Category: Income Tax

ITAT power to pass such orders “as it thinks fit” implies a judicial discretion to be exercised within the parameters of law, equity, and reason, and not an unbridled power to erect coercive financial barriers – High Court In a recent judgment, Hon’ble High Court has held that …

Mere non-deduction of TDS by the deductor on a transaction does not change the character of the transaction to make it unexplained income. In a recent judgment, ITAT has held that merely, because TDS has not been deducted on a particular transaction does not change the character of …

Can a demand notice be issued u/s 156 for non-payment of Dividend tax u/s 115-O, when as per assessment order passed u/s 143(3) there is Nil demand? Supreme Court admits Petition In a recent case, the Hon’ble Supreme Court had admitted a SLP against the judgment of the …

The issue already examined and adjudicated by the quasi-judicial authority, i.e., CIT(Appeals), cannot be reopened on the same set of facts – High Court In a recent judgment, Hon’ble High Court has held that when the very issue was already been examined and adjudicated by the quasi-judicial authority, …

One TDS is deducted, credit has to follow, failure of deductor to deposit the amount to the credit of the Central Government no excuse to deny TDS credit to the deductee – High Court In a landmark judgment, a Division Bench of the Hon’ble High Court while issuing …

Merely because assessee did not explain purpose of cash withdrawal from bank, it can not be taxed u/s 69C as unexplained expenditure In a recent judgment, ITAT has deleted addition u/s 69C holding that an amount withdrawn from the bank account of the assessee, the source of which …

For claiming deduction u/s 57(iii) a reasonable and intelligible nexus should be established between the expenditure incurred and the income sought to be earned. In a recent judgment, ITAT has held that for claiming deduction u/s 57(iii) a reasonable and intelligible nexus should be established between the expenditure …

Where medical certificate not held to be forged and fictitious, rejecting appeal on ground of delay unjustified In a recent judgment, Hon’ble High Court has held that when the medical certificate was not held to be forged and fictitious, Appellate Court was unjustified in rejecting the condonation of …

Agricultural land is outside the definition of capital asset, therefore, the deeming provision u/s 56(2)(x) cannot be invoked – ITAT In a recent judgment, ITAT has held that where the assessee has purchased agricultural land the same is outside the definition of capital asset, therefore, the deeming provision …

NSDL latest e-TDS TCS RPU version 1.2 for Tax Year 2026-27 NSDL has revised the e-TDS TCS RPU utility for preparing of TDS/TCS returns for Tax Year 2026-27 TDS/TCS RPU version 1.2 for Tax Year 2026-27 RPU latest version 1.2 applicable for filing e-TDS/TCS returns for Tax Year …