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Income Tax : Your ITR refund for FY 2024-25 may be delayed due to pending tax issues. Learn why and how to handle notices from the Income Tax D...
Income Tax : Learn about the revised Section 44ADA, eligibility, new ₹75L threshold, benefits, and compliance rules for professionals under p...
Income Tax : Check TDS and TCS rates for FY 2025-26 (AY 2026-27) for residents and non-residents. Includes thresholds, rates, and key sections ...
Income Tax : Mumbai ITAT clarifies LTCG on property: Allotment date, not registration, determines holding period. Impact on tax, Sec 54/54F cla...
Income Tax : Explore tax implications under Section 56(2)(vii)(b) and reassessment norms in property transactions. Judicial rulings emphasize e...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
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 : ITAT Cuttack rules against revenue, quashing Dilip Constructions' assessment citing mechanical approval without proper review. Jud...
Income Tax : ITAT Mumbai allows appeal of Jasmine Bhaskar Shah against PCIT's Section 263 revision on exemption under 54F and indexation of gif...
Income Tax : Bombay High Court seeks reasons for delay in IT refund to Kalmar India, directs affidavit from PCIT-6 and warns of accountability ...
Income Tax : ITAT Mumbai sends back Hotel Association's Section 11 deduction case for fresh review, citing lack of proper verification of chari...
Income Tax : High Court held that the addition sustained by the ITAT lacked evidentiary basis and was founded on unwarranted suspicion. The ass...
Income Tax : Summary of key changes under the Banking Laws (Amendment) Act, 2025, covering RBI, Banking Regulation, SBI, and acquisition laws....
Income Tax : CBDT notifies HUDCO’s 10-Year Zero Coupon Bond worth ₹5,000 Cr under Section 2(48) of Income-tax Act for infrastructure projec...
Income Tax : CBDT approves KIMS Foundation, Hyderabad for scientific research under Section 35 of Income-tax Act, effective FY 2025–26 to AY ...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
Income Tax : CBDT sets 30 April 2025 as the last date to file declarations under the Direct Tax Vivad se Vishwas Scheme, 2024....
Infosys Ltd. Vs DCIT (ITAT Bangalore) This stay petition is filed by the assessee seeking extension of stay granted by the Tribunal in SP No.83/Bang/2021 dated 29.10.2021 against the outstanding demand of Rs.1029,20,96,950 for the assessment year 2012-13. 2. The ld. AR submitted that the extension of stay was earlier granted by the Tribunal in […]
Canara Housing Development Company Vs DCIT (ITAT Bangalore) ITAT held that advances given for purchase of land in the normal course of business of carrying on real estate development, if not recoverable could be allowed as either trading loss u/s 28 of the Act or as expenditure u/s 37 of the Act. In fact, the […]
Interest income on FDR which was earned out of the funds placed with the bank by utilizing the bank overdraft limit was to be considered as business income and not as income from other sources.
Delhi HC sets aside exparte order in Ankit Kaul’s case due to technical glitch. Directs the respondent to refile and pass fresh assessment order within six weeks.
The show cause notice is challenged on the ground that apart from the demands proposed in the earlier proceedings, there were proposals in the impugned order dated 20.12.2019.
PCIT Vs Bajaj Herbals Pvt. Ltd. (Supreme Court of India) As the impugned order passed by the High Court is a nonspeaking and nonreasoned order and even the submissions on behalf of the revenue are not recorded, the impugned order passed by the High Court dismissing the appeal is unsustainable. Under the circumstances, the impugned […]
Matrix Commodeal Pvt. Ltd. Vs ITO (Calcutta High Court) This writ petition is allowed subject to payment of costs of Rs.5,000/- to the Calcutta High Court Legal Services Committee, since the impugned notice under section 148 of the Income Tax Act, 1961 has been issued on 31st March, 2021 as appears from record and this […]
Abhilasha Impex Pvt. Limited Vs Commissioner of Customs (CESTAT Delhi) Admittedly the Anti Dumping notification was valid till 24.06.2015 and the same have admittedly lapsed w.e.f. 25.06.2015, and as such no anti dumping duty was payable by the appellant with respect to the Bill of Entry filed on 26.06.2015. Accordingly, I allow this appeal and […]
Ashok Popatbhai Chaudhari Vs ITO (ITAT Mumbai) The Income Tax Officer in this case has made 100% addition on account of bogus purchase resulting in disallowance of Rs. 56,085/-. Upon assessee’s appeal ld. CIT(A) confirmed the same. It is settled law that when sales are not doubted, 100% disallowance for bogus purchase cannot be done. […]
Om Prakash & Sons Vs ITO (ITAT Dehradun) The issue pertains to levy of fee u/s 234E for the A.Y. 2013-14, 2014-15 and 2015-16. The amendment has been brought w.e.f. 01.06.2015. Hon’ble Karnataka High Court in case of Fatehraj Singhvi & Ors. vs. UOI & Ors. 2016 (9) TMI 964 is in favour of the […]
