Old vs New Tax Regime (AY 2026-27): What You Actually Lose-and What You Still Keep   Every tax season, one confusion refuses to go away: “New tax regime means no deductions at all.” That’s not entirely correct-but it’s not completely wrong either. The truth lies somewhere in between. The new regime removes most deductions, but…

2913 Days Delay Condoned: Telangana High Court Puts Natural Justice Above Technicalities   In a remarkable ruling that underscores the primacy of fairness in tax litigation, the Telangana High Court condoned an extraordinary delay of 2913 days (nearly 8 years) in filing an appeal before the ITAT. The decision in ITTA No. 21 of 2026 sends a…

Section 69A: ITAT Endorses a Balanced, Evidence-Based Approach over Blanket Additions   Shrenik Manish Mehta vs ITO ITA No.: 7324/Mum/2025 Facts: 1.  The assessee, an individual, filed return declaring income of ₹6.30 lakh. Case was selected for scrutiny due to large cash payments towards credit card dues. 2.  Total credit card payment: ₹27.65 lakh, out…

Commission paid to non-residents does not give rise to income chargeable to tax in India: ITAT Ahmedabad   Kiri Industries Ltd. vs. DCIT (ITA No. 2065/Ahd/2025)   Facts: 1.  The assessee is a company engaged in business activities and its return of income for A.Y. 2021-22 was subjected to scrutiny assessment under section 143(3) read…

Penalty for Foreign Asset Disclosure Cannot Be Imposed for Mere Technical Lapse: Bombay HC     Penalty for Foreign Asset Disclosure Cannot Be Imposed for Mere Technical Lapse: Bombay HC Pr. CIT v. Shrem Alloys Pvt. Ltd. (Bombay High Court) 485(ITR)790 Facts: 1.  The assessee acquired foreign assets. Disclosure was made in original returns for…