Supreme Court Upholds Gujarat HC Ruling Quashing Mechanical Income Tax Reopening Notices Based on ‘National Shroff Angadiya’ Search Inputs [Read Judgement]

Clipped from: https://www.taxscan.in/top-stories/supreme-court-upholds-gujarat-hc-ruling-quashing-mechanical-income-tax-reopening-notices-based-on-national-shroff-angadiya-search-inputs-read-judgement-1442879?TRN300=cVkGzlcuCaDRKvfSyvbMCBwGaSzuGDMbEFcYVBqHWjhMvDFcIMCbZIdMbMSAcx&LKD333=3412908 The Supreme Court upheld the Gujarat High Court order quashing mechanical reopening notices issued under Section 148 based on National Shroff search inputs.

Income Tax Addition Solely Based on Pendrive Data Seized from Third Party not Sustainable: ITAT Quashes Order [Read Order]

Clipped from: https://www.taxscan.in/top-stories/income-tax-addition-solely-based-on-pendrive-data-seized-from-third-party-not-sustainable-itat-quashes-order-read-order-1442858?TRN300=cVkGzlcuCaDRKvfSyvbMCBwGaSzuGDMbEFcYVBqHWjhMvDFcIMCbZIdMbMSAcx&LKD333=3412895 The materials that were retrieved from third parties are to be cross-examined before additions are made to income tax. ITAT deletes addition in

Taxpayer Not Well Versed with Income Tax Proceedings: ITAT Gives Final Opportunity, Directs Compliance [Read Order]

Clipped from: https://www.taxscan.in/top-stories/taxpayer-not-well-versed-with-income-tax-proceedings-itat-gives-final-opportunity-directs-compliance-read-order-1442855?TRN300=cVkGzlcuCaDRKvfSyvbMCBwGaSzuGDMbEFcYVBqHWjhMvDFcIMCbZIdMbMSAcx&LKD333=3412872 ITAT offers one final opportunity to assessee for the submission of details. The cash deposits amounting close to INR 1.5 crore was treated

Reassessment Notices Beyond Six-Year Limitation Invalid: Supreme Court Upholds Delhi HC Order [Read Order]

Clipped from: https://www.taxscan.in/top-stories/reassessment-notices-beyond-six-year-limitation-invalid-supreme-court-upholds-delhi-hc-1442853?TRN300=cVkGzlcuCaDRKvfSyvbMCBwGaSzuGDMbEFcYVBqHWjhMvDFcIMCbZIdMbMSAcx&LKD333=3412906 Reassessment notice extended ten‑year period under Section 149 cannot revive assessments already barred under the earlier six‑year regime. Reassessment notice extended ten‑year period under

Draft Income Tax Rules 2026: PAN exemptions, cash transactions & company car tax key benefits to know – BusinessToday

Clipped from: https://www.businesstoday.in/personal-finance/tax/story/draft-income-tax-rules-2026-pan-exemptions-cash-transactions-company-car-tax-key-benefits-to-know-515443-2026-02-10 The Draft Income Tax Rules, 2026 propose sweeping changes to PAN-quoting norms, perquisite valuations and reporting requirements across financial, property and digital asset

Tax refunds delay: Nearly 24 lakh ITRs pending for processing for more than 90 days, govt explains why – Money News | The Financial Express

Clipped from: https://www.financialexpress.com/money/tax-refunds-delay-nearly-24-lakh-itrs-pending-for-processing-for-more-than-90-days-govt-explains-why-4137937/ Nearly 24.6 lakh income tax returns are pending for processing for over 90 days, the government told Parliament, citing technology-driven risk analysis and

Lost gold worth Rs 18 lakh on a scooter, won over Rs 43 lakh compensation after 12 years: how a husband fought with the insurer – The Economic Times

Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/lost-gold-worth-rs-18-lakh-on-a-scooter-won-over-rs-43-lakh-compensation-after-12-years-how-a-husband-fought-with-the-insurer/articleshow/128114382.cms Listen to this article in summarized format On January 7, 2010, around 1.30 PM, Mr. Sharma was riding his scooter to Narela, carrying

Section 87A tax rebate allowed on both long and short term capital gain income from equity for AY 2024-25 by ITAT Indore; Know why – The Economic Times

Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/section-87a-tax-rebate-allowed-on-both-long-and-short-term-capital-gain-income-from-equity-for-ay-2024-25-by-itat-indore-know-why/articleshow/128144699.cms Listen to this article in summarized format On January 16, 2026, the Income Tax Appellate tribunal (ITAT) Indore granted a full Section 87A tax rebate on both

Got income tax notice or facing income tax scrutiny? Budget 2026 offers relief through revised, updated ITR, and immunity from prosecution – The Economic Times

Clipped from: https://economictimes.indiatimes.com/wealth/tax/got-income-tax-notice-or-facing-income-tax-scrutiny-budget-2026-offers-relief-through-revised-updated-itr-and-immunity-from-prosecution/articleshow/128137805.cms Listen to this article in summarized format For many salaried workers and other taxpayers, the last year has been filled with a flood

One-time capital gains set-off dropped in latest version of Income Tax Act 2025: How it impacts your tax bill – The Economic Times

Clipped from: https://economictimes.indiatimes.com/wealth/tax/one-time-capital-gains-set-off-dropped-in-latest-version-of-income-tax-act-2025-how-it-impacts-your-tax-bill/articleshow/128156419.cms Listen to this article in summarized format The previous draft of the Income Tax Act, 2025 had a beneficial provision that has been taken out

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