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Income Tax : Understand the revised 2% TDS rate on rent from Oct 1, 2024. Learn the correct rate, avoid overpayments, and claim refunds for exc...
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 : 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 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...
Crawley & Roy Founders Engineers Pvt. Ltd Vs DCIT (ITAT Mumbai) In respect of addition made for delay in depositing of employees’ contribution to ESI, from the perusal of Form 3CD, we note that there is a typographical mistake in writing the year of deposit which has been mentioned as 2018 instead of 2017 as […]
ITAT Delhi held that CRS, which was the source of revenue, was partially existent in the machines namely various computers installed at the premises of the subscribers. As assessee exercised complete control over the computers installed at premises of the subscribers. This amounted to a fixed place of business for carrying on the business of the enterprise in India.
Only because the ld Pr. CIT being a higher authority and more wiser in experience considered that enquiry in some other aspects would have resulted in different opinion, does not give jurisdiction to exercise revisional power u/s 263. That being so the grounds raised are allowed and the impugned order of revisional authority is set aside.
Kerala High Court held that completion of the assessment on the basis of best judgment alleging that petitioner had not responded to pre-assessment notice is unsustainable as the notices were served to the e-mail address of the dissolved firm.
M. Vijayakumar Vs ITO (ITAT Chennai) We noted that the CIT(A) has not doubted the source of maturity of assessee’s father FDs of Rs.8 lakhs which was withdrawn on 01.11.2016. Admittedly, the assessee made deposit on 10.11.2016 in cash, this amount of Rs.8 lakhs. The only dispute is confirmation, which now the assessee confirmed by […]
Sanjay Subhashchand Gupta Vs DCIT (ITAT Mumbai) Assessee contended that the impugned amounts were taken for the purpose of business activities of the company and the advance of Rs.14,44,730/- from M/s. Rustogi Logistic Pvt. Ltd. and Rs.3,35,38,660/- from M/s. Rustogi Projects Private Limited and the same was received as business advances. The ld. AR further […]
Harmeet Singh Vs ACIT (ITAT Delhi) In this case there is no dispute so far as the percentage of commission is concerned as the same has been accepted by the assessee during the search proceedings as well as during the assessment / appellate proceedings. The only point of concern is whether the assessee has actually […]
ITAT Delhi held that addition in Income Tax proceedings is liable to be set aside as the addition was made on the basis of the finding of Central Excise Department which was eventually decided in favor of the assessee.
Poddar Real Estates Pvt. Ltd Vs ITO (Calcutta High Court) By this writ petition petitioner has made prayer for cancellation of the impugned order dated 2nd December, 2016 passed under Section 144 read with Section 147 of the Income Tax Act, 1961 and subsequent penalty notice issued under Section 271(i) (c) of the Income Tax […]
ITO Vs Pritesh Mafatlal Shah (ITAT Mumbai) Hon’ble Delhi High Court in the case of CIT Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon’ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing […]
