TAXATION


Moneylife Digital Team 24 June 2026
In a significant ruling for salaried taxpayers, the Mumbai bench of the income tax appellate tribunal (ITAT) has held that an employee cannot be denied tax deducted at source (TDS) credit merely because the employer deducted tax from salary but failed to deposit it with the government. The...

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Moneylife Digital Team 18 June 2026
In a significant ruling for cooperative societies, the Visakhapatnam bench of income-tax appellate tribunal (ITAT) has observed that interest paid or payable by a cooperative society to its members is exempt from tax deduction at source (TDS) under Section 194A(3)(v) of the Income Tax Act,...

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SN Thyagarajan (Bar  and   Bench) 15 June 2026
The Madras High Court has sought the response of the Union government and Income Tax Department on a plea challenging retrospective amendments made to the Income Tax Act, 1961 through the Finance Act, 2026 (Revenue Bar Association Vs Union of India).   A Bench of Chief Justice SA Dharmadikari...

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Moneylife Digital Team 12 June 2026
In a significant relief to hospitality technology firm OYO Hotels and Homes Pvt Ltd (OYO), the Delhi bench of the income tax appellate tribunal (ITAT) has deleted a tax addition of ₹3,885.51 crore made under the Income Tax Act's angel tax provisions in relation to share premium received from...

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Moneylife Digital Team 08 June 2026
While setting aside an assessment order that treated cash deposits of ₹1.28 crore in a scrap trader's bank account as unexplained money, the Pune bench of the income tax appellate tribunal (ITAT) has held that the tax department could not ignore its own approach in earlier and subsequent years...

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SN Thyagarajan (Bar  and   Bench) 05 June 2026
The Madras High Court on June 2 upheld tax demands against Vedanta Limited, successor-in-interest to Cairn India Limited, over payments made to its non-resident parent company in connection with oil exploration operations (Vedanta Vs ACIT).   A Division Bench of Justices G Jayachandran and R...

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Moneylife Digital Team 03 June 2026
The US trade representative (USTR) has proposed imposing additional duties of up to 12.5% on imports from India and dozens of other economies after concluding that they have failed to adequately prohibit or enforce restrictions on goods produced using forced labour.   The move comes even as...

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Moneylife Digital Team 20 May 2026
The administration of Donald Trump has come under sharp criticism after the US department of justice (DoJ) issued a directive permanently barring tax authorities from pursuing audits or tax claims against the president, his family and his businesses.   The move emerged through a one-page...

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Moneylife Digital Team 13 May 2026
The Indian government on Wednesday increased the effective import duty on gold and silver to 15% from 6% in a major move aimed at curbing precious metal imports and protecting India’s foreign exchange (forex) reserves, amid the ongoing West Asia crisis.   The Union ministry of finance,...

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Moneylife Digital Team 08 May 2026
A US federal trade court has struck down president Donald Trump’s latest 10% global tariff regime, ruling that the White House exceeded its authority under a 1974 trade law while imposing temporary import duties on goods entering the US.   In a 2-1 ruling, the US Court of International Trade...

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Moneylife Digital Team 04 May 2026
In a significant ruling that underscores the evidentiary limits of search-based tax assessments, the Mumbai bench of income tax appellate tribunal (ITAT) has dismissed the tax department’s appeal and upheld the deletion of an addition of ₹32.14 crore made against the legal heir of Maharashtra's...

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Chandramouli Mohan 16 April 2026
In August 2023, the Reserve Bank of India (RBI) set out to correct a long-standing unfair practice in lending. Through its circular (now withdrawn) DoR.MCS.REC.28/01.01.001/2023-24 dated 18 August 2023, it directed banks and non-banking finance companies (NBFCs) to abolish the practice of...

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Moneylife Digital Team 15 April 2026
In a sharp rebuke to tax authorities, the Bombay High Court (HC) has set aside the provisional attachment of bank accounts of Mumbai-based Nivara Infradevelopers LLP, calling the action arbitrary, legally unsustainable and an 'apparent abuse of powers'. In a rare move, the HC directed the joint...

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Moneylife Digital Team 06 April 2026
In a significant ruling that could have wide implications for redevelopment transactions in Mumbai and other urban centres, the income-tax appellate tribunal (ITAT) has held that a flat received in exchange for surrender of tenancy rights cannot be taxed as income from other sources under...

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KBS Sidhu 02 April 2026
Happy New Financial Year — and Welcome to the New Income Tax Act   1 April 2026 is not merely the start of a new financial year. It is the date on which India’s tax administration crossed a generational threshold. The Income Tax Act, 2025, has come into force today, replacing the...

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Moneylife Digital Team 02 April 2026
The Indian government has announced full customs duty exemption on a range of critical petrochemical products till 30 June 2026, as part of a targeted relief measure to mitigate the impact of the ongoing West Asia conflict on the domestic industry and supply chains.   In an official release,...

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Moneylife Digital Team 01 April 2026
In a significant policy clarification, central board of direct taxes (CBDT) has amended the Income-tax Rules, 2026 under the Income-tax Act, 2025, to clearly define the applicability of general anti-avoidance rules (GAAR) on investments made before 1 April 2017. The revised framework...

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Moneylife Digital Team 30 March 2026
The income-tax (I-T) department has issued a clarification on tax deduction at source (TDS) on interest under Section 194A, addressing concerns arising from definitional changes in the forthcoming Income-tax Act, 2025. The clarification reassures banking institutions that existing exemptions...

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Moneylife Digital Team 27 March 2026
The Indian government has sharply reduced excise duties on petrol and diesel, bringing petrol duty down to ₹3 per litre and fully exempting diesel, in a move aimed at cushioning oil marketing companies (OMCs) from the impact of surging global crude oil prices triggered by the ongoing Middle...

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Moneylife Digital Team 26 March 2026
The Mumbai bench of income tax appellate tribunal (ITAT) has set aside orders against actor Shilpa Shetty in a tax dispute involving an alleged gift of ₹12.54 crore from her husband Raj Kundra, directing a fresh examination by the assessing officer (AO).   In its order earlier this week, the...

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