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Income Tax Law

Supreme Court Upholds Deletion of S. 14A Disallowance due to AO's Failure to Record Proper Satisfaction [Read Order]

In a recent ruling, the Supreme Court of India upheld the deletion of a disallowance made under Section 14A of the Income Tax Act after finding no...

TDS on Foreign Travel LTC Not Deducted: ITAT Confirms ₹17.2 Lakhs Penalty on SBI [Read Order]

SC Declines to Intervene in Delayed Income Tax Reassessment Challenge, Affirms Duty to Cooperate...

Technical Error in Application Cannot Be Ground To Reject Registration: ITAT Directs Reconsideration...

Income Tax Dept Administrative Delay in Gathering Foreign Information Cannot Restrict Right to...

Employer Loan Tax Rule in Income Tax Rules Draft 2026: SBI Rate Method Explained

Many Indian employees take small loans from their employer. Some take a salary advance for a medical need. Some take an interest-free loan for a vehicle, home renovation, education, or a personal...

How Much Silver Can You Keep at Home Without Tax in India

Many Indian homes keep some silver, like coins, bars, utensils, or ornaments. A common question people ask is whether there is any limit on how much silver they can keep at home without tax. The...

Interest-Free Advances from Share Capital Don not Attract Notional Tax: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that notional interest cannot be brought to tax where an assessee advances interest-free funds to its director out of its own...

Chhattisgarh HC Rejects M.Com Student’s Plea for Third Re-Evaluation of Income Tax Marks Over Belated Application Filing [Read Order]

In a recent ruling, the Chhattisgarh High Court rejected the plea of M.Com student seeking a third re-evaluation of his Income Tax and Finance Management marks, holding that his application before ...

IBC Trumps Income Tax Law: Bombay HC Upholds Extinguishment of Pre-Resolution Claims [Read Order]

The Bombay High Court has allowed challenging two notices issued by the National Faceless Assessment Centre under the Income Tax Act, 1961, for Assessment Year 2024-25 and upheld the extinguishment...

CJI Gavai Lauds ITAT’s Justice Delivery Role, Warns of Rs. 6.85 Lakh Crore Backlog and Calls for Structural Reforms

Chief Justice of India, Justice B R Gavai, recently emphasized the critical role played by the Income Tax Appellate Tribunal (ITAT) in India's justice delivery system while highlighting the urgent...

[BREAKING] Income Tax Act, 2025 notified in Official Gazette for General Information by Ministry of Law and Justice [Read Act]

The Ministry of Law and Justice has notified the Income Tax Act, 2025 in the Official Gazette after it received the President’s assent on Thursday. The Act consolidates and amends India’s existing...