News

The Income Tax Department issues intimations to salaried taxpayers for non-disclosure of foreign assets or income, urging them to file revised ITRs for AY 2025-26 by Dec 31.

Income Tax Dept Flags Undisclosed Foreign Assets, Urges Revised ITR Filing by Dec 31, 2025

Judgement

Section 148 Proceedings Set Aside Where Assessee Fully Disclosed Turnover and Sales in Audited Books

High Court Quashes Reassessment Against Diamond Trader Based on Third-Party Allegations

Backward area excise exemption held capital in nature; operating margins to be recomputed excluding excise and CST benefits

ITAT Allows Excise Duty Incentive as Capital Receipt; TP Issues Remanded for Fresh Adjudication

ITAT deleted an addition made for property purchased below market value as the agreement was executed prior to valuation date.

ITAT Deletes Addition Under Section 56(2)(vii)(b) Based on Prior Agreement Date

ITAT Pune dismissed assessee appeal, upholding Rs 78.70 lakh addition for unproven agricultural income.

ITAT: Agricultural Income Claim Rejected for Lack of Evidence

ITAT Ahmedabad remands Rs 63.75 lakh cash addition to CIT(A), granting the assessee a final opportunity to submit evidence.

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Income Tax Dept Flags Undisclosed Foreign Assets, Urges Revised ITR Filing by Dec 31, 2025

High Court Quashes Reassessment Against Diamond Trader Based on Third-Party Allegations

ITAT Allows Excise Duty Incentive as Capital Receipt; TP Issues Remanded for Fresh Adjudication

ITAT Deletes Addition Under Section 56(2)(vii)(b) Based on Prior Agreement Date

ITAT: Agricultural Income Claim Rejected for Lack of Evidence

Addition Based on Third-Party Statement Sent Back for Fresh Consideration by ITAT