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Income Tax : The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...
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 : 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 additions made on transactions unrelated to the reasons recorded for reopening were beyond the Assessing ...
Income Tax : The ITAT Chandigarh held that once registration under Section 12AB had been directed to be granted, the primary basis for rejectin...
Income Tax : The Delhi ITAT found that the Assessing Officer lacked legal authority to reopen assessment years lying outside the ten-year block...
Income Tax : ITAT Chennai restored the matter to the Assessing Officer after finding that the assessment and appellate proceedings were conclud...
Income Tax : ITAT Kolkata upheld the deletion of disallowance relating to brought forward losses of an amalgamating company after finding that ...
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 Ahmedabad held that denial of exemption u/s 54F of the Income Tax Act for a mere technical default, beyond the control of assessee, in not getting the new property registered within the stipulated time period of two years is unjustified.
ITAT Bangalore held that any ambiguity in a taxing statute should ensure the benefit of the subject/ assessee. Accordingly, the taxing provision of late fee in respect of late filing of TDS return came into force from 01.06.2015. Hence, late fees u/s 234E cannot be levied before 01.06.2015.
Nandini V. Kalgutkar Vs ITO (ITAT Bangalore) On perusal of section 41 of the IT Act, it is evident that it is a sine qua non that there should be an allowance or deduction claimed by the assessee in any assessment in respect of loss, expenditure or trading liability incurred by the assessee. Then, subsequently, […]
ITAT Kolkata held that penalty u/s 271AAB of the Income Tax Act cannot be levied on the assessee based on the disclosure made by other person during the course of search proceedings.
Dipakkumar Ishwarlal Panchal Vs ITO (ITAT Ahmedabad) Admittedly the concealment/furnishing of inaccurate particulars of income, for which act penalty under section 271(1)(c) in the present case has been levied, related to the income added as per the provisions of section 56(2)(x) of the Act. More particularly on account of the fact that actual consideration paid […]
Delhi High Court held that section 195 of the Act has no application once the nature of payment is determined as salary and deduction has been made under Section 192 of the Act.
ITAT Chandigarh held that Ld. NFAC ignoring the submissions and the documents being sought to be filed as additional evidences and dismissal of assessees appeal without even commenting on the submissions or the documents is patently and legally wrong.
Applicability of TDS under Section 194N: Whenever any Banking Company (within the meaning of Banking Regulation Act, 1949), Cooperative Bank or a post office pays any amount or aggregate of amount as the case may be, in cash exceeding One crore to any person from one or more accounts during previous year, they are liable to deduct TDS equal to 2% of such sum.
Boutique International Pvt Ltd Vs DCIT (Delhi High Court) Court finds that the information furnished to the Petitioner and the impugned order do not specify in which bank account or account number, the alleged amount have been received by the Petitioner. Though the impugned order states that the asset is represented by bogus accommodation entries in […]
PCIT Vs Rajdarbar Heritage Venture Ltd. (Formerly Known As Global Heritage Venture Ltd.) (Delhi High Court) High Court held that till the final award was passed by the Arbitral Tribunal determining the ownership of the fixed deposits (FDS) and interest, it could not be said that the interest income had crystallized in the respondent’s hands […]
