Category: Income Tax

In case of estimation of income, penalty under Section 270A of the Income Tax Act cannot be imposed – ITAT In a recent judgment, ITAT Ranchi has held that in case of estimation of income, penalty under Section 270A of the Income Tax Act cannot be imposed ABCAUS …

In absence of any requirement in law to maintain details of PAN of creditors, no adverse conclusion may be drawn for non-furnishing PAN details of such sundry creditors – High Court In a recent judgment, High Court has held that in the absence of no prior stipulation in …

Form 26 shall replace Form 3CD of tax audit report format from Tax Year 2026-27 (AY 2027-28) Draft Form 26 has been issued which is to substitute existing Tax Audit Report Format 3CD from Tax Year 2026-27 onwards.  Income Tax Department has issued Draft Income Tax Rules 2026 …

When AO do not make any addition on the basis of the reasons on which the reopening was done, the reopening is bad in law – ITAT In a recent judgment, ITAT Cuttack has held that when the AO do not make any addition on the basis of …

Trust accredited by National Institute of Open Schooling eligible for registration u/s.12AB and u/s 80G of the Act. In a recent judgment, ITAT Chennai has held that assessee trust accredited by National Institute of Open Schooling (NIOS) and imparting education with aims to achieve fluency in Sanskrit with …

Delay in furnishing Form 10B – Period between 15.03.2020 till 20.08.2022 to be excluded as per decision of Hon’ble Supreme Court In a recent judgment, Hon’ble High Court has directed acceptance of Audit Report in Form 10B holding that Covid period to be excluded for the purposes of …

Section 271AAB does not grant any immunity from penalty even if the assessee was able to show some reasonable cause in terms of section 273B of the Act In a recent judgment Agra ITAT has held that provisions of section 271AAB of income tax Act does not grant …

Sundry creditors outstanding in books can’t be treated income u/s 41(1) merely because recovery was barred by limitation – ITAT In A recent judgment, ITAT Bangalore has held that sundry creditors shown as outstanding in books could not be automatically treated as income liable to be taxed u/s …

For claiming exemption u/s 11, assessee is required to furnish return of income within time allowed u/s 139 and not u/s 139(1) of the Act – ITAT In a recent judgment, ITAT Pune has held that for claiming exemption u/s 11, assessee is required to furnish the return …

FAQs on amendment proposed to rates of Tax Collection at Source u/s 394(1) of the Income-tax Act, 2025  Income Tax Department has issued a FAQ  on amendment proposed to rates of Tax Collection at Source under section 394(1) of the Income-tax Act, 2025 Q.1 Are the any changes …