In a landmark order dated 9 July 2025, the Delhi bench of the ITAT rebuked the Assessing Officer’s attempt to tax a trust for failing to apply or accumulate income that the trust had not even received. The case reaffirms that tax …
The Income Tax Department of India has prescribed different Income Tax Return (ITR) forms for different categories of taxpayers, depending on their residential status, nature of income, and amount of income. Selecting the correct ITR form is crucial for accurate filing, compliance, and avoiding notices or …
As the income tax return (ITR) filing deadline of September 15 approaches, taxpayers are gearing up to gather all necessary financial information. To ensure accuracy in ITR filing, individuals often refer to multiple documents such as Form 16, Form 26AS, and the Annual Information Statement …
Delhi ITAT rules in favour of assessee—sales already recorded in books cannot be taxed again as unexplained money under Section 69A or unexplained expenditure under Section 69C. Read full case details here. 🧭 Introduction: In a noteworthy judgment that reaffirms the …
In a significant ruling, the Telangana High Court has clarified that the absence of a personal hearing does not invalidate a case transfer under Section 127 of the Income-tax Act, 1961, provided the assessee has been given an opportunity to submit written objections. …
In a significant ruling, the Gujarat High Court in the case of Sampoorna Sugars Pvt. Ltd. v. PCIT [2025] 176 taxmann.com 742 has held that a genuine mistake by a Chartered Accountant in not filing Form 10-IC within the prescribed …
The ITAT Hyderabad held that while the Commissioner of Income Tax (Appeals) [CIT(A)] has the power to set aside a best judgment assessment under section 144 of the Income Tax Act, 1961, he cannot do so without deciding on legal …
In a landmark ruling on July 24, 2025, the Supreme Court of India held that a foreign entity can be taxed in India if it carries on business through a fixed place of business, even on a temporary or shared basis. The apex …
The Income Tax Bill, 2025, introduced to replace the Income-tax Act, 1961, represents a major overhaul of India’s direct tax regime aimed at simplification, transparency, and consistency. To ensure comprehensive stakeholder engagement, the Lok Sabha referred the Bill to a Parliamentary Select …
The Income Tax Bill 2025, introduced by the Indian government as a complete overhaul of the 1961 Act, seeks to modernize tax administration and enforcement mechanisms. A key and controversial provision of this Bill is the explicit legal empowerment of income tax …
In this case, the assessee trust had applied for approval under section 80G(5) of the Income Tax Act, 1961, which allows donors to claim deduction for donations to certain approved charitable institutions. The Commissioner (Exemptions) rejected the application on the ground that …
In a significant ruling reinforcing procedural integrity under the reassessment regime, the Delhi High Court in the case of Baba Global Ltd v. ACIT, Central Circle 29 & Ors., held that an Assessing Officer (AO), after having passed a reasoned order under Section 148A(d) dropping …
In a recent ruling, the Chennai Income Tax Appellate Tribunal (ITAT) dealt with an important question regarding the taxability of gifts recorded in a “Gift Management System” seized during a search operation on a charitable trust. The Revenue had sought …
In a significant ruling, the Delhi Income Tax Appellate Tribunal (ITAT) has reiterated that additions to an assessee’s income cannot be made solely on the basis of loose papers or rough notings found during a search operation unless such documents are supported …
The Central Board of Direct Taxes (CBDT) has issued a crucial circular granting relief in cases where TDS or TCS demands were raised due to PANs being rendered inoperative because of non-linkage with Aadhaar. These demands typically arose during the …
Reassessment proceedings under Section 147/148 of the Income Tax Act are a powerful tool in the hands of the Revenue to reopen past assessments where income is believed to have escaped taxation. However, such power is not unfettered and must …
Donating to charitable causes not only contributes to social good but can also offer significant tax benefits under the Indian Income Tax Act. For the financial year 2024–25, taxpayers opting for the old tax regime can claim deductions on eligible donations under Section …
When a resident Indian enters into an immovable property transaction with a Non-Resident Indian (NRI) — such as buying property from or selling property to an NRI — the tax implications are significantly different from regular resident-to-resident transactions. Here’s what resident Indians should definitely know: 🧾 …
The Income Tax Appellate Tribunal (ITAT), Mumbai, in the case of Kavita Manoj Damani vs. AO, held that the exemption under Section 54 of the Income‑tax Act applies even when long-term capital gains are re-invested in property purchased from a relative, …
Capital gain taxation in India refers to the tax levied on profits earned from the sale of capital assets such as property, stocks, mutual funds, gold, and bonds. The gain is categorized as either Short-Term Capital Gain (STCG) or Long-Term Capital Gain (LTCG) based …