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Income Tax : Understand the updated TDS rates for FY 2025-26 (AY 2026-27). Comprehensive chart covering salary, interest, dividends, rent, and ...
Income Tax : Budget 2025 revises income tax slabs, making ₹4,00,000 tax-free. New rates range up to 30% for income above ₹24,00,000. Key de...
Income Tax : Income tax bill, 2025 aims to replace Income Tax Act, 1961, simplifying tax laws. Questions arise about its impact on revenue, lit...
Income Tax : Income Tax Bill 2025 introduces changes to TDS, TCS, and LRS provisions, raising threshold limits and reducing compliance burdens....
Income Tax : CIT International Tax- 1 Vs Expeditors International of Washington INC (Delhi High Court); ITA 202/2022; Dated: 13/02/2025 In a si...
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 : Bombay HC rules in CIT vs. Nitish Chordia that agricultural land distance must be measured by road, not aerial view, impacting cap...
Income Tax : ITAT Surat rules that for capital gains tax on agricultural land, municipal limits are determined by notification in force at the...
Income Tax : ITAT remands case regarding taxability of interest income earned before business commencement, citing need for fresh adjudication ...
Income Tax : Bombay High Court rules reassessment proceedings against Alok Industries invalid post-resolution plan approval under IBC, citing S...
Income Tax : ITAT Jaipur dismisses Bansi Lal's appeal, upholding additions for unexplained bank deposits and interest income. Tribunal cites l...
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...
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...
Vide Order No 119 of 2011 dated 14.7.2011 the CBDT has transferred and posted Commissioners / Directors of Income-tax with immediate effect. Download the Order
Transstory (India) Ltd. Vs. ITO (ITAT Visakhapatnam)- The taxpayer was to pay royalty for only seven years and in respect of certain specified product, the royalty payable by the two group companies in China was for 20 years and it was based on sales of all the products. The only basis of adjustment made by the TPO is variation in rates of royalty paid by the taxpayer vis-a-vis the two group companies in China.
In this regard, it may be stated that sub-section (1C) was inserted in section 139 of the Income-Tax Act, 1961 (the Act), vide the Finance Act, 2011, with effect from 1.6.2011. For the sake of ready reference, the aforesaid sub-section (1C) is reproduced as follows: (1C) Notwithstanding anything contained in sub-section (1), the Central Government may, by notification in the Official Gazette, exempt any class or classes of persons
1. On the facts and in the circumstances of the case, the ld. CIT(A) erred in directing the AO, to allow the deduction u/s. 80-IB of the Act in respect of the profit of Hyderabad Unit without appreciating the fact that the branch has not carried out any manufacturing activity.
CIT v Alembic Glass Industries Limited (High Court of Gujarat) – The law is settled – if a business liability has definitely arisen in the accounting year, the deduction should be allowed although the liability may have to be quantified and discharged at a future date.What should be certain is the incurring of the liability. It should be capable of being estimated with reasonable certainty though the actual quantification may not be possible. If these requirements are satisfied the liability is not a contingent one. The liability is in praesenti though it will be discharged at a future date. It does not make any difference if the future date on which the liability shall have to be discharged is not certain.
DCIT, Mumbai Vs M/s Kaizen Commercial Pvt Ltd (ITAT Mumbai) Whether merely because a telecom Company has got licence and has bright future, it can be presumed that contemporaneous value of share, irrespective of its negative net worth on the day when it got licence, is on higher side and hence any addition in the hands of share holder on presumptive basis is tenable – Whether in the absence of any business relations, any addition can be made in the hands of assessee u/s 28(iv).
ADIT v ACM Shipping India Ltd. (ITAT Mumbai) – The taxpayer was wholly or almost wholly securing orders only for ACM UK. The freight invoice issued by the carriers show that the commission was paid by the Indian exporter to the taxpayer directly on behalf of the carriers. Further, the taxpayer was paying 50 percent of the commission earned to ACM UK for their services in getting contract with the ship owners and the customers. There is no evidence to show that the commission paid by the taxpayer was for services rendered outside India.
ACIT v Birla Soft Ltd. (ITAT, Delhi) -It would be wrong to consider different STP units of the taxpayer on a standalone basis, for the purpose of transfer pricing analysis, wherein the services provided by the units are same/similar and to same Associated Enterprises (‘AEs’). Further, Delhi ITAT also observed that current year data of an uncontrolled transaction is to be used for the purpose of comparability, while examining the international transactions with AEs.
Satara Cattle Feed Industries (P) Ltd. v ACIT (ITAT Pune) – The invocation of s 263 is unjustified if the AO has applied mind to the shortfall in income returned after considering the declaration of additional income during the survey in absence of any material or evidence to show that the reasons which have been accepted by the AO are incorrect or that the same was extraneous or false. Order of the AO must suffer from an incorrect assumption of fact or incorrect application of law so as to be considered as erroneous apart from meeting the requirements of the expression “prejudicial to the interests of Revenue”, to justify the invocation of s 263.
Kem Tron Technology (P) Ltd. v CIT (ITAT Ahmedabad) – As the assessee’s major sales in international market related to associate enterprise section 93E was applicable and a report in Form 3CEB was duly filed along with the return of income by the assessee. The A.O. invoking the provisions of section 92C(3) of the Act made addition of Rs.19,72,697 by making upward adjustment in international transaction with the associate enterprise on the ground that similarly placed companies had better margins as compared to the assessee company. While doing so, the A.O. took the net profit of the assessee company at (-) 3.21% instead of 3.26% shown by the assessee, excluding the other income of Rs.80,28,677 from net profit declared by the assessee.
