Beneficial Circulars Cannot Be Restricted by Year: Delhi High Court Expands Relief of CBDT Circular for charitable Trusts   In a landmark ruling reinforcing fairness in tax administration, the Delhi High Court has held that beneficial circulars issued by CBDT under Section 119(2)(b) cannot be narrowly restricted to specific assessment years. The Court observed that doing…

silence Does Not Mean Ignorance: Telangana High Court Quashes Reopening   In a powerful ruling reinforcing taxpayer safeguard, the Telangana High Court has held that mere silence in an assessment order does not imply lack of application of mind by the Assessing Officer (AO). The Court quashed reassessment proceedings for AY 2016-17, holding that reopening based on…

Presumptive Tax Filers Must Disclose Investments In ITR-4 Sugam     1.  Small businesses and professionals filing under the presumptive tax scheme face a new disclosure requirement for FY 25-26. They must now reveal their investment details in the income tax return. 2.  This applies to taxpayers opting for Section 44AD (business), Section 44ADA (profession)…

TDS Credit Cannot Be Denied for 26AS Mismatch: ITAT Hyderabad Sets the Record Straight In a crucial ruling addressing a very common issue faced by taxpayers, the ITAT Hyderabad has held that TDS credit cannot be denied merely because it is not reflected in Form 26AS, if the corresponding income is offered to tax. The decision…

Bogus Purchases: Only Profit Element Taxable, Not Entire Purchase – Bombay High Court   In a significant ruling that reinforces a settled but often ignored principle, the Bombay High Court in Pr. Commissioner of Income Tax v. Amcon Construction has upheld that only the profit element embedded in alleged bogus purchases can be brought to tax. The Court…