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Income Tax : Learn about deductions allowed under Section 57 of the Income Tax Act, 1961, for income from other sources, including family pensi...
Income Tax : This blog explores the implications of this tax policy, the distinction between games of skill and chance, the applicability of Ta...
Income Tax : New TDS Rules Under Section 194T: Impact on Taxpayers & Businesses – Effective from 1st April 2025 Introduction The Finance ...
Income Tax : Explore the economic impact of AI, automation, and recession on India. Understand how income tax laws may evolve to address unempl...
Income Tax : Ensure tax compliance before March 31, 2025. Key tasks include filing returns, verifying TDS, updating accounts, and making necess...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : Advocate Amardeep Soni & Advocate Harsha Soni Gemplus India Pvt. Ltd. Vs ACIT (ITAT Bangalore) A Case Study of ITAT BANGALORE...
Income Tax : Karnataka High Court rules on TDS applicability under Section 195 of the Income Tax Act in the case of Abbey Business Services Ind...
Income Tax : ITAT Delhi rules that Section 50C adjustments cannot be made under Section 143(1) without referring valuation disputes to the DVO,...
Income Tax : ITAT Pune rules no addition under Section 69 if investment source is disclosed in the balance sheet. Partial relief granted for un...
Income Tax : ITAT Cochin remands Thrissur Co-op Society’s demonetization cash deposit case to CIT(A) for a fresh decision on merits after ex-...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Shri Basant Kumar Nahata Vs ACIT (ITAT Kolkata) It is noted that a house property was inherited by the assessee in his native village situated at Rajasthan which was duly shown in his Balance Sheet. Since the assessee has residential house at Kolkata, the AO invoked sec. 22 and 23 of the Act, estimated the […]
Assessment made by AO under section 153A was was barred by limitation as though assessment order was dated 28-3-2013, however, it was served on assessee on 18-4-2013, i.e., after expiry of period on which assessment order was liable to be time-barred as per section 153, i.e., 31-3-2013.
When assessee received advances from customers and the same were subsequently adjusted against goods sold to them, then, the advances could not be treated as unexplained cash credit under section 68, therefore, addition under section 68 made by AO on account of unexplained cash advances was deleted.
Smt. Archana Kanwar Vs ITO (ITAT Chennai) We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. During the previous year relevant to the assessment year 2012-13, the assessee sold a vacant plot at Gurgaon, Haryana for a consideration of ₹.75,00,000/- after reducing the index […]
Assessee was not entitled to claim gifts and presents given to the customers by way of cash as business expenditure as the same was against the provisions contained u/s 40A(3)
Article explains Important Information on Request for Resolution for Taxpayer, Brief Steps for Raising ‘Request for Resolution, and Pictorial Guide for ‘Raising Request for Resolution’ and ‘Resolution Tracking’ 1. Important Information on “Request for Resolution” for Taxpayer Only a Registered Taxpayer can avail the facility of raising “Request for Resolution” under “Online grievances module”. This […]
Important information on 26QB Correction Buyers registered on TRACES only can avail the facility of ’26QB correction’ under ’26QB’ Menu after login. Request for 26QB correction can be raised from Assessment Year 2014-15 onwards If Buyer files 26QB correction and seller is Known, correction can be submitted through e-Verify (Net Banking) /AO Approval / DSC (If […]
ITO Vs Smt. Asha Vimala Melpuratharisu Puthen Veedu (Ponnamkulam House) (ITAT Cochin) The assessee’s land in question at Vizhinjam Village was notified for compulsory acquisition by Government of Kerala for developing Vizhinjam International Seaport. Though the acquisition proceedings were taken under the Land Acquisition Act, the final price was fixed upon negotiated sale agreement. The […]
Where sale and purchase of shares had taken place only through banking channel at Bombay Stock Exchange and were supported by contract note, income from long term capital gain (LTCG) on sale of listed equity shares after payment of STT were rightly claimed as exempt u/s 10(38) and AO was precluded in making addition of LTCG as unaccounted income in absence of any supporting evidence.
Where the delay of 1 day in on-line filing of return occurred not due to any negligence of the assessee, rather, the reason for the same was beyond the control of the assessee, therefore matter was remanded back to AO to examine the limited aspect as to whether the assessee, otherwise, was entitled to claim deduction under section 80-IC of the Act and if so found eligible, AO would allow the claim accordingly.
