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Income Tax : Learn how international transactions are taxed under India’s Income Tax Act, including DTAAs, transfer pricing, TDS provisions, ...
Income Tax : Discover the latest updates from Union Budget 2025, including revised tax slabs, withdrawal of Section 206AB, higher deductions, a...
Income Tax : Kedar Jagdish Mankar Vs ACIT (ITAT Pune) Adv. Sachin P. Kumar successfully represented his client in Foreign Tax Credit dispute be...
Income Tax : Union Budget 2025 overlooked critical tax compliance issues, including TDS on partners’ salary, delays in appeals, marginal reli...
Income Tax : The Finance Bill 2025 rationalizes tax loss carry forward rules under M&A by limiting it to 8 years from the original computation ...
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 : ITAT Mumbai invalidates reassessment in Ramlal G Suthar vs. ITO due to improper approval under Section 151(ii) of the Income-tax A...
Income Tax : Bombay High Court quashes reassessment notices issued to a non-existent entity post-merger in City Corporation Ltd vs ACIT, citing...
Income Tax : Bombay High Court addresses Hiralal Malu’s plea for the return of seized jewelry, highlighting disputes between the tax departme...
Income Tax : ITAT Mumbai ruled on TVF Fund Ltd’s appeal regarding tax loss set-off under DTAA. Key issues include carry-forward losses, taxab...
Income Tax : Orissa HC examines TDS prosecution in D.N. Homes case, focusing on COVID-19 delays and reasonable cause under Section 278AA of the...
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...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
Income Tax : CBDT authorizes data sharing with the Dept. of Food & Public Distribution to identify beneficiaries under PMGKAY as per Income-tax...
Income Tax : Finance Ministry designates key Income Tax Dept. IT systems as protected under the IT Act. Learn about restricted access and autho...
The writ petitioner company is non-deposit taking Non-Banking Financial Company (NBFC) having license from the Reserve Bank of India (RBI) for functioning as a Micro Finance Institution (MFI) registered with RBI.
ITAT Bangalore held that interest income received from co-operative society or co-operative banks is eligible for deduction under section 80P(2)(d) of the Income Tax Act. Accordingly, matter restored to AO to examine the source of interest income.
ITAT Vishakhapatnam condoned 102 days in filing of an appeal before CIT(A) and remanded the matter back to CIT(A) with an observation that sufficient cause should receive liberal construction to advance substantial justice.
Learn about Direct Tax Vivad Se Vishwas Scheme, 2024, its eligibility criteria, procedure, benefits, ineligible cases, and key features for resolving tax disputes.
ITAT Kolkata held that imposition of penalty under section 271(1)(b) of the Income Tax Act justified as no plausible explanation was given by the assessee for non-compliance of notices served by AO.
Since the Revenue has not brought anything on record to controvert the findings of Ld. CIT(A), we don’t find any reason to interfere with his order. The ground taken by the Revenue is dismissed.
ITAT Ahmedabad held that addition u/s. 69 of the Income Tax Act towards unexplained investment unsustainable since assessee had explained the source of investment in FDs as being from his FD/OD account.
Telangana High Court held that the surrender of the rights results in impairment of profit making apparatus of the company and thus amount received under agreement for surrender of rights in capital assets is capital receipt. Accordingly, the appeal by revenue dismissed.
ITAT Mumbai rules no addition can be made for differences between GST returns and ITR if reconciled. Assessee followed project completion method for accounting.
Manish Manohardas Asrani Vs ITO Int Tax Ward (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, ruled in favor of the assessee, Manish Manohardas Asrani, quashing a penalty of ₹44,90,048 levied under Section 270A(8) of the Income Tax Act, 1961. The tribunal held that the penalty notice lacked specificity regarding the charge—whether it pertained […]
