Judgement

The ITAT quashed an NFAC assessment framed prior to the operational notification of the faceless scheme and consequently deleted the Rs. 1.54 crore penalty.

ITAT Kolkata Rules Pre-Notification Faceless Assessment Invalid; Rs. 1.54 Crore Penalty Deleted

The court agreed with the tribunal's findings, observing that there was a change of stand and the assessee failed to substantiate the creditworthiness of the transaction.

Ahmedabad HC Sustains Disallowance as Assessee Fails to Substantiate Genuineness of Loan Transaction

Gujarat HC Sustains Disallowance as Assessee Fails to Substantiate Genuineness of Loan Transaction

News

The Income Tax Forms will be renumbered under the Income Tax Act 2025, with effect from April 01, 2026, keeping the key purpose of using them unchanged.

Income Tax Forms Renumbered from FY 2026-27: Key Changes Under the Income Tax Act 2025

The ITAT remanded a capital gains dispute to the Assessing Officer for fresh verification of the assessee’s Rs. 11.24 lakh indexed demolition cost claim related to a property sale.

Property Sale Tax Dispute: ITAT Remands Indexed Cost Disallowance Case Back to AO for Re-Examination

Notice under Section 148 held invalid where AO relied on third-party search material without recording mandatory satisfaction

Income Tax: Reopening After Search Quashed as Nexus with Escapement Not Established

Articles

From April 2026, salaried taxpayers claiming HRA for rent paid to relatives must disclose their relationship with the landlord.

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ITAT Kolkata Rules Pre-Notification Faceless Assessment Invalid; Rs. 1.54 Crore Penalty Deleted

Gujarat HC Sustains Disallowance as Assessee Fails to Substantiate Genuineness of Loan Transaction

Income Tax Forms Renumbered from FY 2026-27: Key Changes Under the Income Tax Act 2025

Property Sale Tax Dispute: ITAT Remands Indexed Cost Disallowance Case Back to AO for Re-Examination

Income Tax: Reopening After Search Quashed as Nexus with Escapement Not Established

New Income Tax Act 2025: HRA Claims on Rent Paid to Relatives Face Stricter Disclosure Rules