Filing an Income Tax Return (ITR) is a statutory obligation for many taxpayers in India. While the process has become more convenient with online filing facilities, taxpayers often make avoidable mistakes that can lead to notices, delayed refunds, additional tax …
In a significant ruling for taxpayers engaged in real estate development, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has granted substantial relief to Shalimar Corp Ltd by allowing 50% telescoping of cash deposits against undisclosed income earned …
In a significant ruling reinforcing the limits of an Assessing Officer’s powers, the Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has held that an Assessing Officer (AO) cannot make a fresh addition while passing an order merely to …
In a significant move aimed at strengthening India’s debt market and attracting greater foreign investment, the Government of India has promulgated the Income-tax (Amendment) Ordinance, 2026, granting a complete exemption from capital gains tax and interest income tax on investments …
In a significant ruling on capital gains taxation, the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that the execution and registration of a sale deed constitute a completed transfer for the purposes of capital gains tax …
The remarkable rise of young cricket sensation Vaibhav Sooryavanshi has captured the attention of cricket fans and financial experts alike. At just 15 years of age, the IPL star has reportedly accumulated wealth worth nearly ₹7 crore through cricket contracts, …
Notification No.: 70/2026/F.No. 500/Misc./S10(23FE)/FT&TR-II Date: 1 June 2026 The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has issued Notification No. 70/2026 specifying certain infrastructure sub-sector businesses as eligible entities under the Income-tax Act, 2025. Legal Authority This …
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 …