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Income Tax : Relocating to Sikkim does not automatically exempt you from income tax. This article explains who qualifies under Section 10(26AAA...
Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...
Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...
Income Tax : Form 16 and Form 16A serve distinct purposes under the TDS framework, with Form 16 relating to salary income and Form 16A covering...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Telangana High Court held that Section 254(2) of the Income-tax Act is confined to rectifying mistakes apparent from the recor...
Income Tax : The Telangana High Court held that reassessment proceedings initiated under Sections 148A and 148 by the Jurisdictional Assessing ...
Income Tax : The Tribunal held that section 50 merely prescribes a special method for computing gains on depreciable assets and does not conver...
Income Tax : The Tribunal held that when sales are accepted and books of account are not rejected, the entire amount of disputed purchases cann...
Income Tax : The Tribunal ruled that the guideline value recorded in a registered document is not conclusive for computing capital gains if the...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
Punjab & Haryana High Court invalidates reassessment notices for Assessment Year 2015-16, citing limitation bar based on Supreme Court precedent.
Karnataka High Court quashes reassessment notice for AY 2015-16, citing Supreme Court precedents on expired limitation periods for tax proceedings.
Rajasthan High Court directs ITO to consider the Supreme Court’s Rajeev Bansal precedent regarding expired limitation periods for AY 2015-16 tax notices.
No Section 40A(2)(a) addition if AO not brought any comparable case to demonstrate that payments made by assessee to directors were excessive/unreasonable: ITAT
ITAT Mumbai deletes disallowance on related party payments (40A(2)(a)) and upholds commission to MD (36(1)(ii)) for Nat Steel Equipment Pvt Ltd
The ITAT Delhi has nullified a tax assessment against SEH Realtors Pvt. Ltd., ruling that the Section 153D approval was granted mechanically without due application of mind.
The issue involved in the present appeal is that whether an incentive received in sales tax liability under a Scheme formulated by the State Government would be on capital account, exempt to taxation, or on revenue account, liable for taxation.
ITAT Mumbai held that as per previous provisions of section 68 of the Income Tax Act applicable till 31st March 2013, the assessee was not required to explain the source of money provided by the creditors.
ITAT Amritsar held that addition on protective basis in the hands of assessee not justified as bank account is fraudulently opened in his name without the assessee’s knowledge. Accordingly, appeal of assessee allowed and addition directed to be deleted.
ITAT Ahmedabad held that taxing entire unaccounted cash receipts or on-money receipts not justified as only profit embedded in such receipts is taxable. Accordingly, AO directed to adopt 13% profit margin on real estate business and tax accordingly.
