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Income Tax : Learn about the block assessment scheme in income tax, its key features, and how it impacts search and seizure cases under the Fin...
Income Tax : Learn about clubbing of income under Indian tax law. Understand how income transfers to family members can affect your tax liabili...
Income Tax : Circular No. 09/2024 raises monetary limits for tax appeals, promoting efficiency in the income tax system while ensuring focus on...
Income Tax : Modern fiscal rules have expanded KMP's responsibilities beyond tax compliance, requiring careful navigation of complex legal land...
Income Tax : Learn about taxation on derivatives and F&O transactions, their treatment as business income, audit requirements, and presumptive ...
Income Tax : Join our webinar on TDS amendments from Budget 2024 and learn their impact on tax audits, filing procedures, and compliance....
Income Tax : Tax professionals face technical issues on the Income Tax portal, hindering tax audit report submissions before the 30th Sept 2024...
Income Tax : As of September 17, 2024, direct and advance tax collections show significant growth compared to the previous fiscal year....
Income Tax : KSCAA requests review of incorrect TDS credit processing by CPC Bengaluru for AY 2024-25 and urges system corrections and resoluti...
Income Tax : The CBDT launches the e-Dispute Resolution Scheme, 2022 to reduce tax litigation, offering eligible taxpayers a streamlined proces...
Income Tax : ITAT Bangalore held that confirmation not containing PAN cannot be reason for addition as the confirmations were available with th...
Income Tax : ITAT Bangalore held that filing of form 10B is only directory and the same is not mandatory. Hence denial of exemption under secti...
Income Tax : ITAT Bangalore held that delay in filing of an appeal due to election code of conduct and ill health of staff is sufficient cause ...
Income Tax : Thereafter, the petitioner lodged objections on 10.03.2022. The impugned Draft Assessment Order was issued thereafter on 30.03.202...
Income Tax : The case of assessee-company was that originally the assessment was transferred to the National e-Assessment Centre and notices we...
Income Tax : Direct Tax Vivad Se Vishwas Scheme 2024 comes into effect on October 1, 2024, per Notification No. 103/2024 from the Ministry of F...
Income Tax : Notification 102/2024 designates Auroville Foundation as an approved institution for social science research under the Income Tax ...
Income Tax : CBDT raises monetary limits for tax appeals: Rs. 60 lakh for ITAT, Rs. 2 crore for High Court, and Rs. 5 crore for Supreme Court, ...
Income Tax : New CBDT instruction outlines updated procedures for internal audit objections, emphasizing accountability, compliance, and effici...
Income Tax : Chennai’s Advanced Manufacturing Technology Development Centre approved for tax benefits under Income Tax Act section 35(1)(ii) ...
Alfa Laval India Ltd. case: Difference between the Net Present Value against the future liability credited by the assessee under the capital reserve account in its books of account, is a capital receipt, the addition made on account of the gain on settlement of the sales tax deferred liability not taxable
Conclusion: Claim of assessee for long term capital gains arising on transfer of shares u/s.10(38) was real or sham, required a revisit by AO by considering all the evidences produced by assessee and also, AO should allow the opportunity of cross-examination to check the nature of transaction.
ACIT Vs Sh. Bhavi Chand Jindal (ITAT Delhi) Since no specific query was raised, at the time of recording statement under section 132(4) and during the assessment proceedings, however, the manner was substantiated by filing written submission and also referring relevant documents relating to undisclosed income, which were found and seized. Therefore, assessee was not […]
ATS Infrastructure Ltd. Vs ACIT (ITAT Delhi) Completed assessments can be interfered with while making assessment under section 153A only on the basis of some incriminating material unearthed during search or requisition of documents or undisclosed income or property discovered in the course of search which were not produced or not already disclosed or made […]
FIS Global Business Solutions India Pvt. Ltd. Vs PCIT (Delhi High Court) Reliance by the Revenue upon an audit report, cannot be considered as tangible material. This Court is of the opinion that Carlton Overseas Pvt. Ltd. v. Income Tax officer & Ors., (2009) 318 ITR 295 concludes the issue in the present case; the audit objection […]
M/s. Kottaram Agro Foods Pvt. Ltd. Vs ACIT (OSD) (ITAT Bangalore) At the very outset, it was submitted by ld. DR of revenue that as per para 4.2 of the assessment order for Assessment Year 2014-15 and para no. 4.3 of the assessment order for Assessment Year 2015-16, it is noted by the AO that […]
With effect from 1.4.2018 (AY 2019-20) a new sub clause (e) has been added to section 28(ii) to bring into tax net gains / receipts in the nature of compensation arising out of termination / modification of a contract related to business of the assessee. In this article we try and analyze whether the attempt of the legislature to tax all capital receipts has been successful with the enactment of the said sub clause.
Balakrishnan Vs Union of India & Ors (Supreme Court of India) As far as the acquisition of the land was concerned, assessee had succumbed to the action taken by the Government in this behalf. He was put in such a condition that he knew that his land would be acquired and he could not reiterate […]
Office Order No. 09 of 2019- The following transfers/postings in the grade of Income Tax Officers on mutual basis are hereby ordered, as per the table given below, with immediate effect and until further orders:
Maruti Countrywide Auto Financial Services Pvt. Ltd. Appeal: Loss On Foreclosure Of Loan Held To Be Deductible While Computing Its Income
