Company Car Perquisite Tax Value Set to Rise Under Income Tax Rules 2026
Company-provided cars will soon add a higher taxable value to many salary packages, based on the Income-tax Rules draft for 2026. Under the...
Income Tax Addition Solely Based on Pendrive Data Seized from Third Party not Sustainable: ITAT Quashes Order [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, recently held that in situations where income tax addition has been made solely based on documents/materials seized from third parties, the...
![Income Tax Addition Solely Based on Pendrive Data Seized from Third Party not Sustainable: ITAT Quashes Order [Read Order]](https://images.taxscan.in/h-upload/2026/02/09/2124356-income-tax-addition-solely-based-pendrive-data-seized-third-party-sustainable-itat-quashes-order-taxscan.webp "Income Tax Addition Solely Based on Pendrive Data Seized from Third Party not Sustainable: ITAT Quashes Order [Read Order]")
Mandatory CA Verification for Companies and High-Value Foreign Tax Credit Claims: Income Tax Rules 2026 Draft
The government has proposed a new compliance requirement for taxpayers claiming Foreign Tax Credit (FTC) under the Income Tax Act, 2025. As per the Draft Income Tax Rules, 2026, certain foreign tax...
Taxpayer Not Well Versed with Income Tax Proceedings: ITAT Gives Final Opportunity, Directs Compliance [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune Bench, gave the assessee-appellant a final opportunity to comply and participate in the proceedings in the interests of justice. The appellant had...
![Taxpayer Not Well Versed with Income Tax Proceedings: ITAT Gives Final Opportunity, Directs Compliance [Read Order]](https://images.taxscan.in/h-upload/2026/02/09/2124343-itat-pune-taxpayer-income-tax-proceedings-final-opportunity-directs-compliance-taxscan.webp "Taxpayer Not Well Versed with Income Tax Proceedings: ITAT Gives Final Opportunity, Directs Compliance [Read Order]")
Advance Tax Delay Depends on Date of Electronic Payment, Not Credit Date: ITAT Quashes ₹1.23 Cr Interest on Dream11 Parent Co. [Read Order]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) recently clarified that for purposes of levying interest on delayed payment of advance tax, the relevant date is the date on which...
![Advance Tax Delay Depends on Date of Electronic Payment, Not Credit Date: ITAT Quashes ₹1.23 Cr Interest on Dream11 Parent Co. [Read Order]](https://images.taxscan.in/h-upload/2026/02/08/2124277-advance-tax-delay-depends-electronic-payment-credit-itat-interest-on-dream11-parent-co-taxscan.webp "Advance Tax Delay Depends on Date of Electronic Payment, Not Credit Date: ITAT Quashes ₹1.23 Cr Interest on Dream11 Parent Co. [Read Order]")
Depreciation on Goodwill cannot be Revisited in Later Years Once Allowed in First Year: ITAT [Read Order]
In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Ahmedabad, has held that once depreciation on goodwill is properly allowed in the first year, subsequent years must continue on the...
![Depreciation on Goodwill cannot be Revisited in Later Years Once Allowed in First Year: ITAT [Read Order]](https://images.taxscan.in/h-upload/2026/02/07/2124110-depreciation-on-goodwill-itat-taxscan-.webp "Depreciation on Goodwill cannot be Revisited in Later Years Once Allowed in First Year: ITAT [Read Order]")
Income Tax Dept. can Inspect Seized Jewellery amid Pending S.263 Proceedings Without Disclosing Reasons: Calcutta HC [Read Order]
The Calcutta High Court recently delivered a notable judgment, ruling that the Income Tax Department is not required to provide all information and reasons to inspect jewellery and bullion that was...
![Income Tax Dept. can Inspect Seized Jewellery amid Pending S.263 Proceedings Without Disclosing Reasons: Calcutta HC [Read Order]](https://images.taxscan.in/h-upload/2026/02/07/2124114-income-tax-dept-inspect-seized-jewellery-amid-proceedings-without-disclosing-reasons-calcutta-hc-taxscan.webp "Income Tax Dept. can Inspect Seized Jewellery amid Pending S.263 Proceedings Without Disclosing Reasons: Calcutta HC [Read Order]")