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Income Tax : Income tax updates effective 1st April 2025 include higher TDS thresholds, extended startup benefits, increased rebates, and simpl...
Income Tax : Many taxpayers who have claimed an HRA deduction exceeding ₹5 lakh in their income tax returns have received an email from the I...
Income Tax : Confused about TDS on rent? Understand Section 194-IB, its implications, penalties, and solutions to rectify non-compliance. Find ...
Income Tax : Understand amendments in Section 200(3) of the Income Tax Act, effective via Finance Act 2024, impacting TDS correction deadlines ...
Income Tax : Learn about the Lower Deduction Certificate under Sections 197 & 206C(9) of the Income Tax Act. Understand eligibility, applicatio...
Income Tax : Learn about new rules restricting TDS/TCS correction statements under Income-tax Act Section 200(3) from April 2025. Key dates and...
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 : Allahabad HC quashes GST demand against Solvi Enterprises, ruling that the selling dealer was registered at the time of transactio...
Income Tax : PCIT Vs Greenply Industries Ltd (Gauhati High Court) The Gauhati High Court’s recent judgment in “The Principal Commis...
Income Tax : ITAT Mumbai held that Sai Baba Sansthan Trust being both charitable and religious trust falls within exceptions provided under sec...
Income Tax : ITAT Mumbai held that developer is entitled for deduction under section 80-IA of the Income Tax Act for carrying out development w...
Income Tax : ITAT Raipur held that assessment framed by AO u/s. 143(3) r.w.s. 147 of the Income Tax Act without issuance of notice under sectio...
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...
ITAT Bangalore held that each and every deposit during the demonetization period would not fall under the category of unaccounted cash. However the burden is on the assessee to establish the genuineness of the deposit in order to fall outside the scope of unaccounted cash.
Delhi High Court held that the consideration for the purchase of marketing and business rights for a period of twenty years is capital in nature and constitutes an intangible asset within the meaning of section 32(1)(ii) of the Income Tax Act and therefore eligible to claim depreciation.
Delhi High Court held that AO is not empowered to frame block assessment merely on the basis of statement recorded u/s 132(4) without reference to any other material discovered during the search and seizure operations.
The Honble Madras High Court observed that Juxtaposing the provisions of both the Acts viz., Income Tax Act, 1961 and the Tamil Nadu Educational Institutions (Prohibition of Collection of Capitation Fee) Act, 1992, with each other, it is explicit that collection of any amount in excess of what has been prescribed as fee or in the nature of donation or voluntary contribution either directly or indirectly to the institution or through some other person or institution or trust, as quid pro quo for the seat in any educational institution, would render the activity of both the entities ungenuine.
The ITAT by relying upon the Judgment of co-ordinate Bench, wherein co-ordinate Bench followed the Judgment of Jurisdictional High Court have observed that 15% of the revenue relating to bookings made from India being attributable to the taxpayers PE in India after considering the nature and extent of activities in India and abroad and assets employed & risk assumed.
ITAT Delhi held that addition of unexplained investment under section 69 of the Income Tax Act merely on the basis of loose sheet alone without any other corroborative evidence is unsustainable in law.
ITAT Mumbai held that it is an undisputed fact that loan is borrowed for the purpose of project and the said project constitutes stock-in-trade. Accordingly, interest expenditure cannot be disallowed by capitalizing it to work in progress. Such interest expenditure is revenue in nature.
Office Order -2 Setting up of Units under sub-section (3) of section 144B of the Income-tax Act, 1961 – reg In pursuance of sub-section (3) of section 144B of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby makes the following amendments in the Office Order – 2 of even number dated 10.06.2022, namely :‑
ITAT Mumbai held that the assessee is a mere step through entity which collected the royalty and licence fees on behalf of its member and thereafter distributed the net income to the concerned members. Such distributed income cannot be taxed in the hands of the assessee
ITAT Jaipur held that filing of Form 67, for claiming Foreign Tax Credit, is a procedural requirement and violation of procedural norms doesn’t extinguish the substantive right of claiming the credit of Foreign Tax.
