In a significant ruling reinforcing the limits of the Principal Commissioner of Income Tax’s (PCIT) revisional jurisdiction under Section 263 of the Income Tax Act, 1961, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the PCIT …
In a significant ruling reinforcing the principles of natural justice, the Gujarat High Court has held that providing a taxpayer with only three days to respond to an Income Tax Show Cause Notice (SCN) is not a reasonable opportunity of hearing. The …
The Goa Bench of the Bombay High Court has delivered a significant judgment clarifying the scope of criminal prosecution for non-payment of income tax. In a noteworthy ruling, the Court held that mere delay in paying an admitted income tax liability …
In a significant ruling that provides much-needed clarity on the charitable status of trade associations, the Gujarat High Court has held that organizations established to promote trade and commerce can qualify as charitable institutions under the Income Tax Act, 1961. …
In a significant ruling reinforcing the legal safeguards available to taxpayers during search assessments, the Bombay High Court has dismissed two income tax appeals filed by the Income Tax Department against Aurum Ventures Private Limited. The Court held that additions cannot …
In a significant development concerning the appellate framework under the Prohibition of Benami Property Transactions Act, 1988 (PBPT Act), the Supreme Court of India has declined to entertain a Public Interest Litigation (PIL) seeking the transfer of appellate jurisdiction from the Appellate Tribunal …
In a significant ruling for taxpayers engaged in the real estate sector and land aggregation business, the Karnataka High Court has held that advances received in the ordinary course of business cannot be treated as taxable income merely because they remain …
The Karnataka High Court has delivered a significant judgment on the limitation period applicable to penalty proceedings under Section 271DA of the Income Tax Act, 1961. In a ruling that provides much-needed clarity for taxpayers and tax authorities alike, the Court …
As the Income Tax Return (ITR) filing deadline of 31 July approaches, cryptocurrency investors should carefully review their tax records before submitting their returns. One of the most important aspects of crypto taxation is the 1% Tax Deducted at Source (TDS) under Section 194S of …
The Karnataka High Court has delivered an important ruling clarifying the legal effect of the Document Identification Number (DIN) requirement under the Income Tax Department’s communication system. The Court held that an income tax order does not become invalid merely …
In a significant ruling concerning income tax reassessment proceedings, the Bombay High Court has clarified that a reassessment notice cannot be treated as having been issued merely because it was digitally signed on March 31, 2021. If the notice was …
The Bombay High Court has delivered a significant judgment reinforcing the principle that genuine litigants should not be denied justice merely because of procedural delays. In a taxpayer-friendly ruling, the Court set aside an order of the Income Tax Appellate …
The Income Tax Department has opposed a writ petition filed by a same-sex couple before the Bombay High Court, seeking extension of the tax exemption available on gifts exchanged between spouses under Section 56(2)(x) of the Income Tax Act, 1961. …
In a significant relief for charitable and religious institutions, the Surat Bench of the Income Tax Appellate Tribunal (ITAT) has held that a delay in filing the audit report in Form No. 10B cannot, by itself, be a valid reason for denying …
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has delivered an important ruling clarifying the scope of deductions available under Section 80GGC of the Income-tax Act, 1961 ( Donation to political party). The Tribunal held that merely making a …
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has delivered a significant ruling reaffirming a well-established principle of income tax law: once the Revenue accepts the corresponding sales as genuine, it cannot ordinarily treat the related purchases as …
The Delhi High Court has delivered a significant judgment clarifying the legal status of cryptocurrency exchanges in India. In a landmark ruling, the Court held that the taxation of Virtual Digital Assets (VDAs) under the Finance Act, 2022 does not …
In a significant ruling on reassessment proceedings under the Income Tax Act, 1961, the Madras High Court has affirmed that Jurisdictional Assessing Officers (JAOs) are legally empowered to issue reassessment notices under Sections 147, 148, and 148A of the Act. …
Government-funded educational institutions often park unutilized grant money in fixed deposits until the funds are required for approved projects. A common question that arises is whether the interest earned on such deposits should be treated as a separate source of …
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has delivered an important ruling in favour of taxpayers by holding that Tax Deducted at Source (TDS) credit cannot be denied merely because it was not claimed in the original Income Tax Return …