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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...
Summary: As per the Finance Act 2024, the long-term capital gains (LTCG) tax on listed securities has been raised from 10% to 12.5% for transactions carried out from the assessment year 2024-25. This change applies to securities like listed shares and equity-oriented mutual funds. For the assessment year 2024-25, the exemption limit for LTCG on […]
The assessee is an individual, engaged in the business as Kerosene dealers in Rajahmundry. The case of the assessee was selected for scrutiny under CASS “Limited Category” to verify the sources for “Cash deposits during demonetisation period”.
The petitioner sold his residential property and based on an advise invested the sale proceed in the bonds issued by the Respondent – Power Finance Corporation in order to avail the benefit of capital gain tax exemption.
The assessee has not filed any return of income. As per the information, the reasons were recorded and subsequently the case was reopened u/s. 147 of the Income Tax Act. In response to the notice u/s. 148 of the Act, the assessee did not file any reply.
The assessee filed three appeals against order of CIT(A) for A.Y. 2010-11, 2012-13 and 2013-14. It is important to note that inspite of putting up the case of hearing several times, no one appeared on behalf of the assessee.
Cabinet approves PAN 2.0 project to enhance taxpayer registration services through technology-driven transformation, improving service quality and digital integration.
A search and seizure operation u/s 132 of the Income-tax Act, 1961 was conducted on 23.07.2015 and subsequent dates in different business and residential premises of Deepak Agarwal, Mukesh Kumar and others, group of cases based at Delhi.
The present appeal is preferred by the revenue challenging quashing of the notice u/s. 148 of the Income Tax Act. Revenue has mainly contested that CIT (A) has quashed the notices on the ground that it is barred by limitation.
ITAT Nagpur held that when a liquidation order has been passed, no suit or other legal proceedings shall be instituted by or against the corporate debtor. Thus, IBC Code will override anything inconsistent contained in any other enactment, including Income Tax Act.
CIT(A) confirmed the addition to the extent of Rs.1.42 crores and remaining addition of Rs.3.35 crores, which was closing balance of loans were deleted. Further aggrieved, the revenue has filed present appeal before the Tribunal.
