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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 : 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...
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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 Delhi affirms PCIT’s order under Section 263, ruling AO’s assessment erroneous & prejudicial to revenue. Key precedents c...
Income Tax : ACIT vs Prashant Prakash Nilawar case where ITAT Mumbai dismissed Rs. 17 Cr addition based on WhatsApp messages without concrete e...
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 : 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...
Vineet Sethi Vs ITO (ITAT Bangalore) The assessee has been terminated vide letter issued by TBM Consultants India Pvt. Ltd. dated 23.2.2016 due to misconduct of the assessee, wherein it was alleged that assessee has been indulging in activities, which are prejudicial to the interest of the employer company and assessee was promoting and carrying […]
All Odisha Tax Advocates Association Vs Union of India (Orissa High Court) HC held that Considering that the Department has itself acknowledge that there have been technical glitches which have prevented many Assesses from filing their returns and tax audit reports within time, and taking a cue from the aforementioned judgment of the Gujarat High […]
The assessee however submitted that its operations were closed and being no regular employee looking after the matter, the notices issued by the Learned CIT(A) could not be complied.
ITAT held that as per specific provision of Section 28(v) of the Income Tax any interest, salary etc. earned by a partner from a partnership firm is taxable under the head profit and gains of business or profession and there is no question of categorizing it under the head income from other sources.
Final order passed by AO is beyond limitation period provided u/s 144C of Income Tax Act, hence, same is liable to be declared as null & void
Assessee contended that he was not the owner of the property sold and he executed sale deed on behalf of owner Shri Ashok Kumar Garg and, therefore, fasting tax liability on account of short term or long term capital gain on the shoulders of the assessee is not valid.
Assessee through bills established co-relation between sales and purchase and merely not producing original bills cannot make purchase bogus
Section 148 Income Tax notice issued in the name of company which has already been amalgamated so HC quashed it
There are certain cases where the transaction in its entirety starting from the sale of the original asset till the purchase or construction of the new assets is called into question as a colourable transaction done with the sole purpose of evasion of capital gain tax.
Fact that Assessee had filed his ITR for assessment year 2011-12 within time limit proves that Assessee was aware of process of filing ITR.
