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Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 secti...
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 : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
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 : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...
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 : 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...
Twinkle Enviro Tech Pvt. Ltd. Vs ITO (ITAT Mumbai) At the outset, we find that assessee’s case has been referred to Hon’ble National Company Law Tribunal (NCLT) for Insolvency Resolution Process and an Interim Resolution Professional (IRP) has been appointed in the assessee company. In view of the order passed by the Hon’ble NCLT, we […]
If guideline value of the property as on date of agreement of sale is considered, then there is no difference between consideration paid by the assessee for purpose of purchase of property and value assessed by stamp duty valuation authority and thus, provisions of section 56(2)(vii) of the Act, cannot be invoked.
Satyabhama Avadhanula Karimnagar Vs ACIT (ITAT Hyderabad) I find the Assessing Officer on the basis of inquiry conducted u/s 131(1)(d) made addition of Rs.22.00 lakhs being unexplained cash found from the possession of the assessee and made addition of the same u/s 69A rws 115BBE of the I.T. Act. I find the learned CIT (A) […]
Vedika Realty Pvt. Ltd Vs ITO (ITAT Delhi) It is well settled law, the mere filing of appeal is not sufficient until and unless, it is effectively pursued and prosecuted. From the record, orders passed by the authorities below specifically by the Ld. Commissioners and the facts of the case, the conduct of the Assessee […]
NBK Infrastructure P. Ltd Vs JCIT (ITAT Delhi) The Hon’ble Punjab & Haryana High Court in the case of Hari Gopal Singh Vs. CIT 258 ITR 85 held that when the additions are made on estimate basis that by itself does not lead to the conclusion that the assessee either concealed the particulars of his […]
Vimlesh Bansal Vs Ashok Kumar (Rajasthan High Court) The legal maxim ‘Vigilantibus Non Dormientibus Jura Subveniunt’ literally translates to ‘the law assists only those who are vigilant and not those who sleep over their rights’. The said legal maxim applies squarely to the present case where applicants did not take recourse of law available to […]
Adilakshmi Srungavarapu Vs ITO (ITAT Visakhapatnam) Admitted facts are that the husband of the assessee in order to retain the property got the property registered in the assessee’s name and has repaid the loans borrowed by him by sale of gold jewellery and personal savings of the assessee. We also find merit in the argument […]
Spinks Impex Vs ITO (ITAT Delhi) Hon’ble Apex court in the matter of PCIT vs. Aarham Softronics [2019] 102 com 343 (SC), pronounced on 20-02-2019. Wherein, it was held an assessee availing exemption of 100% tax on setting up of a new industry, which is admissible for 5 years, and either on the expiry of […]
Liladevi Dokania Vs ITO (ITAT Surat) It is evidently clear that assessee received the rent income, and the Tenant (Deductor) has deducted TDS but has not deposited the TDS so deducted into the Central Government Account. Considering these facts, we note that issue under consideration is no longer res integra. The Hon`ble High Court of […]
Jaykumar Mangilal Nagori Vs ITO (ITAT Pune) It is indisputable that the assessee could not lead any evidence to demonstrate that the user of the car was restricted only to business purposes and did not percolate for personal use. Even the auditor has also mentioned that the personal element in vehicle expenses could not be […]
