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Income Tax : Income tax updates effective 1st April 2025 include higher TDS thresholds, extended startup benefits, increased rebates, and simpl...
Income Tax : Many taxpayers who have claimed an HRA deduction exceeding ₹5 lakh in their income tax returns have received an email from the I...
Income Tax : Confused about TDS on rent? Understand Section 194-IB, its implications, penalties, and solutions to rectify non-compliance. Find ...
Income Tax : Understand amendments in Section 200(3) of the Income Tax Act, effective via Finance Act 2024, impacting TDS correction deadlines ...
Income Tax : Learn about the Lower Deduction Certificate under Sections 197 & 206C(9) of the Income Tax Act. Understand eligibility, applicatio...
Income Tax : Learn about new rules restricting TDS/TCS correction statements under Income-tax Act Section 200(3) from April 2025. Key dates and...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : Allahabad HC quashes GST demand against Solvi Enterprises, ruling that the selling dealer was registered at the time of transactio...
Income Tax : PCIT Vs Greenply Industries Ltd (Gauhati High Court) The Gauhati High Court’s recent judgment in “The Principal Commis...
Income Tax : ITAT Mumbai held that Sai Baba Sansthan Trust being both charitable and religious trust falls within exceptions provided under sec...
Income Tax : ITAT Mumbai held that developer is entitled for deduction under section 80-IA of the Income Tax Act for carrying out development w...
Income Tax : ITAT Raipur held that assessment framed by AO u/s. 143(3) r.w.s. 147 of the Income Tax Act without issuance of notice under sectio...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
ITAT Chennai held that amount of royalty payment to holding company for using brand name is allowable as revenue expenditure.
ITAT Kolkata held that liabilities which are incurred as trading liabilities with corresponding purchases cannot be subject matter of addition under section 68 of the Income Tax Act.
ITAT Chennai held that there is no material on record that assessee has sought for advice of CA. Affidavit filed by the C.A. stating that assessee was advised not to file an appeal is nothing but an afterthought Accordingly condonation of delay not granted.
ITAT Delhi held that forfeited for loss of commission or short sales cannot be disallowed as TDS deduction against the same is paid by the appellant in the respective financial year.
Delhi High Court of the petitioner is that the impugned proceedings for reassessment have been triggered against an entity, which is no longer in existence.
Brightcareer Consultancy Services Pvt. Ltd. Vs Union of India (Bombay High Court) HC quashed proceedings under Benami Transactions (Prohibition) Amendment Act, 2016 for transactions prior to 25-10-2016 1. The petitioner in the present case, apart from challenging the constitutional validity of the provisions of the Benami Transactions (Prohibition) Amendment Act, 2016, has also challenged the […]
I hold that the comparison by the assessing officer between qualitatively different agreements with completely different terms and conditions was not appropriate.
The assignment of debt in favor of another entity partly in exchange of land was integral part of the business activities of the assessee and any gain / loss arising on such an asset should be viewed as business profits only.
Lakshmanan Indirani Vs ACIT (ITAT Chennai) The assessee was subjected to search action u/s 132 on 08-9-2015. During search operations, the jewellery belonging to the assessee and her family members was found. The jewellery weighed 3574.590 Grams which was valued at Rs.85.78 Lacs. In statement u/s 132(4), the assessee submitted that the jewellery belonged to […]
Dashrathbhai Shivabhai Chaudhary Vs ITO (ITAT Ahmedabad) The assessee is engaged in farming and trading of milk and seeds. As per the information made available, the assessee made cash deposit of Rs. 21,95,000/- with Saving Bank Account. Being agricultural and the agricultural income is exempt the assessee did not file any return of income under […]
