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Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...
Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
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 : 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 deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
Income Tax : ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, app...
Income Tax : ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
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...
Neeraj Kumar Vs ITO (ITAT Delhi) From the penalty order, we observe that the Assessing Officer nowhere stated that the notices issued u/s 142(1) of the Act were served on the assessee. In the entire penalty order we observe that the notices said to have been issued by the AO but it is not the […]
ITAT Chennai held that if TDS is deducted by applying wrong provisions or at lower rates, the sum paid cannot be disallowed attracting provisions of section 40(a)(ia) of the Income Tax Act.
Bharat Agri Fert & Realty Ltd Vs ACIT (ITAT Mumbai) It is observed that the assessee company has declared income of Rs. 28,80,000/-on sale of car parking and had claimed deduction on the same under section 80IB (10). The AO had rejected the claim of the assessee on the ground that the income earned by […]
L&T Infra Debt Fund Limited Vs CIT (Exemption) (ITAT Mumbai) In the instant case, we notice that the AO did not examine the exemption claimed u/s 10(47) of the Act, meaning thereby, the assessment order has been passed by the AO without application of mind. The exemption so allowed without examining the claim would be […]
Mittal International Vs ACIT (Delhi High Court) 1. Present writ petition has been filed challenging the impugned order passed under Section 148A(d) of the Income Tax Act, 1961 (for short ‘Act’) and notice issued under Section 148 of the Act, both dated 26th July, 2022 for the Assessment Year 2016-17. 2. Learned counsel for the […]
Bar member challenges VP appointments at Income Tax Appellate Tribunal. High Court dismisses quo warranto petition. Legal eligibility affirmed.
Govind Ramprashad Baheti Vs ITO (ITAT Pune) The assessee admittedly runs Baba Ramdev Krishi Seva Kendra involving primarily rural customers engaged in agricultural activities. And that he carries out his business activities regarding sale of various agricultural products only. There is further no dispute that the recipient herein is also engaged in very line of […]
A scheme has been formulated whereunder issuance of notice under Section 148 of the IT Act has to be through automated allocation and in a faceless manner, whereas in the instant case, the aforesaid procedure has not been followed, rather the notice has been issued by a particular person and not in a face less manner.
Sathyanarayanan Radhika Vs ACIT (ITAT Chennai) ITAT noted that the loan amount of Rs. 1.25 Crores was taken in previous year from Shri R. Sathyanarayanan and the balance amount of Rs. 17,00,690/- was interest on the loan amount and this cannot be treated as unexplained and moreover, there is no failure of the provisions of […]
ITAT Mumbai held that consultancy services not of technical nature cannot treated as Fees for Included Services as per sub-clause 4B of Article 12 of DTAA between India –USA and hence addition unsustainable
