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Income Tax : Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax...
Income Tax : New Income Tax Bill 2025, replacing the 1961 act, focuses on simplification and clarity. Learn about the key changes and retained...
Income Tax : A comparative analysis of Income Tax Act 1961 vs Income Tax Bill 2025, highlighting key changes in salary, capital gains, house pr...
Income Tax : Understand key changes in proposed Income Tax Bill 2025. This FAQ covers definitions, tax year, non-profits, exemptions, salary, h...
Income Tax : Learn about the simplification, stakeholder consultation, and structural reforms in the new Income-Tax Bill aimed at reducing redu...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Explore the section mapping of the New Income-Tax Bill 2025, comparing provisions with the Income-Tax Act, 1961. See key changes, ...
Income Tax : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : The Jammu & Kashmir HC refused to quash tax evasion charges against Surinder Nath Jain & others, ruling that the case should proce...
Income Tax : Calcutta HC rules that an AO must dispose of an assessee’s objections to reassessment through a speaking order before proceeding...
Income Tax : Kerala High Court rules that an income tax appeal filed with delay cannot be dismissed without considering the delay petition. App...
Income Tax : ITAT Chennai held that material/ information referred by AO in reasons recorded cannot be held to be tangible material hence reope...
Income Tax : It thus held that the limits that the Board could prescribe would only apply to an initial or an ordinary annual contribution. Any...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Delhi High Court held that assuming jurisdiction under section 153C of the Income Tax Act impermissible unless it is satisfied that document / seized material belonged to the assessee. Thus, appeal dismissed.
Delhi High Court held that order issued u/s. 143(3) of the Income Tax Act wrongly challenged on the assumption that it is draft assessment order u/s. 144C is untenable in law. Accordingly, cost of ₹1,00,000/- imposed on petitioner.
Thus all the provisions relied upon by the Ld. AO would apply only in a case where an “asset” is “transferred” in the course of “amalgamation” by “transferor company” to the “transferee company” and would not apply when a particular “asset” is a “result” of amalgamation.
PCIT was of the view that mere process of compression of natural gas cannot be considered to be a manufacturing activity for the purpose of claim of additional depreciation.
ITAT Delhi held that protective addition in the hands of assessee deleted as substantial addition already made in the hands of the assessee’s wife and tax is already paid on the same. Accordingly, addition deleted.
ITAT Kolkata held that duty drawback is part of gross receipts for the purpose of calculation of ‘gross receipts’ under the presumptive taxation as per section 44AD of the Income Tax Act. Thus, appeal allowed.
ITAT Delhi held that merely because particular scrip is identified as penny stock it doesn’t mean all the transactions carried out in that scrip would be bogus. Addition, u/s. 68 deleted in absence of allegation of assessee being involved in any price rigging or price increase.
Tribunal in the case of Yegneswari General Traders vs. ITO held that kaccha arahtias are concerned, the turnover does not include the sales effected on behalf of the principals and only the gross commission has to be considered for the purpose of 44AB.
ITAT Mumbai held that cash deposits were evidently business receipts, in absence of any other evidence of any other undisclosed source of income, the same cannot be considered as unexplained cash credit. Accordingly, addition under section 68 liable to be set aside.
ITAT Surat held that rejection of application for regular approval of fund under section 80G(5) of the Income Tax Act as time barred not justified in terms of relaxation of time period as per CBDT Circular no. 7/2024 dated 25.04.2024
