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Income Tax : Bombay High Court rules on tax evasion by Buniyad Chemicals, addressing unexplained credits, money laundering, and regulatory acti...
Income Tax : Understand the New Income Tax Bill 2025, key policy changes, structural revisions, and interpretation methods. Learn how these upd...
Income Tax : Article explores effectiveness and influence of Bilateral Investment Treaties (BITs) on FDI flows with particular emphasis within ...
Income Tax : Learn about deductions allowed under Section 57 of the Income Tax Act, 1961, for income from other sources, including family pensi...
Income Tax : This blog explores the implications of this tax policy, the distinction between games of skill and chance, the applicability of Ta...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : ITAT Ahmedabad dismisses ITO's appeal against Sun Gold Capital Ltd due to low tax effect under CBDT Circular 09/2024. Key issues i...
Income Tax : Analysis of ITAT Ahmedabad's ruling in Rakesh Saxena Vs PCIT. The tribunal upheld the revision order, treating VRS benefits as tax...
Income Tax : Madras High Court quashes assessment order citing lack of proper notice and violation of natural justice for a non-resident taxpay...
Income Tax : Bombay HC quashed Trent Ltd.’s tax refund adjustment under Section 245 of the IT Act, citing a violation of natural justice. Rev...
Income Tax : ITAT Pune dismisses revenue appeal, upholding CIT(A)'s decision that a tax reassessment based on a cancelled PAN was invalid....
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Calcutta High Court held that though the official liquidator is now in-charge of the affairs of the company, the petitioners being the erstwhile directors are to assist the official liquidator in affairs of the company even after winding up.
The recent ITAT ruling underlines that the deductions under sections 80IA/80IB should be subtracted from business profits when computing the deduction U/S. 80HHC. This is a comprehensive review of the case ITO vs Madhusudhan Industries.
ITAT Surat held that the delay in filing appeal before ld CIT(A)/ NFAC is not deliberate or intentional or gross negligence on part of assessee and hence the same is condoned.
ITAT Pune discussed the cost of acquisition of two plots allotted against compulsory acquisition of land. Matter remanded in absence of availability of figures of fair market value of two plots which is cost of acquisition in second transaction.
ITAT Delhi held that order of the ld. PCIT passed in haste without verification of factual material, as amount alleged was in Crores as against actual transactions in Lakhs, is unsustainable.
ITAT Delhi held that strategic investments not yielding any exempt income during the year under consideration, the same cannot form part of the average value of investment for computing disallowance under rule 8D(2)(iii) of the Income Tax Rules.
ITAT Chandigarh held that mere non-furnishing of copy of registration u/s 12A cannot be held as a valid and justifiable reason for denial of exemption u/s 11 of the Act where such registration continues to exist and the assessee trust duly stand registered u/s 12A for the year under consideration.
ITAT Delhi held that as per Article 8 of India–Singapore DTAA receipts from operation of ships and aircrafts in international traffic is taxable in the country of residence of the recipient. Therefore, amounts received by the assessee from operation of ships in international traffic would be exempt.
In the case of Gulu Hassanand Raney vs. Asst. Director of I.T. Bangalore-CPC (ITAT Mumbai), the Income Tax Appellate Tribunal (ITAT) dismissed the appeal regarding the extension of the due date for filing the income tax return. The appeal raised questions about whether the extended due date for tax audit cases could be applied to an assessee liable for audit under a different law. Read the full order and analysis here.
In a landmark judgment, ITAT Ahmedabad overrules PCIT’s order, upholding that section 40(a)(ia) of the Income Tax Act cannot be invoked in case of short TDS deduction.
