TDS Correction Statements not allowed after 31.03.2026 for these years In view of Section 397(3)(f) of Income Tax Act, 2025, correction statements for FY 2018-19 (Qtr. 4), FY 2019-20 to 2022-23 (Qtr. 1 to Qtr. 4) and FY 2023-24 (Qtr. 1 to Qtr. 3) shall be accepted only up-to 31st March 2026. The same are… Read More »
Government of India and ADB sign $125 million loan to upgrade urban services in Assam Ministry of Finance Government of India and ADB sign $125 million loan to upgrade urban services in Assam Project will benefit 360,000 residents of Assam by delivering continuous metered water supply and upgrading stormwater management systems Project will enhance urban… Read More »
Circular No. 13/2025 It is noticed that in certain cases, the returns had already been processed and rebate F. No. 275/09/2025-IT(Budget) Government of India/(भारत सरकार) Ministry of Finance/ (वित्त मत्रांलय) Department of Revenue/(राजस्व विभाग) Central Board of Direct Taxes/(केन्द्रीय प्रत्यक्ष कर बोर्ड) New Delhi, 19″September, 2025 Subject: Order under section 119 of the Income-tax Act,… Read More »
IMPORTANT INCOME TAX CASE LAW 21.09.2025 Section Case Law Title Brief Summary Citation Relevant Act Section 12A Vetaleshwar Shikshan Sanstha v. CIT, Exemption The Tribunal remanded the case back to the Commissioner (Exemption) because the trust’s application for registration was rejected for non-compliance, but the Commissioner failed to consider the trust’s timely response to the… Read More »
An appellate order passed without a hearing, violating court directions, is legally unsustainable. Issue Is a final appellate order passed by the National Faceless Appeal Centre (NFAC) legally valid if it is issued without providing an opportunity of hearing to the assessee, particularly when a High Court had already given specific directions regarding the disposal… Read More »
A TDS demand was deleted based on consistency with a co-purchaser’s favorable order. Issue Can the tax department raise and sustain a TDS demand against one co-purchaser of a property when an identical demand against the other co-purchaser in the very same transaction has already been deleted by an appellate authority? Facts The assessee and… Read More »
Mechanical rejection of delay condonation is unsustainable; a reasoned order is mandatory. Issue Is a mechanical order from a tax authority rejecting a delay condonation application, without addressing the applicant’s specific reasons, legally valid? Facts An assessee filed their income tax return for the assessment year 2021-22 with a delay of 12 days. The assessee… Read More »
The receipt of a free flat during Assessment Year 2007-08 is not taxable, as Section 56(2)(v) of the Income-tax Act at that time only covered the receipt of money, not immovable property. Issue Whether the value of an immovable property, in this case a flat, received free of cost by an individual during the Assessment… Read More »
The receipt of a free flat during Assessment Year 2007-08 is not taxable, as Section 56(2)(v) of the Income-tax Act at that time only covered the receipt of money, not immovable property. Issue Whether the value of an immovable property, in this case a flat, received free of cost by an individual during the Assessment… Read More »
A provision for discount is an allowable expenditure if it is based on a scientific method and is consistently discharged in subsequent years. Issue Is a “provision for discount” an allowable business expenditure under Section 37(1) of the Income-tax Act, 1961, or should it be disallowed as an inadmissible contingent liability? Facts For the assessment… Read More »