Bombay HC upholds ITAT ruling, stating unpaid service tax isn’t taxable under Section 43B unless claimed as a deduction. Appeal dismissed.
The Supreme Court dismissed Madhumilan Syntex Ltd.’s appeal against prosecution for delayed TDS payment under the Income Tax Act. Read the case summary.
RBI introduces RBIDATA mobile app, providing macroeconomic and financial data on the Indian economy with interactive charts and search features.
CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for AY 2024-25.
Gujarat High Court quashes reassessment notice under Section 148 issued to Adani Wilmar’s amalgamated entity, citing legal precedents on corporate non-existence.
The Bombay High Court ruled that an income tax notice issued to a non-existent amalgamated Uber entity was invalid, citing legal precedents on corporate mergers.
PCIT was not justified in assuming jurisdiction u/s 263 in the case of Bank of Maharashtra allowing deduction under Section 36(1)(via) as Assessing Officer’s (AO) assessment order was not erroneous, even if it was prejudicial to the interest of revenue.
The Supreme Court examined tax issues in Apollo Tyres Ltd. vs. CIT, including the role of assessing officers under Section 115-J and eligibility of UTI income under Section 32AB.
Aggrieved by the order passed by AO, assessee moved on with an appeal to CIT(A), where assessee challenged the reopening of the assessment, arguing that Section 148 was not justified.
India’s 2025-26 budget focuses on sustainability, inclusive growth, and a Viksit Bharat vision, with emphasis on clean energy, agriculture, and job creation.
