Category: Income Tax
The Income Tax Act 2025 received the assent of the President on the 21st August, 2025 and has been notified in the official Gazette The Income Tax Act 2025 contains 536 sections, organized into 23 chapters, with 16 schedules. It was stated by the Finance Minister that the …
Section 11(2) related to accumulation of income not require that it can be utilized only after expenditure of relevant assessment are applied. In a recent judgment, ITAT Lucknow has held that Section 11(2) related to accumulation of income by charitable institutions does not provide that expenditure of relevant …
All Excel Utilities of ITR-1 to ITR-7 for AY 2025-26 made available at Income tax e-filing Portal. Income Tax Department has finally released all Excel Utilities of Income Tax Returns from ITR-1 to ITR-7 for AY 2025-26. These excel based utilities to prepare ITRs are available for download …
Income tax on gross winnings from online games without setting off loss upheld as section 115BBJ is prospective. In a recent judgment, ITAT Hyderabad has upheld tax on gross winnings instead of net winnings from online games holding that provisions of 115BBJ being a new section introduced from …
ITAT deleted addition for late deposit of PF and ESI contributions as CPC intimations u/s 143(1) were issued prior to the decision of the Hon’ble Supreme Court In an interesting judgment, ITAT Delhi deleted addition for late deposit of PF and ESI contributions holding that CPC intimations under …
Plea of negligence of tax consultant rejected as no complaint made against him and also tax consultant not impleaded as a party in Writ petition. In a recent judgment, Hon’ble Kerala High Court rejected the plea of negligence on the part of the tax consultant in the absence …
Vintage car held non personal effect of the assessee and sale thereof held liable to capital gain tax – High Court In a recent judgment, Bombay High Court has held that vintage car owned by the appellant assessee was not his personal effect and thus the gain arising …
ITAT deleted penalty u/s 271AAB as show cause notice did not specify limb of penalty applicable to the assessee. In a recent judgment, ITAT Chandigarh has deleted penalty under section 271AAB as the show cause notice issued did not specify applicable limb of penalty. ABCAUS Case Law Citation:4703 …
CBDT amends threshold of salaries and gross total income in respect of certain perquisites CBDT has notified Income tax (Twenty Second Amendment) Rules, 2025 vide Notification No. 133/2025 dated 18.08.2025 amending the rules relating to taxability of certain perquisites in the hands of employees. As per section 17(2)(iii) …
Once it is established that assessee has not maintained the books of account, same can not be audited – ITAT In a recent judgment, ITAT Jaipur quashed the levy of penalty u/s 271B for failure to get accounts audited u/s 44AB holding that once it is established that …
