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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...
ITAT Delhi held that determination of the rent or CAM are separate and the CAM arrangements are not essential and an integral part for use of the premises. Hence, provisions for rent are governed by Section 194I and CAM charges by Section 194C of the Act.
Linklaters LLP Vs Asst Vs CIT (IT)-3(1)(2) Mumbai (ITAT Mumbai) ITAT Mumbai held that remuneration received for providing legal services doesn’t amount to ‘fees for technical services’, where the provisions of section 9(1)(vii) of the Act is not applicable. Accordingly, the same is not taxable. Facts- The assessee is a LLP incorporated under the laws […]
ITAT Mumbai held that when assessee submits the sales to be fictitious sales, the onus is on AO to prove that such sales were cash sales as claimed by him. Addition unsustainable as AO failed to provide any evidence of cash sales.
ITAT Delhi held that revision of assessment order unjustifiable as the assessment order cannot be considered to be erroneous and prejudicial to the interest of revenue.
Draft submissions regarding reasons recorded u/s 148(2) of the Income Tax Act, 1961 provide detailed insights into the legal implications of notice issuance and the necessity of furnishing reasons to the assessee. These submissions, accompanied by relevant case law, highlight the importance of procedural compliance and the consequences of non-compliance, aiming to ensure fair and just assessment proceedings.
Income Tax Department is pacing with technology and now it has launched mobile application for AIS view. Now the taxpayer can view AIS within a click. The assessee can also provide feedback on information reflecting in AIS. The application launched is totally free of cost. AIS is Annual Information Statement in which Significant Financial transactions […]
The article discusses the establishment of the Internal Board of Settlement (IBS) under the Income Tax Act of 1961, its role in resolving tax disputes, and its impact on taxpayers. The article also highlights alternative settlement mechanisms available after the abolishment of the Income Tax Settlement Commission in India.
ITAT Pune held that order u/s 119 dated 27.09.2019 extending due date to 31.10.2019 in respect of cases covered under Explanation 2(a) to section 139(1) applies to HUF too. Accordingly, as return by HUF filed within extended time limit, deduction u/s 80IA(7) of Income Tax Act allowable.
ITAT Hyderabad held that there is delay of 3047 days in filing of an appeal and reasons stated for condonation are not proper and casual in nature and accordingly doesn’t come under reasonable cause. Hence, appeal dismissed as barred by limitation.
Delhi High Court held that for exercise jurisdiction under section 263 of the Income Tax Act, twin conditions i.e. order being erroneous and prejudicial to the interest of revenue needs to be satisfied. PCIT order not satisfying the same needs to be quashed.
