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Income Tax : Did you know that failing to disclose your foreign assets in your Income Tax Return (ITR) can lead to penalties of up to ₹10 lak...
Income Tax : Learn about HRA claims, TDS obligations on rent, and why taxpayers are receiving tax notices. Understand compliance steps to avoid...
Income Tax : Article seeks to explore the contents of New Direct Tax Code, which will be finalised in the coming weeks. Additionally, it aims t...
Income Tax : Learn about Income Tax Department alerts regarding non-deduction of tax on rent under Section 194IB of the Income Tax Act, 1961....
Income Tax : Discover tax planning strategies for managerial decisions with insights on Finance Act 2025 changes. Learn simplified versions of ...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : ITAT Mumbai allows 80P(2)(a)(i) deduction for cooperative credit society, including interest from cooperative banks, reversing low...
Income Tax : ITAT Mumbai allows tax exemption on capital gains for NRI under India-Singapore DTAA, rejecting AO's classification of mutual fund...
Income Tax : Karnataka High Court dismisses writ petition challenging a tax liability order under Section 179 of the IT Act, citing an altern...
Income Tax : Gujarat High Court rules write-back of provisions isn't 'turnover' or 'gross receipts' under Sec 44AB, quashing tax return invali...
Income Tax : 8% deemed profit rate as specified u/s 44AD is not a fixed standard & may vary depending on nature of business - Reduces profit ma...
Income Tax : CBDT mandates Aadhaar intimation for PAN holders who applied before October 1, 2024. Deadline set for December 31, 2025. Know co...
Income Tax : CBDT mandates Aadhaar intimation for PAN holders who applied before October 1, 2024. Know the latest Income Tax Rule amendments ef...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
ITAT Pune held that addition u/s 56(2)(vii)(b) of Income Tax Act sustainable as assessee failed to prove that the developer had agreed to share its developed area; which in turn, had come to the assessee from his father by way of nomination.
ITAT Ahmedabad held that as the additional evidence produced clearly indicates that company has put to use the windmill turbine in the year, depreciation on the same is available.
ITAT Kolkata held that service tax collected by the assessee on the amount paid to it for rendering the services is not to be included in the gross receipts for the purpose of computing the presumptive income of the assessee u/s. 44BBA of the Income Tax Act.
R.P. Polypacks Pvt. Limited Vs DCIT (ITAT Kolkata) In brief, the issue according to the ld. Commissioner is that the assessee had made provision of Excise Duty, which was not an allowable expenditure and ld. Assessing Officer has erred in accepting this claim of the assessee in an assessment order passed under section 143(3) of […]
Dinesh Babu Saxena Vs ITO (ITAT Delhi) As against the penalty order dated 30/09/2016, the assessee has preferred the Appeal before the CIT(A) with a delay of more than 12 months. It is the specific case of the assessee before the CIT(A) that the assessee has not received any notice u/s 271(1)(c) or the order […]
Euro Diamonds Pvt. Ltd. Vs ITO (ITAT Mumbai) We noticed that the assessing officer has made the impugned addition on the basis of generalised information given by investigation wing that M/s Bhanwarlal Jain group is engaged in the business of providing accommodation sales bills without actually supplying the goods. There is no material on record […]
Vikrant Anthony Joseph Vs ITO (Gujarat High Court) Law is well settled that unless the heirs and legal representatives of the deceased assessee could be said to have been submitted to the jurisdiction of the assessing officer and have participated in the assessment or re-assessment proceedings, notice to the dead assessee and commencement of assessment […]
PCIT Vs Delhi International Airport Pvt. Ltd. (Delhi High Court) present case is covered by the Division Bench judgment in Cheminvest Ltd. vs. CIT, [2015] 61 com 118 (Delhi), wherein this Court has held that the expression ‘does not form part of the total income’ in Section 14A of the Act means that there should […]
Whether ITAT erred in law in deleting addition as Income from Other Sources and holding it eligible for calculation of deduction under Sections 10A and 10B of Income Tax Act, 1961?
ITAT Pune remands to CIT(A) for discrepancy issue in Sanjay Dayal vs ITO. Assessee’s appeal partly allowed for statistical purposes.
