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Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
Income Tax : ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, app...
Income Tax : ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
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 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
The Income Tax Appellate Tribunal (ITAT) Hyderabad ruled in favor of Rajiv Venkataraman, stating that the survival benefit received from LIC on his father’s death is exempt under Section 10(10D) of the Income Tax Act.
The Income Tax Appellate Tribunal (ITAT) Delhi partially allows the appeal filed by Kartikeya Enterprises for AY 2015-16, deleting certain disallowances and confirming others based on corroborative documentary evidence.
The Income Tax Appellate Tribunal (ITAT) Mumbai dismisses the Revenue’s appeal and allows bad debts declared as Non Performing Assets (NPS) before 01.04.2006 as a deduction under section 36(1)(vii) of the Income Tax Act for Abhyudaya Co-op Bank Limited for AY 2012-13.
The Delhi ITAT upheld that only the profit element embedded in bogus purchases can be added to the income of the taxpayer. The case involved Diamond Tradex Co. Ltd. and ACIT for A.Y. 2010-11.
The Allahabad High Court dismissed a petition challenging the appointment of Commissioners of Income Tax (Appeals) stating that the Act of 1961 vests jurisdiction with the Central Government for such appointments.
In the case of Devender vs. ITO, the ITAT Delhi ruled in favor of the farmer assessee, stating that no addition shall be made for cash deposited in a joint bank account by the second account holder.
ITAT held that approach adopted by NFAC merely because he granted relief in respect of one item of additions, does not mean that he can deny justice in respect of balance additions/grounds of appeal raised before him.
A detailed analysis of the ITAT Pune judgement on Dinesh Patel vs ITO involving client code modification and tax assessment.
The ITAT Pune declares the assessment order invalid in the case of Prabhakar Amruta Shillak Vs ITO for AY 2012-13. The order violated CBDT circular and was treated as never issued.
In the case of Classic Display Systems Pvt Ltd vs. ITO, the ITAT Delhi quashed the reassessment order as the AO failed to issue notice u/s 143(2) before finalizing the reassessment.
