Explains that HRA exemption is not permitted under the new tax regime and is fully taxable. Key takeaway: employees must compare regimes to avoid higher tax ...

The Court held that no disallowance under Section 14A can be made when exempt income is not earned in the relevant year. It upheld the Tribunal’s decision and dismissed the revenue’s ...

The notification introduces Aggressive and Balanced Life Cycle Funds under NPS and UPS, offering higher equity exposure and age-based tapering to improve retirement planning ...

ITAT upholds deletion of Section 69 addition after remand verification showed property purchases were recorded as business stock. Ruling highlights that properly accounted stock-in-trade cannot be ...

ITAT held that criminal and departmental actions against former office bearers justified the 204-day delay. Assessment was remanded because additions were made without examining ...

ITAT holds that technical-glitch-related delay in filing Form 10AB cannot be rejected outright, directing the assessee to seek CBDT condonation. Ruling clarifies limits of CIT(E)s powers and ensures ...

ITAT holds that the temples bona fide belief in statutory exemption justified a 607-day delay. Assessments and penalties are remanded for fresh review considering exemption ...

The Tribunal held that TP additions for guarantee fee and interest were unsustainable because the TPO applied no prescribed method. Key takeaway: ALP must be determined using recognized methodologies, ...

ITAT Agra held that entire TDS deducted on maturity of bond is allowable since assessee has already offered interest income on accrual basis. Accordingly, appeal of the assessee is allowed and TDS ...

Delhi High Court held that writ seeking direction to Central Bureau of Investigation [CBI]; Enforcement Directorate [ED] and Serious Fraud Investigation Office [SFIO] to investigate in gigantic ...

Delhi High Court held that CBIC should conduct inter-ministerial consultation in re respect of the uniform policy permitting or prohibiting import of products declared as ‘body massagers’ or sex ...

The Tribunal held that the CIT(A) cannot dismiss an appeal for non-prosecution and must decide on merits. Key takeaway: cases dismissed mechanically must be re-examined by the Assessing ...