Section 263 Revision Cannot Be Based on “Deeper Inquiry” | ITAT Draws Clear Line between No Inquiry and Inadequate Inquiry   In a significant ruling on the scope of revisionary powers under the Income-tax Act, the Tribunal has once again clarified that Section 263 cannot be invoked merely because the Principal Commissioner (PCIT) believes that a…

TDS Credit Cannot Be Denied Due to 26AS Mismatch Under Section 143(1) | ITAT Delhi Declares Such Adjustments Illegal   In a significant ruling strengthening taxpayer rights, the Delhi ITAT has held that TDS credit cannot be denied merely due to mismatch between Form 26AS and the return of income while processing under Section 143(1). The…

If the investment is yours, the exemption is yours—even if the property is registered in someone else’s name: Section 54F exemption allowed even if Property Registered in others name In a significant and practical ruling, the Tribunal has held that deduction under Section 54F cannot be denied merely because the new residential property is registered in…

Search Assessment u/s 153A Fails Without Fresh Incriminating Material | ITAT Strikes Down Additions Based on ED Evidence & Mechanical Approval u/s 153D   Search assessments under the Income-tax Act are often perceived as the strongest weapon in the hands of the tax department. However, a recent Tribunal ruling has once again reinforced a critical…

Incentives under the Package Scheme of Incentives in Maharashtra is taxable under the Income Tax Act The taxability of government subsidies has long been a debated issue under the Income-tax Act, but one principle continues to dominate the discussion-the “purpose test.” A recent Tribunal ruling has once again clarified that government subsidy not attributable to a specific asset…