Category: Income Tax

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taxed u/s 69C as unexplained expenditure In a recent judgment, ITAT has deleted addition u/s 69C holding that an amount withdrawn from the bank account of the assessee, the source of which …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 …

Assessee entitled to claim deprecation u/s 11(6) if corresponding capital expenditure was not claimed as application of income – ITAT In a recent judgment ITAT has held that assessee society was entitled to claim deprecation u/s 11(6) towards application of income in view of the fact that corresponding …

Chartered Accountants issuing certificates in Form 15CB/Form146 are expected to exercise due care, diligence and professional judgment – CBDT CBDT has cautioned CAs on exercising due care, diligence and professional judgment while issuing certificates in Form 15CB/Form146 regarding foreign remittances. In its press release, CBDT has stated that …

Section 292C of the Income Tax Act 1961 indeed carries presumption of correctness of such seized documents contents but only against the searched than any third party In a recent judgment, ITAT has held that section 292C of the Income Tax Act 1961 indeed carries presumption of correctness …

PCIT directed to consider condonation of delay u/s 119(2)(b) in filing revised return to availing benefits of section 44ADA In a recent case, the High Court quashed order u/s 119(2)(b) rejecting condonation of delay for filing revised return to claim refund by availing benefits of presumptive taxation u/s …

Frequently asked Questions on Foreign Assets of Small Taxpayers Disclosure Scheme and Rule 2026.  CBDT has released a FAQs on Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS) and recently notified Foreign Assets of Small Taxpayers – Disclosure Scheme Rules, 2026  The FAQs are divided into sections namely …