Latest Income Tax News, Updates & Judgments

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Penalty under Income Tax cannot be Sustained Independently when Additions are Deleted: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Agra Bench held that penalties under the Income Tax Act, 1961 cannot survive independently when the ...

Budget 2026 Expectations: Ambiguity in Income Tax Act Demands Fix Before Implementation, Say Experts

Income Tax Dept Cannot Order Special Audit Without Valid DIN Based Approval: Bombay HC Holds...

Penalty Invalid as Notice did not specify sub-clause of S.270: ITAT Rules in Favour of Bajaj Housing...

Evidentiary Role of TRC is Limited u/s 245R(2) of Income Tax Act: Supreme Court says TRC not...

Share Swaps Not Always Income Tax Free: What This Supreme Court Ruling Means for Mergers and Investors

Indian companies often treat mergers as tax-neutral events for shareholders. No money is paid. Shares of one company disappear and shares of another company take their place. This treatment has...

Invalid Income Tax Reassessment Sanction u/ s.151 of: Supreme Court Dismisses Revenue SLP [Read Judgement]

The Supreme Court has dismissed the Revenue’s Special Leave Petition (SLP) challenging the Bombay High Court’s order quashing reassessment proceedings for Assessment Year (A.Y.) 2017-18 on the...

Income Tax Consultant died during COVID-19: ITAT condones 848 days' delay [Read Order]

In a recent ruling, the Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) showed a compassionate approach in condoning a delay of 848 days in filing an appeal, where the appellant’s Income...

General Insurance Companies Entitled to S. 10(38) Income Tax Exemption on Equity Gains: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) ruled that general insurance companies can claim income tax exemption under Section 10(38) on long-term capital gains from sale of equity...

Civil Suit against Income Tax Dept.’s Auction of Attached Property not Numbered due to Bar Council Boycott: Madras HC Directs Sale but with Right to Challenge [Read Order]

The Madras High Court recently directed the Income Tax Department to proceed with the confirmation and issuance of a sale certificate in respect of a property attached with relation to income tax...

AO Must Give Reasons While Rejecting Immunity Plea u/s 270AA of Income Tax: Calcutta HC Sets Aside Order [Read Order]

In a recent decision, the Calcutta High Court held that an Assessing Officer must clearly explain the reasons while rejecting an application seeking immunity from penalty under Section 270AA of the...

Ruling in Ashish Agarwal Case applies Only to Defective Income Tax Notices, Not to Reopening Closed Assessment: Supreme Court [Read Order]

The Supreme Court held that the ruling in Union of India v. Ashish Agarwal applies only to defective reassessment notices issued under the Income Tax Act, 1961, and does not authorise the reopening...