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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...
CIT Vs Calcutta Knitwears (Supreme Court of India) In taxing statutes, even if the literal interpretation results in hardship or inconvenience, it has to be followed (G.P. Singh’s Principles of Statutory Interpretations, 12th Ed, 2010, Lexis Nexis Butterworths Wadhwa Nagpur; Bennion on Statutory Interpretation, 5th Ed., Lexis Nexis, p. 863; Vepa P. Sara thi, Interpretation […]
CIT Vs State Bank of Bikaner (Rajasthan High Court) On perusal of Sec.36(1)(va) and Sec.43(B)(b) and analyzing the judgements rendered, in our view as well, it is clear that the legislature brought in the statute Section 43(B)(b) to curb the of such tax payers who did not discharge their statutory liability of payment of dues, as […]
It is trite law that a taxing statute is to be construed strictly. In a taxing Act one has to look merely at what is said in the relevant provision. There is no presumption as to a tax. Nothing is to be read in, nothing is to be implied.
Essae Teraoka Pvt. Ltd. Vs DCIT (Karnataka High Court) In the present case, admittedly, though the employer did not deposit the contribution, within the stipulated time, as contemplated by paragraph-3O of the PF Scheme or before the due date under the provisions of the PF scheme/Act, he deposited the contribution to the PF/ESI fund before […]
CIT, Udaipur Vs Udaipur Dugdh Utpadak Sahakari Sangh Limited (Rajasthan High Court) While completing the assessment under Section 143(3) of the Income Tax Act, 1961 the Assessing Officer (AO) noticed that the assessee had deposited payment of Rs.14,60,412/- in the PF fund and Rs.973/- in the ESI fund with delay that is the said payments […]
Reassessment was bad in law beyond four years when the tax payer had disclosed the facts at the time of original assessment proceedings and the AO did not draw any adverse inference regarding the same.
CIT Vs Dimpal Yadav (Allahabad High Court) In the instant case, we find that the Tribunal has given a categorical finding that the assessee had established a reasonable cause for failure to comply with the provision of Section 269SS of the Act. The Tribunal further found that the loan given by the Samajwadi Party was […]
CIT Vs Panchsheel Owners Associations (Gujarat High Court) While completing the assessment, the Assessing Officer has noticed that the assessee, an AOP, borrowed loan of Rs. 40,00,000/- from Smt. Shantaben A. Patel, main promoter of the AOP, in cash for expeditious acquisition of land, in violation of section 269SS of the I.T. Act. Therefore, penalty […]
Vidras India Ceramics Pvt. Ltd. Vs D.C.I.T. (ITAT Ahmedabad) The controversy that needs to be addressed so as to whether the assessee is eligible for deduction with respect to the provisions made against the trade debtors in pursuance to the explanation 1 to clause (vii) of section 36(1) of the Act. As per the explanation […]
Dive into Anuradha Pandey’s case vs. ITO (ITAT Varanasi). ITAT’s scrutiny on investment source from closing stock and debtors. Analysis of the disputed addition and its resolution
