Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.
Income Tax : Plan your finances before March 31 with this year-end tax checklist. Learn about old vs. new tax regimes, investments, deductions,...
Income Tax : Delhi HC ruled WGF Financial Services can't claim bad debt deduction under Sec. 36(1)(vii) as furnishing guarantees wasn't its reg...
Income Tax : Switzerland halts the unilateral application of the MFN clause under its tax treaty with India from 2025, following the Indian Sup...
Income Tax : Explore 151 FAQs on Finance Bill 2025, covering tax provisions, IFSC benefits, TDS/TCS, transfer pricing, and more for informed fi...
Income Tax : Compare GST and Income Tax search and seizure processes, highlighting key differences in scope, authority, and taxpayer rights. Le...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : ITAT Mumbai rules on Nickunj Eximp case: Disputes over bogus purchases, demonetization cash deposits, and assessment procedures....
Income Tax : The Delhi High Court quashed a tax reassessment notice issued to Indus Towers Ltd. for AY 2009-10, citing procedural lapses and mi...
Income Tax : ITAT Mumbai condones a 314-day delay in Atlantic Bio Medical Pvt. Ltd.'s appeal, citing a bona fide mistake in tax filing and a ri...
Income Tax : Gujarat High Court rules that a jurisdictional assessing officer cannot override the faceless assessment scheme under Section 151A...
Income Tax : ITAT Bangalore held that that mens rea is not an essential condition for imposing penalties under civil acts. Penalty u/s. 270A of...
Income Tax : Details of the Lok Sabha Select Committee's sittings on March 6-7, 2025, to examine the Income-Tax Bill, 2025, with oral evidence ...
Income Tax : CBDT updates income tax rules and forms for business and securitization trusts. Notification 17/2025 amends Rules 12CA & 12CC, imp...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
Even though the Tribunal had not given any finding as regards the primary purpose, yet a reading of the order of the Assessing Officer shows that he had considered the clauses in the trust deed to arrive at the finding that the primary objects of the trust are charitable in nature and that the property given was impressed with the character of trust property.
The petitioner has been claiming that he is dealing in hedging besides in the wholesale business of gold and silver ornaments. To insure against price fluctuations, he has been hedging in such metals in MCX. The claim of the assessee, therefore, had to be examined in terms of clause (a) to sub-section (5) to section 43 of the Act. If for some reason such claim was not sustainable,
A bare look at section 254(2) of the Act, which deals with rectification, makes it amply clear that a ‘mistake apparent from the record’ is rectifiable. In order to attract the application of section 254(2), a mistake must exist and the same must be apparent from the record. The power to rectify the mistake, however, does not cover cases where a revision or review of the order is intended.
We find that society is running the school under the management of receiver appointed by Hon’ble High Court. For the entire years the income of the school was exempt and for the assessment year 2007-08, the assessee had obtained prior approval of CCIT, Panchkulla for exemption u/s 10(23)(vi).
On the other hand, the ld. D.R. while agreeing that the interest on fixed deposits pledged with the bank on account of margin money is eligible for deduction u/s 10A of the Act submits that in view of the finding recorded by the A.O. the assessee is not entitled to deduction u/s 10A of the Act in respect of interest on NSC and interest on loan given to its employees. He, therefore, submits that to this extent the order passed by the A.O. be upheld.
Undisputedly, the assessee company earned income of Rs. 4,65,00,000/- only by way of Engineering fees. Another amount of Rs 4,65,00,000/- had been received as tooling advance. This latter amount was to be paid to the vendors of M/s. Mahindra and Mahindra Ltd. This payment was a reimbursement.
The tribunal took the view that the addition made was only on the basis of the discrepancy in the TDS Certificate and not on the basis of any finding that some extra charges were received by the assessee, but had not been accounted for.
Admittedly, as per TDS certificate issued by Mysore Breweries Limited, the total reimbursement made to the assessee as per their newly arrangement was Rs. 3,35,85,000/-. However, in the books of assessee, it was only Rs. 2,54,97,000/-. The assessee had explained that a credit note of Rs. 80,88,000/- issued by it in favour of Mysore Breweries Limited was not accounted for by them
Rigours of the conditions enumerated in clauses (a) and (b) of section 80-IB, has been relaxed by the legislature to achieve certain socio-economic object and, therefore, proviso to section 80-IB should be given a liberal interpretation so as to not to defeat a genuine claim for deduction by a developer who undertakes to develop a housing project in a slum area under the scheme approved by the Central or State Govt.
Assessee secured a licence from the RBI under section 45-I of the RBI Act, to carry on the business of non-banking finance, including micro-finance services. There exists Prudential Norms, issued by the RBI. The assessee, being a licensed NBFC, it had to follow the directives of the RBI. It was in accordance therewith, as also in accordance with the Accounting standards issued by the ICAI, that the assessee derecognized the interest on NPAs.
