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Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sada...
Income Tax : ITAT Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...
Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...
Income Tax : ITAT Pune confirms CIT's order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. A...
Income Tax : ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexp...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
Exemption otherwise available to the assessee trust under section 11 cannot be denied merely on account of delay in furnishing of audit report in form 10B as required under section 12A(b) of the Act.
Janki Vaishali Co-operative Housing Society Limited Vs CIT (Appeals) (ITAT Mumbai) Undisputedly, assessee filed return of income on 24/12/2018 i.e. beyond the due date for filing return of income u/s. 139(1) of the Act for the Assessment Year 201819. The solitary reason for denying benefit of deduction u/s 80P of the Act is that the […]
Ashoka Palace Co-op. Hsg. Soc. Ltd. Vs ITO (ITAT Mumbai) The issue whether interest income derived from deposits with cooperative banks is eligible for deduction under section 80P(2)(d) of the Act or not has been considered by Tribunal in catena of decisions. The Co-ordinate Bench in the case of Kaliandas Udyog Bhavan Premises Co-op Society […]
Parvez Peerpasha Inamdar Vs PCIT (ITAT Pune) It is seen that the only reason taken note of by the ld. PCIT for revising the assessment order is that the assessee had deposited Rs.92.25 lakh in his savings bank account which was not properly examined by the AO. The assessee categorically submitted before the AO that […]
The assessee pleaded a reasonable cause before the AO that the audit could not be carried out because of ill-health of his wife, which further worsened the family problems. Section 271B is subject to provisions of section 273B which provides that in case of a reasonable cause, penalty under the concerned section need not be imposed.
Hitesh Manshukhbahi Dave Vs JCIT (ITAT Rajkot) Gujarat High Court in the case of Dr. Rajaram L. Akhaniv ITO [2017] 88 taxmann.com 693 (Gujarat) has held that where assessee had accepted a sum of Rs. 2 lakhs from his son to meet urgent requirement of depositing margin money in bank account for buying a vehicle […]
Jet Airways (India) Limited Vs DCIT (ITAT Mumbai) According to the provisions of Section 140(c) of The Income Tax Act, in case of a company which has been referred to the insolvency resolution process of the insolvency and bankruptcy code, 2013 (31 of 2016) the return be verified by the insolvency resolution professional appointed by […]
Chetankumar Raojibhai Patel Vs DCIT (ITAT Ahmedabad) Sole issue in the present appeal relates to disallowance of interest expenditure under section 36(1)(iii) of the Act. Since the assessee has demonstrated the availability of sufficient own funds for the purpose of making interest free funds, the issue, we find, is squarely covered by the decision of […]
In present case approval has been granted by the ld. JCIT without verifying the reasons recorded by the AO for initiating the proceedings under section 147 of the Act which is contrary to the provisions of law.
HC held that Once there is a request for personal hearing and as the law provides for availing the opportunity of personal hearing, this unilateral decision on the part of the assessing officer without availing opportunity of hearing is contrary to Section 144B (9) of the Income-Tax Act, 1961
