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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 ...
Atul G. Puranik vs. ITO (ITAT Mumbai) Section 50C applies only to a capital asst, being land or building or both, it cannot be made applicable to lease rights in a land. As the assessee transferred lease right for sixty years in the Plot and not land itself, the provisions of sec.50C cannot be invoked. A distinction has been drawn between ‘land or building’ on one hand and ‘or any rights in land or building’ on the other. Considering the fact that we are dealing with special provision for full value of consideration in certain cases u/s.50C, which is a deeming provision, the fiction created in this section cannot be extended to any asset other than those specifically provided therein.
OHM Limited v. DIT (AAR No. 935 of 2010) – Foreign firms operating in the country will have to pay tax at the existing rate of 4.223 per cent on revenue earned under seismic data acquisition and processing contracts, says a tribunal. In a ruling, the Authority of Advanced Rulings (AAR) held that foreign firms would not enjoy any leeway even if their income falls under the label of royalties or is considered as fees for technical services.
DCIT v. Maruti Countrywide Auto Financial Services Pvt Ltd. Delhi Tribunal held that the expenditure incurred for business promotion and advertisement based on commercial expediency should not be considered for disallowances even if it incidentally benefits the other party. This judgement is in line with the judgement of Nestle India Ltd Vs DCIT. However, in this case, the Tribunal has not considered when the taxpayer is mandatorily required to use the trademark of the JV partner and creation of marketing intangibles.
Chevoit Company Ltd. v. CIT – In Kulwant Kaur’s case, it was held by the Supreme Court that in appeal before the Calcutta High Court a finding of fact, even if erroneous, will generally not be disturbed. However, where it is found that the finding stands vitiated on an inaccurate test and on the basis of assumptions and conjectures and, as a result, there is an element of perversity involved therein, the Calcutta High Court will be within its jurisdiction to deal with the same. This was in regard to section 103 of the Code of Civil Procedure. The Chevoit Company’s decision relies on the decision of the Supreme Court in Kulwant Kaur’s case, and reaffirms the position that an issue of perversity of findings could by itself come within the ambit of a substantial question of law.
ITAT Mumbai in the case of Islamic Republic of Iran Shipping Lines v. DCIT held that service tax collected from customers on behalf of the Government cannot be included in the total receipts while determining its presumptive income under section 44B of the Income-tax Act, 1961.
The Karnataka High Court, in its recent ruling, in the case of CIT v. Expert Outsource Pvt. Ltd. held that deduction under section 10A of the Income-tax Act, 1961 is available to the assessee on conversion of existing Domestic Tariff Area (DTA) unit into a Software Technology Park (STP) unit.
Recently CBDT instructed vide Instruction No. 5/2011 dated 30 March, 2011 to Assessing Officers (AO) and the Transfer Pricing Officers (TPO) to look into technical evidence involved in a tax or transfer pricing case by seeking assistance in the form of opinion from technical experts in the relevant subject matter for expeditious disposition of such cases especially where there are substantial amounts of taxes at stake. This instruction follows from the directions provided by the Supreme Court in its ruling in the case of CIT v.Bharati Cellular Ltd. [2010-TI1-05-SC-INTL] wherein the Supreme Court emphasised on the need to rely upon the opinion from technical experts in cases involving complex technical matters so that Appellate forums are able to “decide the legal issues based on the factual foundation” of a case. The CBDT Instruction seeks to set out a broad framework on how technical experts can be consulted to provide their opinion on technical matters involved in a tax or transfer pricing case.
Mohan Meakin Limited vs. CIT (Delhi High Court) – Merely because the claim was not made out under one particular provision of the Act, but was so made out under another provision of law, the assessee could not be debarred to raise such legal question. It is legally permissible to raise question of deduction under Section 37 of the Act even if it was not raised before the authorities below.
Competition watchdog CCI has issued a show cause notice to the National Stock Exchange (NSE) asking why a penalty should not be imposed for its unfair trade practices in connection with currency derivatives trading . The commission has found NSE guilty of violating Section 4 of the Competition Act, which is abuse of dominant position, according to a source in the CCI.
India today signed a Double Taxation Avoidance Agreement (DTAA) with the Republic of Colombia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The Agreement was signed by Shri Sudhir Chandra, Chairman, Central Board of Direct Taxes on behalf of the Government of India and by Mr. Juan Alfredo Pinto Saavedra, Ambassador of the Republic of Colombia to India, on behalf of the Republic of Colombia.
