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Income Tax : The Income-tax Bill, 2025 has been tabled in Parliament on 13th February 2025, marking a significant step toward simplifying the l...
Income Tax : Overview of key income tax changes for non-residents, charitable trusts, and individuals, including SEP rules, fund management, an...
Income Tax : Budget 2025 focuses on economic growth, tax reforms, and infrastructure. Key changes include new tax rates, financial sector refor...
Income Tax : Explore tax benefits available for parents under the Income Tax Act, including education, health insurance, and deductions for med...
Income Tax : Understand tax rules for debt mutual funds based on purchase date. Learn about slab rates, LTCG tax, indexation, and rebate eligib...
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 : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Since reasons recorded by AO to form prima facie conclusion that there was likelihood of any gain on account of revenue expenses i...
Income Tax : ITAT Bangalore sets aside CIT(A) order in Section 54 exemption case due to lack of documents. The case is remanded for fresh revie...
Income Tax : ITAT Pune restores Mauli Nagari's tax case to CIT(A)-NFAC due to non-compliance issues. Read about penalties, unexplained cash dep...
Income Tax : ITAT Lucknow held that delay of 4 days erroneously calculated as delay of 551 days by CIT(A). Accordingly, directed CIT(A) to cons...
Income Tax : Explore the ITAT Jaipur decision in Mujmmeel Vs ACIT, examining Section 263 order invoking unexplained investments and its implica...
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...
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 ...
The Central Board of Direct Taxes (CBDT) is believed to have turned down the request of Mahindra Satyam to fully adjust taxes paid by its erstwhile owner Ramalinga Raju on fictitious income. Tech Mahindra had acquired Satyam Computer, after a multi-crore accounting fraud in the company came to light in January 2009. After acquisition, the company was re-branded as Mahindra Satyam.
In course of search on July 2, 1996 in the residential premises of one Bijay Kumr Gutgutia, some papers relating to the firm, M/s. Shree Krishna Arvind Hatcheries, along with other books of accounts and a bunch of papers with identification mark BKG/5 were seized.
Faridabad Investment Company Limited Vs CIT (Calcutta High Court)- Rectification of an order does not mean obliteration of the order originally passed and its substitution by a new order. In The present case, we are of the firm opinion that there was no scope of rectification in the case on the ground of error apparent on the face of the record as the Assessing Officer even in his rectified order could not find out the actual expenditure for obtaining the dividend and calculated the same on the notional basis which is not permissible.
By way of the instant writ petition, the petitioner has beseeches to quash and set-aside the order dated 10th August, 2010, whereby the Director of Income Tax (CIB) Rajasthan, Jaipur imposed a penalty of 20,200/- rupees on the petitioner.
Coastal Energy Pvt. Ltd. Vs. ACIT (ITAT Chennai)- Tribunal emphasised that the essence of a CUP method is a free comparison of the variables in uncontrolled conditions. However, citing practical manifestation, the Tribunal agreed that a comparison of controlled prices may be accepted. This may depend on the facts of the case. Further, the Tribunal stated that the facts in this case did not merit a special reason to rely on comparison based on controlled prices. Hence, the application of the CUP method based on comparison against uncontrolled prices was confirmed by the Tribunal.
Senthamarai Constructions v CIT (High Court of Madras) – Assessee filed the revised return in respect of the first two assessment years and filed the return for the first time for the last of the assessment year only after search in the Managing Partner’s residence, wherein undisclosed cash and investments were found. The conduct of the assessee, hence, assumes significance in coming forward to disclose the income of the firm, which are relatable to the investments made by the Managing Partner.
ACIT v Mansih Dutt (ITAT, Mumbai )- Assessee had utilized the services of dubbing studio Ninety Degrees by using their equipments as well as the artists who were working for Studio Ninety Degrees. The assessee had thus carried out the work of dubbing by engaging services and the same was of the nature of getting work done through a subcontractor. The findings of the CIT(A) in this regard are not in challenge before us. In such circumstances we are of the view that the provisions of section 194C were applicable and the assessee has rightly deducted tax at source at 2 per cent treating the payment as a payment to sub-contractor for carrying out a work.
ACIT v Mehsana District Co-op Milk Producers Union Ltd(Ahemdabad ITAT)- Once the depreciation allowable under s 32(1) cannot be allowed or partly allowed, the unabsorbed portion of such depreciation automatically becomes the depreciation of the subsequent year, subject to the provisions of s 72(2) and 73(3. The carry forward of unabsorbed depreciation, as per s 32(2), is automatic and the assessee is not required to fulfil any condition so as to be entitled to obtain such carry forward.
Bisazza India (P) Ltd. v CIT (ITAT Ahmedabad) – We feel the restriction contained in section 80AB or section 80B(5) could not be applied in as much as carry forward of business loss or depreciation should not be first set-off leaving gross total income nil, which disentitles the assessee for deduction under other provisions of Chapter VIA-C which includes section 80HHC also. But assessees’ contention that export profit has to be computed with reference to the profit and loss account prepared under the Companies Act is equally unacceptable because there is no such provision in section 80HHC to determine export profit with reference to Profit and loss account maintained under the Companies Act.
Meredith Traders (P) Ltd. v ITO (ITAT Mumbai)- Provisions of s 79 are not applicable to company originally registered as a private company and then became a public company by virtue of the provisions of s 3(iv)(c) of the Companies Act in which public are substantially interested within the meaning of s 2(18) of the Income tax Act, 1961
