The Punjab & Haryana High Court has held that the liability of a legal heir under the Income Tax Act is strictly limited to the value of the estate inherited…
In a significant ruling reinforcing the principle that tax reassessment cannot be initiated against non-existent entities, the Bombay High Court has quashed a Section 148 notice and consequential assessment order…
The principle that capital gains taxation must be based strictly on the real consideration received, said the Chandigarh Bench of the Income Tax Appellate Tribunal ( ITAT ) while quashing two revision…
Many taxpayers in India are experiencing delays in receiving their Income Tax Refunds for 2025. The Chairman of the Central Board of Direct Taxes ( CBDT ), Ravi Agrawal, has explained why…
Many taxpayers in India are experiencing delays in receiving their Income Tax Refunds for 2025. The Chairman of the Central Board of Direct Taxes ( CBDT ), Ravi Agrawal, has explained why…
The Central Board of Direct Taxes ( CBDT ) has released new regulations that clarify and strengthen the authority of Income Tax Commissioners to correct "obvious errors" in assessment and…
The Jaipur Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the additions made on account of unsecured loans and estimated profits related to two entities Gopala Garments and Race…
The Bombay High Court refused to grant interim relief to a same-sex couple challenging the constitutional validity of Section 56(2)(x) of the Income Tax Act, which they claimed discriminates against…
The Madurai Bench of the Madras High Court has clarified that Section 74 of the GST ( Goods and Services Tax ) Act cannot be invoked unless the tax authorities…
The Ministry of Corporate Affairs ( MCA ) has declined to levy any penalty for non-filing of Form BEN-2, after accepting the company’s explanation that its foreign shareholder required to be reported…