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Income Tax : Supreme Court held a levy is a fee only when linked to a specific service or benefit. Absence of quid pro quo makes it a tax, rega...
Income Tax : Companies renting residential properties often struggle with choosing between 2% and 10% TDS. The key takeaway is that the correct...
Income Tax : Bangalore ITAT held that the Revenue cannot deny the fifth-year deduction under Section 35D after consistently allowing the claim ...
Income Tax : The Income-tax Act, 2025 continues the old specified professions framework without addressing longstanding classification issues. ...
Income Tax : The Supreme Court dismissed the Revenue's review petitions and reiterated that payments for off-the-shelf software do not constitu...
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 Tribunal held that business promotion and development expenses cannot be disallowed without concrete evidence establishing the...
Income Tax : The ITAT Agra declined to condone an extraordinary delay of 2,799 days in filing the quantum appeal, holding that the explanation ...
Income Tax : ITAT Pune ruled that investments in mutual funds and tax-free bonds should not form part of the investment pool for Rule 8D(2)(ii)...
Income Tax : ITAT Agra held that reassessment proceedings framed using a PAN surrendered years earlier were invalid. Since the assessment was b...
Income Tax : Mumbai ITAT ruled that investment in rights relating to a specific residential flat under a redevelopment project qualifies for Se...
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...
It is pertinent to note that to meet the emergency situation of additional expenses by the assessee the assessee has obtained cash not only from assessee’s father and mother but also the close relative i.e. the maternal uncle, maternal aunt as well as paternal uncle and paternal aunt and the said relation cannot be doubted by the Assessing Officer.
During the appellate proceedings, the assessee has submitted that it has taken loan for purchase of two residential properties which have been allotted to two Directors for their residential purposes. It was submitted that the perquisite value on account of residence has been accounted for in the income of the Directors and has been offered for taxation.
ITAT held that high turnover is a ground to exclude a company from the list of comparable companies in determining ALP, held that there were contrary views on the issue and hence the view favourable to the Assessee laid down in the case of Pentair Water (supra) should be adopted.
The LO does not constitute a fixed place through which business of assessee is carried out in India. Employees of the LO do not negotiate, finalise or discuss the mechanics of contracts including pricing with the assessee’s customers. As such the employees of LO merely act as a communication link between the assessee and the airline companies. The LO did not carry any activity, beyond that permitted by the RBI. The activities carried by the LO are thus, preparatory (auxiliary) in nature. The activities/operations of the assessee in connection with the contracts are carried from outside India.
Section 114A of Customs Act, 1962 ibid deals with imposition of mandatory penalty in certain cases. As per the Customs Act it is the importer who is to file the bill of entry to the proper officer u/s. 46 ibid while importing the goods and the assessment has to be made on that bill of entry and on such assessment, the duty is levied
The failure on the part of the Respondents to update their official portal, cannot be permitted to result in any sort of prejudice to the Petitioner, Notwithstanding the fact that an order of assessment has been passed in gross violation of principles of natural justice.
Renu Ratnakar Bhattacharya Vs CIT (Appeals) (ITAT Mumbai) It is the case of the assessee that at the time of purchase of house property the assessee paid brokerage to the tune of Rs.2,50,000/- at the rate of 1% of the agreement cost of the new property to one Mr. Rajesh Mahendru. The assessee brought on […]
Bharat Keshavlal Shah Vs PCIT (ITAT Pune) Lastly comes the issue of section 56(2)(vii) made applicable in assessee’s case on account of alleged difference between stamp valuation and actual purchase consideration qua the sale deed executed in the relevant previous year. A perusal of the said sale deed dated 31.12.2013, and more particularly, the schedule […]
The AO had made out a case that if the assessee company had paid dividend instead of remuneration to directors, such payment would have been fetched more tax. In our considered opinion, there is no question of changing the character of transaction from payment of salary to the possible payment of dividend, resulting into potential higher inflow of tax.
It is the case of the assessee that the rent payment to the licensor is independent of the CAM charges payable and thus the CAM charges cannot partake the character of rent. The assessee thus contends that the deduction rate applicable on CAM charges @2% under Section 194C has been rightly deducted.
