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Income Tax : Ensure a hassle-free Income Tax Return (ITR) filing for AY 2024-25 with our checklist. Learn about necessary documents, deadlines,...
Income Tax : Learn about Section 43B(h) of the Income Tax Act and its implications for timely payments to Micro and Small Enterprises (MSEs) in...
Income Tax : Dive into Section 271B's mandates, penalties, and exemptions under the Income Tax Act. Explore real cases, challenges, and strateg...
Income Tax : Learn about tax implications of offshore indirect transfers of Indian capital assets by non-resident entities. Explore Vodafone ca...
Income Tax : Learn about income from house property, including self-occupied, let-out, and inherited properties. Explore tax implications, dedu...
Income Tax : CBDT achieves a record 125 APAs in FY 2023-24, marking a 31% increase. Learn about the significance and impact on transfer pricing...
Income Tax : Discover how the Income Tax Department's initiative to open filing on day one of the financial year streamlines processes, boosts ...
Income Tax : Ministry of Finance addresses misconceptions regarding CBDT's supposed special drive to reopen cases related to HRA claims, clarif...
Income Tax : CBDT has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year...
Income Tax : Stay updated with the latest notification from the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes regar...
Income Tax : In Bay-Forge Pvt Ltd vs ACIT, Madras HC quashes assessment order due to failure to click hearing button. Detailed analysis of refu...
Income Tax : Discover the case of Brahmaputra Property Hub Private Limited Vs ITO (ITAT Guwahati) regarding Section 263 of the Income Tax Act, ...
Income Tax : Explore the case of DCIT Vs. Bengal Brahmaputra Realty Limited (ITAT Guwahati) and understand the significance of incriminating ma...
Income Tax : ITAT Chennai held that rejection of application in Form No. 10AB for seeking approval u/s. 80G(5)(iii) of the Income Tax Act by tr...
Income Tax : ITAT Delhi held that that cash sales that is already offered as income cannot be taxed in the grab of inflation sales to cover up ...
Income Tax : Notification No. 38/2024-Income Tax: Central Government approves Amul Research and Development Association for tax benefits under ...
Income Tax : Detailed guidelines from the Central Board of Direct Taxes for the interim action plan FY 2024-25. Learn about key result areas, t...
Income Tax : Explore detailed guidelines & procedures for verifying high-risk refund cases using Insights investigation tool. Learn how to navi...
Income Tax : Discover how jurisdictional assessing officers verify high-risk refund cases with Insight Instruction No. 77. Learn the SOP and st...
Income Tax : Discover how TDS charge officers verify high-risk refund cases using Insight Instruction No. 76. Learn about the SOP, steps, and f...
Centaur Mercantile P. Ltd. Vs ACIT (ITAT Mumbai) It is undisputed that the assessee has booked bogus purchases thereby inflating work-in-progress. Hence, it is clear that the assessee was owner of undisclosed income during the year. It was because of the system of accounting followed by the assessee being percentage completion method, that there was […]
Scope of Section 254(2) to rectify mistake apparent from record is very limited and tribunal cannot review its own decisions within limited scope of Section 254(2) unless there is a mistake apparent from records neither it is shown that tribunal order is perverse not sustainable in the eyes of law.
Section 54F do not prescribe any condition as to the date of commencement of construction of new house property, meaning thereby that the construction of house property may be commenced even before the date of transfer of original asset.
A perusal of the assessment order shows that the assessee has surrendered the income, explained the manner in which it was earned and has paid the taxes due thereon. Therefore, the assessee has fulfilled all the conditions laid down in Section 271AAA for non-levy of penalty under the said provisions. Even otherwise also, it is an admitted fact that no search has taken place in the premises of the assessee and, therefore, provisions of Section 271AAA are not at all applicable.
Dissemination of Yoga or vedic philosophy or the practice of yoga or education with respect to yoga was well within the larger term ‘medical relief’ as covered within section 2(15).
The provisions of section 40A(3) are not intended to restrict the business activities but to caution that payments exceeding Rs.20,000/- are made in cheque/draft. The provisions of section 40A(3) of the Act are to be in consonance with business expediency trade practice and other genuine relevant factors
House Rent Allowance Calculator for Financial Year 2017-18- Just Enter Pay Slip Details and Rent paid Details, You can calculate the HRA Exemption Amount
It is once again reiterated that the CIT (Appeals) should abide by the instructions of CBDT regarding timely issue and dispatch of appellate orders in letter and spirit. It is also important to note that the Apex Court has held that CIT (Appeals) has plenary powers in disposing of an appeal. These powers must be used by CIT (Appeals) judiciously while passing appellate orders.
Asstt Vs Maruti Clean Coal & Power Ltd. (ITAT Raipur) There is no dispute that no incriminating material has been found at the time of search and therefore it is now settled proposition of law that no assessment u/s. 153A of the Act can be framed in the absence of any incriminating material found at the […]
The difference between the market value of the shares and the value of the transfer was held to constitute deemed gift under Section 4 and that amount was brought to tax. The Gawahati High Court found that the transfer was pursuant to a family settlement and stated that the provisions of the Gift Tax Act would not be applicable.