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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...
ITAT Mumbai held that set-off of losses when there is a change in shareholding involves interpretation of various provisions and laws and hence it is not a mistake apparent from record. Accordingly, rectification power under section 154 cannot be invoked.
Expenditure incurred for construction of new facility & subsequently abandoned is allowable Revenue Expenditure: ITAT Hyderabad
ITAT Bangalore held that once the confirmation letter was filed by the assessee from Donor, the burden cast upon assessee is discharged and it would shift to revenue authorities. The Revenue authorities cannot make addition towards unexplained deposits without making any further enquiry.
Held that the disallowance of employees contribution to Provident Fund paid before filing income tax return u/s 139(1), based on the statement made in the Tax Audit Report is not permissible u/s. 143(1)(a) as did not fall within the ambit of prima-facie adjustments.
ITAT Ahmedabad held that as per provisions of section 151(1) of the Income Tax Act reopening of assessment beyond four years period needs sanction from either Principal Chief Commissioner/ Chief Commissioner/ Principal Commissioner or Commissioner. However, sanction from Joint Commissioner in the present case makes the entire reopening proceedings bad in law.
ITAT Delhi held that where two views are possible and AO adopted the one which Commissioner doesn’t agree then in such case revision under section 263 of the Income Tax Act not permissible for mere difference of view.
The figures of Direct Tax collections for the Financial Year 2022-23, as on 17.12.2022 show that net collections are at Rs. 11,35,754 crore, compared to Rs. 9,47,959 crore in the corresponding period of the preceding Financial Year i.e FY 202122, representing an increase of 19.81%.
Nirmala Subramanian Vs CIT (A) (ITAT Mumbai) The short question in this appeal is whether the assessee is entitled to deduction under Section 54 of the Act or not and what is the date of acquisition of new residential house for the purpose of deduction under Section 54 of the Act. Provision of Section 54 […]
SC held that it was not permissible to initiate proceedings under Section 147/148 pending proceedings under Section 154
HC held that violation of natural justice is not fatal in all situations and a wholistic view should be taken of the issue, such that the interests of all parties are properly balanced.
