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Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
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 : 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 : 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 Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
Income Tax : Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxati...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
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...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
If very initiation of penalty proceedings on a defective notice is invalid and it do not warrant imposition of penalty u/s.271(1)(c) of the Act on the assessee.
GSR Ventures Private Limited Vs DCIT (ITAT Hyderabad) Once any TDS is effected in accordance with the provisions of the Act and paid to the Central Government, such an amount shall be treated as a payment of tax on behalf of the person from whose income the deduction was made, and, therefore, a credit of […]
Jagran Prakashan Limited Vs Assessing Officer (Allahabad High Court) Undisputedly, in view of the decision of the Supreme Court as regularly followed by this Court by way of procedural principle, the Court does not directly entertain the challenge to re-assessment proceeding before disposal of the objection filed by the assessee to the initiation of such […]
Bistro Hospitality Pvt. Ltd. Vs ACIT (ITAT Delhi) Disallowance of Rs.4,00,000/- was made by the AO on adhoc basis on the ground that the amounts claimed under the expenses are neither fully vouched nor fully verifiable, so it cannot be said that the same are wholly and exclusively incurred for the purpose of business. The […]
Addition for difference in Share of profit from Partnership due to Mistake in lowering the profit in revised Return same not sustainable
Income from Sale of Shares treated as Business Income as Assessee himself treated the same as Business Income in earlier & Subsequent years
ITAT held that A transaction of purchase and a transaction of sale are two different transactions in two opposite directions. If the allegation is that bogus purchases were made and the reply given thereof is that no such purchases were made, but in fact it was a sale by the assessee, it was for the Income Tax officials to apply their own mind on the reply given by the petitioner.
Praveen Kumar Chauhan Vs ITO (ITAT Delhi) Revenue submitted that the assessee failed to explain the source of cash deposits. The only contention of the assessee before the authorities below was that the amount was received as a gift from his father. He submitted that the assessee has merely filed an affidavit. However, creditworthiness of […]
ITAT held considering the practical difficulties involved in furnishing the segmental details of AE transactions and non-AE transactions, penalty under Sec. 271G could not be justifiably imposed.
ITAT Ahmedabad upholds disallowance of Amay Pharma’s expenditure on gifts to doctors. Setback on c/f loss setoff. Latest SC ruling cited.
