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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...
Supreme Court held that where the plain literal interpretation of a statutory provision produces a manifestly absurd and unjust result which could never have been intended by the Legislature the Court may modify the language so as to achieve the obvious intention of the Legislature.
AIFTP appeal to Smt. Nirmala Sitharaman (Finance Minister) to direct the CBDT to direct the NFAC to hear the appeals expeditiously and effectively so that the tax payers will be able to get the finality on the tax dispute at the earliest. Also, considering the huge quantum of pendency, CBDT may be directed to frame […]
Map Refoils India Limited Vs National E-Assessment Centre (Gujarat High Court) No draft assessment along with show cause notice as required under section 144B(1) and section 144B(7) is given to the petitioner so as to enable the petitioner to give explanation for proposed addition during the hearing before the National Faceless Assessment Centre. Section 144B(1)(xii) […]
Ishwarsingh Ramchandra Jangid Vs ITO (ITAT Ahmedabad) Prima facie it appears that the assessee is not in town during the specific period of assessment proceedings as well as the proceedings before the CIT(A) and the assessee’s consultant has not taken proper measure for filing the appeal before the CIT(A) and also not appeared before the […]
Bombay High Court held that there is limited scope of challenging the order of the settlement commission. Order of settlement commission cannot be challenged as if the order passed under an ordinary adversarial adjudication or as if the appellate power is being exercised.
Gujarat High Court held that provisions of section 179 of the Income Tax Act cannot be invoked simply because the directors of the private limited company have failed to deposit 20% of the demand raised in the assessment order to get stay from the appellate authority.
ITAT Bangalore held that orders passed u/s 92CA of the Income Tax Act without mentioning of Document Identification Number (DIN) is invalid and deemed to have been never issued. Hence TP adjustments made through the order is also invalid.
ITAT Mumbai held that amendment to section 50C of the Income Tax Act stating that the value adopted or assessed or assessable by the stamp valuation authority on the date of agreement may be taken for the purpose of computing the full value of consideration for such transfer is retrospective in nature and effective from 1st April 2003.
ITAT Chennai held that permit charges paid to Government to operate buses in the state is revenue expenditure. Accordingly Pondicherry permit charges paid to Government of Pondicherry to operate buses in the state of jurisdiction of Pondicherry is allowable revenue expenditure.
HC find that the allegation of the petitioner is substantially correct in the sense that petitioner’s objection to initiation of proceeding under Section 147 and issuance of notice under Section 148 of the Act has neither been considered nor rejected.
