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Here's a comprehensive guide to help taxpayers avoid the most common and costly mistakes while filing their Income Tax Return (ITR) for the AY 2025-26.

ITR Due Date Extended: Ten Key Mistakes to Avoid While Filing ITR in 2025

Judgement

Court strikes down additions under Section 115JA; clarifies “reserve” vs. “provision” distinction

Bombay HC: Provision for Doubtful Debts Not a Reserve Under Section 115JA; Book Profits Cannot Be Increased

ITAT Mumbai allows 10% variation between purchase price and stamp duty value for AY 2017-18, granting retrospective relief under Section 56(2)(vii)(b).

ITAT Allows 10% Variation in Property Value for AY 2017-18 Under Section 56(2)(vii)(b)

HC interprets “a residential house” in Section 54 to include more than one unit before 2014 amendment; assessee is entitled to full relief on seven row houses

Income Tax: Bombay HC allows Exemption under Section 54 Allowed for Multiple Houses Purchased Before 2015

The IT department has identified cases of some Jewellers switching from the approved FIFO to the Prohibited LIFO method for inventory valuation.

IT Dept. Crackdowns Jewellers Who Disobey Accounting Rules

IT Dept. Crackdowns Jewellers for manipulating Accounting Rules

HC applies the “purpose test” to hold sales tax incentives for industries in backward areas as capital receipts, not taxable as revenue income

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ITR Due Date Extended: Ten Key Mistakes to Avoid While Filing ITR in 2025

Bombay HC: Provision for Doubtful Debts Not a Reserve Under Section 115JA; Book Profits Cannot Be Increased

ITAT Allows 10% Variation in Property Value for AY 2017-18 Under Section 56(2)(vii)(b)

Income Tax: Bombay HC allows Exemption under Section 54 Allowed for Multiple Houses Purchased Before 2015

IT Dept. Crackdowns Jewellers for manipulating Accounting Rules

Victory for Bajaj Auto & Reliance: Bombay HC Rules Sales Tax Incentives for New Units in Backward Areas Are Capital Receipts, Not Taxable