EaseValueAdvance Tax Provisions in Income-tax Act 2025 – Updated Sections
The Income-tax Act 2025 has retained all advance tax provisions with renumbered sections replacing the old 1961 Act framework. This July 2026 update clarifies payment schedules and compliance requirements for salaried and self-employed taxpayers in India.
Section 80P(2)(d) Cooperative Bank Interest Deduction 2026 - ITAT Ruling
In a recent July 2026 ruling, ITAT Pune has confirmed that cooperative bank interest qualifies for deduction under Section 80P(2)(d) of the Income Tax Act 2025. This is good news for members of cooperative societies earning interest income.
Section 40(a)(i) Disallowance Deleted DTAA 2026 ITAT Delhi Ruling
In a significant July 2026 ruling, ITAT Delhi has deleted Section 40(a)(i) disallowance by applying the non-discrimination clause of the India-Japan Double Taxation Avoidance Agreement. This landmark decision offers relief to businesses making payments to foreign entities.
Section 2(47)(v) Capital Gains Deleted 2026: ITAT Bangalore Ruling
ITAT Bangalore has ruled that Section 2(47)(v) capital gains exemption cannot apply when a Joint Development Agreement (JDA) fails to satisfy the conditions under Section 53A of the Income Tax Act 2025. This recent judgment impacts real estate developers and property owners significantly.
MCA Extends CCFS-2026 Deadline to August 31 - Statutory Filing Relief
The Ministry of Corporate Affairs has extended the Companies Compliance Facilitation Scheme (CCFS-2026) deadline to 31 August 2026, providing relief to companies facing MCA system restoration challenges. This extension gives businesses critical time to complete pending statutory filings without penalties.
GST Order Set Aside for Deceased Person 2026 - Madras HC Ruling
In a significant ruling, the Madras High Court has set aside a GST order that was passed against a deceased person, emphasizing the importance of legal procedure and natural justice. This 2026 judgment provides critical relief for legal heirs facing GST demands against deceased taxpayers.
Section 37 Bogus Purchase & Section 69A Gold Addition Deleted ITAT 2026
In a recent ITAT Mumbai ruling (July 2026), the tribunal deleted bogus purchase additions under Section 37 and upheld deletion of Section 69A gold additions after finding all purchases were genuine and properly recorded in books. This is a significant win for taxpayers maintaining proper documentation.
Section 147 Reassessment Quashed 2026 - No Income Escaped ITAT Agra
In a significant ruling for AY 2025-26, ITAT Agra has quashed a Section 147 reassessment order, holding that the alleged escaped income was already accounted for in the assessee's declared sale proceeds. This judgment provides important protection for taxpayers against arbitrary reassessment notices.
ITAT Dismisses Appeal: AR Without Uniform in Virtual Hearing 2026
In a recent ruling, ITAT Cuttack dismissed an assessee's appeal because the authorised representative appeared in a virtual hearing without following the prescribed uniform dress code under Standard Operating Procedure. This decision highlights strict compliance requirements for virtual proceedings before tax tribunals in 2026.
Section 74 ITC Blocked Credits Madras HC 2026 Ruling
In a significant July 2026 ruling, Madras High Court has upheld Section 74 proceedings against businesses that wrongfully claimed Input Tax Credit (ITC) on blocked items. This recent judgment confirms that the extended limitation period for such proceedings is legally valid.
Foreign Exchange Gain Operating Income TNMM 2026 ITAT Delhi Ruling
In a significant July 2026 ruling, ITAT Delhi has clarified that foreign exchange gains qualify as operating income under the Transactional Net Margin Method (TNMM). This impacts how multinational companies in India calculate transfer pricing adjustments.
Aircraft Lease Income Not Taxable Under DTAA 2026 - ITAT Mumbai Ruling
In a significant July 2026 ruling, ITAT Mumbai held that aircraft lease rental income is not taxable in India under Article 8 of the India-Ireland Double Taxation Avoidance Agreement (DTAA). The tribunal also found no Permanent Establishment (PE) in India, providing major relief to lessors.
Have a tax question? Our CA will reply within 30 mins.
💬 Ask on WhatsApp