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Income Tax : The new Income Tax Bill consolidates provisions for non-profits, covering registration, taxation, compliance, and capital gains ru...
Income Tax : The Income-Tax Bill 2025 simplifies house property income taxation, reducing complexity while maintaining key provisions for bette...
Income Tax : India's Income Tax Department shifts to a taxpayer-friendly approach, prioritizing silent recoveries, refund adjustments, and redu...
Income Tax : Explore why Cost Accountants (CMAs) should be included in the definition of "Accountant" under the Income Tax Bill 2025 for a comp...
Income Tax : Understand the New Tax Regime 2025 with updated slabs, deductions, and exemptions. Learn how to save tax and choose the best regim...
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 : Karnataka High Court dismisses Revenue’s appeal in PCIT Vs Ennoble Construction, ruling on transport creditors' tax liability ...
Income Tax : Supreme Court emphasizes reasonable cause for TDS non-deduction under Section 271C. Highlights interplay of Sections 4, 5, 9, and ...
Income Tax : Delhi HC directs Nil TDS for SFDC Ireland citing no Permanent Establishment in India. Clarifies taxation under DTAA and Rule 28AA ...
Income Tax : Claim of the assessee for deduction for education cess was on a bonafide belief that it was allowable expenditure u/s. 37(1) and h...
Income Tax : Delhi High Court held that Freight Logistic Support Service provided by appellant are not in the nature of Fee for Technical Servi...
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 ...
Mitsui & Co India Pvt Ltd v Addl CIT (ITAT Delhi) – Directors of the assessee were entitled to use the vehicles for their personal use in accordance with the terms and conditions on which they were appointed and the perquisites given to the directors formed part of their ‘remuneration’ under the Explanation to section 198 of the Companies Act, 1956, for the purpose of determining their remuneration under section 309 of that Act. Once such remuneration was fixed as provided in section 309 it was not possible to state that the assessee incurred the expenditure for the personal use of the directors. Even if there was any personal use by the directors that was as per the terms and conditions of service and, in so far as the assessee was concerned, it was business expenditure and no part of the expenditure could be disallowed.
Ram Jethmalani vs. UOI (Supreme Court) – SC held that That the names of those individuals with bank accounts in Liechtenstein, as revealed by Germany, with respect of whom investigations have been concluded, either partially or wholly, and show cause notices issued and proceedings initiated may be disclosed; and That the Special Investigation Team, constituted pursuant to the orders of today by this Court, shall take over the matter of investigation of the individuals whose names have been disclosed by Germany as having accounts in banks in Liechtenstein, and expeditiously conduct the same. The Special Investigation Team shall review the concluded matters also in this regard to assess whether investigations have been thoroughly and properly conducted or not, and on coming to the conclusion that there is a need for further investigation shall proceed further in the matter. After conclusion of such investigations by the Special Investigation Team, the Respondents may disclose the names with regard to whom show cause notices have been issued and proceedings initiated.
CIT vs. Goyal M.G. Gases Pvt Ltd (Delhi High Court) – Even if there is no period of limitation prescribed u/s153 (3)(ii) to give effect to s. 263 orders, the AO is required to pass the order within a ‘reasonable period’. Non-specification of period of limitation does not mean that the AO can wait for indefinite period before passing the consequential order. On facts, the period of 3 years & 8 months that had elapsed since the passing of the s. 263 order was ‘certainly much beyond the reasonable period that can be allowed to the AO to pass the consequential order’. As the s. 263 order was rightly held to be infructuous, the effect order passed thereafter is not valid.
The Central Government had appointed a Committee in March 2011 to review the role, functioning and structure of the Central Economic Intelligence Bureau (CEIB) and to recommend steps to streamline and strengthen financial intelligence gathering and its dissemination for effective coordination amongst the Intelligence Organisations of the Government. The Committee was headed by Shri S. S. Khan, Retired Member, Central Board of Direct Taxes (CBDT). Its other members include Ms Vijay Lakshmi Sharma, Retired Member, Central Board of Excise and Customs (CBEC) and Dr. Kewal Ram, Retired Senior Economic Advisor. Shri Arun Sahu, Deputy Director General (CEIB) is the Member Secretary to the Committee. The Committee submitted its report within period of about three months.
Amidst pressure on the government to tighten the screws on inflow of funds from tax havens, India’s foreign direct investment from Mauritius and Cyprus, dropped significantly in 2010-11. While the FDI inflows from all the sources declined by 25% in 2010-11, the drop was steeper at about 33% to USD 6.98 billion from Mauritius. Likewise, the inflows from Cyprus were down by 44% to USD 913 million, according to the official figures.
E2 Solutions India Pvt. Ltd., Vs ITO- Learned CIT(A) has passed a very detailed order in the assessment year 2002-03 and rightly came to the conclusion that the assessee is entitled to exemption u/s 10A of the IT Act. From the assessment order, we find that according to the AO, it is not a new undertaking for the purpose of exemption u/s 10A of the IT Act. Factually, it is also correct that the undertaking was already engaged in exporting software before it became a STP unit. The STP was notified in March, 1993 but not in Software Technology Park. In the year 2001, a company was formed by conversion of the firm and it started production in STP unit after getting approval.
Sita Jain & Ors. v. ACIT & Anr. (ITAT Delhi) – We have duly considered the rival contention and gone through the record carefully. The Hon’ble Punjab & Haryana High Court in the subsequent decision has upheld grant of exemption u/s 54B in a case where land was purchased in the joint name. The ITAT had discussed this issue in the case of Smt. Saraswati Swaminathan reported in 116 ITD 234 and has observed that the object of section 54EC is to utilize the sale proceed of long term capital gain in the purchase of specified bonds.
Atos Origin IT Services Singapore Pte Ltd. Vs. Asstt. Director of Income tax (ITAT Mumbai)- Assessee who was tax resident of Singapore had entered into a hubbing agreement for providing data processing support to Standard Chartered Bank (SCB) a non resident company engaged in the business of banking in India. Assessee receive amount from SCB India for use of disc space alongwith embedded software in the hardware of the assessee at its data centre in Singapore of the infrastructure of the assessee, whether CIT(A) was justified in treating the income earned by the assessee was of the nature of royalty within the meaning of Article 12(3) of DTAA and also within the meaning of clause (iii) of Explanation (2) below Sec.9(vi) of the Income tax Act. Held, No
Industrial Thermoplastics Vs ITO (ITAT Mumbai) – Whether the disallowance is warranted u/s 40(a)(ia) for non-deduction of tax on interest payment by the assessee to a concern covered u/s 40A(2) though the assessee has explained that there is no taxable income of the corporation and the defects in Form 15H are curable and cannot be considered without giving an opportunity to rectify the defects. – Assessee’s appeal allowed.
Indusind Bank Ltd Vs ACIT (ITAT Mumbai) – Whether interest on government securities will become taxable on the date of coupon date as the assessee receives the right of the interest in the said securities only on the said date and it does not become due on day to day basis. – Assessee’s appeal partly allowed.
