income tax proceedings carried out in the name of a deceased assessee. The case, Late Shri Lakha Singh (through legal heir) …