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Income Tax : Have questions about income tax payment? Read this article to find answers to frequently asked questions about income tax, includi...
Income Tax : Explore common FAQs on income tax assessments, including types, procedures, and time limits for sections 143, 144, and 147....
Income Tax : Learn about tax loss adjustments, including intra-head and inter-head, carry forward rules, and restrictions on set-offs under Ind...
Income Tax : Learn about clubbing of income under Indian tax laws, where income of one person is included in another's taxable income, includin...
Income Tax : Learn what constitutes capital gains, how they are taxed, the types of capital assets, and distinctions between short-term and lon...
Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...
Income Tax : Learn to handle faceless income tax assessments using AI tools like ChatGPT in a 2-hour live course on Sept 1, 2024. Enhance effic...
Income Tax : The Central Action Plan 2024-2025 by CBDT aims to optimize India's direct tax system, focusing on revenue, litigation, taxpayer se...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
Income Tax : As of August 11, 2024, net direct tax collections for FY 2024-25 stand at Rs. 6.93 lakh crores, marking a 22.48% growth compared t...
Income Tax : ITAT Ahmedabad held that matter needs to be remanded back as assessee failed to furnish corroborative documentary evidence to prov...
Income Tax : ITAT Mumbai held that notice issued u/s. 274 r.w.s. 271(1)(c) of the Income Tax Act without specifying the particular limb is unsu...
Income Tax : Kerala High Court held that condonation application for delay in filing the audit report in Form-10B should have been considered ...
Income Tax : ITAT Mumbai deletes disallowance of capital gains by DCIT after confirming investment in property with Charity Commissioner approv...
Income Tax : ITAT Mumbai held that confirmation of addition u/s. 69A and 68 of the Income Tax Act without finding any fault with the evidence s...
Income Tax : Finance Act 2023 updates the process for filing applications under Section 10(46A) of the Income-tax Act. Standardized procedures ...
Income Tax : On August 16, 2024, President Droupadi Murmu officially granted her assent to the Finance (No 2) Bill, 2024. With this move, the b...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Income Tax : Insight Instruction No. 79 details procedures for managing high-risk PAN cases in the Insight portal, guiding tax officers through...
Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...
Salary of accountant cannot be treated as professional service for managing books of two firms to invoke TDS under section 194J
Ajay Verma Vs ITO (ITAT Lucknow) Asessing Officer made the additions on account of 50% share of profit and partner’s salary as the Assessing Officer has held that no ITR/balance sheet/P&L account of Partnership Firm was filed to substantiate the claim. Before CIT(A) assessee filed detailed ITR of the firm and also filed the copy […]
An assessee can purchase an asset or a part thereof in the name of his wife but he would not be entitled then to the benefit of Section 54B.
Where a number of persons combine together and contribute to a common fund for the financing of some venture or object and in this respect have no dealings or relations with any outside body, then any surplus returned to those persons cannot be regarded in any sense as profit.
ACIT Vs PNB Housing Finance Ltd. (ITAT Delhi) Income Tax Appellate Tribunal (ITAT), New Delhi bench consisting of Anil Chaturvedi, Accountant Member and Narender Kumar Choudhary, Judicial Member granted relief to Punjab National Bank Housing Finance Limited and Confirmed the order of Commissioner of Income Tax of computing rebate under Section 36(1)(viii). The assessee, Punjab […]
DCIT Vs Envair Electrodyne Ltd. (ITAT Pune) ITAT find no merit in the Revenue’s argument in principle that section 50C gets attracted even in case of transfer of leasehold rights which does not come within the nature and ambit of specified asset(s) of ‘land or building or both’ in the statutory provision. We thus, conclude […]
Sara Investments Vs ACIT (ITAT Delhi) The contentions of the assessee are that the assessee firm was holding less than 10% of shares in SSPL. It had paid for 9.38% of the shares only which are held in the name of partner Mr. V.K. Dhawan and the partners are holding the shares in their personal […]
Mayank Kumar Garg Vs ITO (ITAT Delhi) It was submitted by the ld Counsel for the Assessee that the addition of Rs. 16,82,836/- has been made without giving any opportunity of hearing for enhancement of the income. The ld DR could not controvert this arguments. In the light of the aforesaid irregularity and violation of […]
Sopan Developers Vs PCIT (ITAT Rajkot) Amendment for charging the tax on the notional rent with respect to the properties held as stock in trade was applicable from the assessment year 2018-19 and subsequent assessment year. As such, the amended provision is not applicable for the year under consideration. Thus the question of calculating the […]
ITO admits that principle of judicial discipline mandates that the lower authorities are bound to follow the orders passed by the higher authorities. He expresses his unconditional apology and regret for the aforesaid observations/findings and prays that the said observations in the impugned order be expunged/deleted.
