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Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : AO could not reject the LTCG Exemption claim based on mere surrounding circumstances or probabilities without presenting any legal...
Income Tax : ITAT Jaipur accepts LTCG claim of Vivek Agarwal; rejects AO's addition under Section 68, citing adequate evidence of share transac...
Income Tax : ITAT Kolkata deletes addition under Section 68, accepting LTCG on share sale by Kiran Kothari as genuine, rejecting AO's reliance ...
Income Tax : ITAT Bangalore rules software development as "production", allowing Bosch's claim under Sections 32(1)(iia) and 32AC for depreciat...
Income Tax : ITAT Bangalore denies Section 11 exemption to Al-Badar Trust, citing capitation fee collection as lacking charitable intent under ...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
ITAT Mumbai allows appeal by Kalpana Dilip Mehta, quashing reassessment order as time-barred, emphasizing strict adherence to limitation periods in income tax law.
Patna High Court held that compounding charge should be deposited by the petitioner abiding his statement and issue of apportionment of compounding charges should be considered by the Secretary, Rural Works Department.
ITAT Delhi held that while computing total income as per Rule 5 r.w. section 44, provisions of section 14A are not applicable. Further, disallowance method of computation of prescribed under Rule 8D is not applicable while “Book Profit” u/s 115JB.
ITAT Raipur held that disallowance under section 43B of the Income Tax Act towards unpaid VAT liability cannot be sustained since the amount was not claimed as an expenditure in P&L account. Accordingly, appeal of revenue dismissed.
ITAT Ahmedabad held that assessment order passed against non-existent entity is an invalid assessment order and hence entire assessment framed is liable to be quashed. Accordingly, appeal of assessee allowed.
Gujarat High Court rules in favor of assessee, stating a mere error in reporting disallowances shouldn’t lead to refund denial after revised return deadline.
Gujarat HC dismisses Revenue’s appeal, upholding ITAT’s decision to delete additions on F&O profit, capital increase, & investment due to AO’s errors.
ITAT Mumbai rules Section 56(2)(viia) does not apply to shares held as stock-in-trade, aligning with legislative intent for anti-abuse measures.
SC mandates reporting of cash transactions over ₹2L under Section 269ST, directing courts, IT authorities, and registrars to ensure compliance and curb violations.
Supreme Court judgment: Income Tax Commissioners cannot routinely remand cases if Assessing Officer finds no additions after inquiry. Section 263 explained.
