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Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
Income Tax : This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...
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 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...
Mankind Pharma Ltd Vs DCIT (ITAT Delhi) The issue in the present ground is with respect to the disallowance of sale promotion expenses of Rs.1,06,78,600/- by holding it to be covered by Explanation of Section 37(1) of the Act. We find that Hon’ble Apex Court in the case of Apex Laboratories Pvt. Ltd. (supra) has […]
Bipinchandra Purshotamdas Patel Vs ITO (ITAT Ahmedabad) ITAT find that the assessees explanation for source of cash deposits of Rs.6.00 lakhs in his Bank of India account, which is in dispute before us, as being out of his share in the sale of land, jointly owned along with members of his family, is duly and […]
Insecticides (India) Ltd. Vs DCIT (ITAT Delhi) It was noticed by Assessing Officer that in revised return, Assessee has reduced an amount of Rs. 14,84,20,415/- out of total income under the head of business claiming to be ‘capital receipts’, which was actually shown as ‘revenue receipts’ in the original return of income. The Assessee while […]
Loans obtained by assessee were utilized for its business purposes and therefore, interest so paid would constitute business expenditure and accordingly, an allowable deduction.
Dr. BR Ambedkar Jain Kalyan Swayam Sahayata Samiti Vs ITO (ITAT Delhi) Undisputedly, in course of assessment proceeding the assessee went unrepresented, for whatever may the reason. Therefore, the assessee did not get any opportunity to explain the source of cash deposits made in the bank account with supporting evidence. However, before learned first appellate […]
Valecha Investments Pvt. Ltd Vs ITO (Bombay High Court) HC held that mere default in payment of tax, unless such default arises out of circumstances which has the effect of assessee defeating payment, the expression ‘willful attempt’ cannot be imported to mean failure to pay tax. It is also held in paragraph 10 that mere […]
Agriculture Produce Market Committee Vs ITO (Bombay High Court) It is observed that reply filed by the petitioner to the notice has not been taken into consideration especially in view of the fact that such reply was filed on 31.03.2022 and on the same day the impugned order came to be passed on 10.41 p.m. […]
Pramod Kumar Vs ACIT (Telangana High Court) HC is of the view that present is not a fit case to interdict the proceedings at the very threshold. Reasons have been assigned by the assessing officer as to why the explanation given by the petitioner could not be accepted. Certainly, such reasons given have a nexus […]
Jubilant Infrastructure Ltd Vs DCIT (ITAT Delhi) The disallowance of depreciation in quantum proceedings in A.Y.2016-17 has also resulted in corresponding enhancement of deduction under section 80IAB by the equal amount. The AO has also allowed the enhanced deduction in the quantum and, therefore, no prejudice was caused to the revenue by such claim. It […]
Merely placing the blame on the counsel cannot justify the inordinate delay of 1546 days. Even the particulars have not been furnished as to when the appeal was filed, when it was returned, the name of the counsel, whether the appellant had thereafter met the counsel etc. On the basis of such bald statements, we are not inclined to condone the inordinate delay of 1546 days. No sufficient cause has been shown.
