Allowance of an incorrect claim in a later year cannot be used to justify the non-disallowance in an earlier year – ITAT In a recent judgment ITAT Ahmedabad has held that the allowance of an incorrect claim in a later year cannot be used to justify the non-disallowance …

Use of words, “either and or” in recording reasons to believe shows Ao was unsure of the facts and initiated proceedings in mechanical manner – ITAT In a recent judgment, ITAT Ahmedabad held that use of words, “either and or” in reasons to believe reveals that the Assessing …

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 …