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Income Tax : This article explains the statutory powers of the Principal Commissioner or Commissioner to waive or reduce penalties in genuine c...
Income Tax : Summary: The Income Tax Act, 2025 introduces a significant structural reform by relocating the exempt income provisions previousl...
Income Tax : This article outlines major penalties under the Income-tax Act for defaults involving tax payments, return filing, TDS compliance,...
Income Tax : The article explains how transactions between associated domestic entities exceeding ₹20 crore must comply with arm's length pri...
Income Tax : This article explains the interest provisions applicable to delays in TDS deduction, TDS/TCS payment and non-payment of tax demand...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Delhi ITAT held that the full value of unaccounted sales cannot automatically be treated as taxable income. It restricted the ...
Income Tax : Addition of capital gain was deleted as impugned land being agricultural land situated beyond the prescribed municipal limits and ...
Income Tax : The ITAT held that investments which did not generate exempt income during the year cannot be considered for Rule 8D disallowance....
Income Tax : The ITAT Ahmedabad held that isolated WhatsApp messages and electronic communications cannot, by themselves, support additions in ...
Income Tax : ITAT Ahmedabad held that penalty under Section 43 of the Black Money Act could not be imposed when foreign assets were subsequentl...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
ITAT Mumbai held that disallowance for deduction under section 80IB and 80IC of the Income Tax Act corresponding to the allocation of R&D expenditure is deleted.
Delaware Franchise Tax is an annual tax imposed by the state of Delaware on businesses that have been incorporated or organized in Delaware. The tax is based on the value of the company’s authorized shares, which is the total number of shares that the company is authorized to issue, as well as the par value of those shares.
Madras High Court held that as the petitioner proved that amount payable under the Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019 (SVLDRS) as per form SVLDRS-3 was paid on the due date, however, the amount was credit on the next day i.e. one pay after the due date. The application submitted by the petitioner under SVLDRS should be processed.
ITAT Mumbai held that stamp duty valuation as on the date of allotment letters, and not the date of execution of agreement to sell, should be considered for the purpose of section 56(2)(x) of the Income Tax Act.
ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act cannot be imposed on the basis of legal fiction of section 50C of the Income Tax Act.
ITAT Amritsar held that appellant being a government undertaking is required to take necessary permission for filing of an appeal from its head office. Delay in getting the permission resulted into delay in filing of an appeal. Such not intentional or mala fide delay should be condoned.
Bombay High Court held that failure on the part of the assessee is a prerequisite for invoking jurisdiction for reopening of assessment. In absence of the same, reopening of assessment is unsustainable and liable to be set aside.
Vide Notification No. 8/2023-Income Tax| Dated: 28th February, 2023 CBDT notifies amendment in ITR forms for AY 2023-24 / FY 2022-23. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Corrigendum Notification No. 8/2023-Income Tax| Dated: 28th February, 2023 G.S.R. 156(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue […]
ITAT Jodhpur held that penalty under section 271(1)(b) of the Income Tax Act not imposable for non-compliance of section 142(1) of the Income Tax Act.
ITAT Chennai held that as the quantum of addition has not attained its finality, the penalty levied under section 270A of the Income Tax Act not imposable.
