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Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sada...
Income Tax : ITAT Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...
Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...
Income Tax : ITAT Pune confirms CIT's order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. A...
Income Tax : ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexp...
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...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
Shri Kapil Jhalani Vs Jt.CIT (ITAT Delhi) The observations of the ld. CIT (Appeals) that there was no onus upon the Assessing Officer to issue notice to the concerned parties is also de void of any legal backing. When the address of the parties is before the Assessing Officer and it is not the case […]
Sasi Enterprises Vs DCIT (ITAT Chennai) The assessee received refund of Rs.3.70 Lacs from one Mrs. Nagammal. In support, the assessee produced confirmation letter given by Shri P.V.Padmanadhan (son of deceased Mrs. Nagammal). It was stated that Mrs. Nagammal entered into an agreement for sale of 25 acres of land and received advance of Rs. […]
Gujarat Smelting & Refining Co. Ltd. Vs ITO (ITAT Ahmedabad) The assessee cannot be absolved from the penalty merely on the reasoning that it has agreed for the addition/disallowance during the quantum proceedings. The Hon’ble Supreme Court in the case of MAK Data Private Ltd versus CIT reported 38 com 448 has held as under: […]
Gaurav Agarwal Vs DCIT (ITAT Lucknow) From the examination of documents found during search and seizure operation u/s. 132 of the Act the Assessing Officer observed that assessee had received cash gifts of Rs.5,38,000/- in the name of his minor son. The Assessing Officer issued show cause notice to explain the cash gift received of […]
Global Healthline Pvt. Ltd Vs ITO (ITAT Delhi) The first issue relates to disallowance of sum of Rs.20,83,340/- on account of credit card commission under Section 40(a)(ia) of the Act. It is the case of the assessee that provisions of Section 194H are not attracted having regard to nature of such expenses. It is contended […]
Sh. Nandkishore Bhikamchand Rathi Vs ITO (ITAT Nagpur) The assessment order passed by disallowing an amount of Rs.5,18,596/- on the ground that the assesse has not followed the provision of Section 194A r.w.s. 40(a)(ia) of Income Tax Act, 1961. ITAT find both the CIT(A) and the AO have not examined as to whether or not […]
Punabhai G. Pardava Vs ITO (ITAT Rajkot) Assessee contended that the disallowance should be restricted to the tune of 30% of the rent paid under the provisions of section 40(a)(ia) read with section 194-I of Income Tax Act. The amendment was brought by the Finance Act (No. 2) 2014 effective from 1-4-2015 whereas the year […]
Ramesh Verma Vs ACIT (ITAT Lucknow) ITAT held that Reading clause (e) of the first proviso to section 43(5), and sections 70(1) and 73(1) of the I.T. Act together, it emerges that in the assessee’s case, since a derivatives commodity trading transaction is not a speculative transaction, loss arising therefrom can very well be set […]
ITAT held that miscellaneous expenses Paid Through Cheques Based On Self-Made Voucher Allowable for the purpose of business are allowable.
Section 273B of the Act provides that the penalty u/s 271B need not be imposed if there is a reasonable cause for the said failure.
