Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The ITAT Agra held that Section 44AD could not apply where turnover exceeded the limit, adopting past profit history instead, allowing telescoping and deleting Section 43B addition.
The ITAT Delhi ruled that Section 68 does not apply to sale proceeds of disclosed investments already recorded in the books. The Revenue's appeals were dismissed, setting a precedent on the interpretation of disclosed investments.
The article provides a comprehensive checklist for ITR-2 filing for AY 2026-27, focusing on capital gains and foreign assets. Taxpayers can download a PDF to prepare necessary documents in advance.
This week's roundup covers recent decisions from the Income Tax Appellate Tribunal (ITAT) including various significant rulings that impact tax assessment procedures.
The ITAT has remanded a case regarding bad debt provisions back to the Assessing Officer for verification of rural branch advances, emphasizing the necessity for accurate data assessment in tax deductions.
The CBDT has authorized jurisdictional PCIT or CIT to review and approve delayed Form 10AB applications for Section 80G approval renewal until December 31, 2026.
Taxpayers must be aware of the pitfalls of missing the ITR deadline, which can result in penalties, delays in refunds, and loss of tax benefits.
The ITAT has ruled that a 'Legal Heir' is not synonymous with a 'Legal Representative' in its assessment order, emphasizing the need for clarity on heir status in estate matters.
The ITAT has remanded a case to the Assessing Officer to verify rural branch advances pertinent to bad debt provisions under Section 36(1)(viia), asserting the necessity of accurate data verification.
The article highlights the significance of accurate passport records in establishing residency for global tax compliance.
The Madras High Court has granted 30 days for a reply under Section 74 regarding the return of goods sent for job work, stressing limited exemptions for genuine errors.
Ravi Agarwal is reappointed as the Chairman of the CBDT for another six months, continuing his leadership amid the implementation of the new Income Tax Act, 2025.