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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...
Mandheshwari Urban Development Co-op. Bank Ltd. Vs ACIT (ITAT Pune) issue in the present appeal relates to whether a nominal member, who is not a registered member of the society, can be treated as a member of the cooperative society whether the exemption is available under clause (v) of sub-section (3) of section 194A of […]
ITAT held that interest on delayed payment of TDS cannot be allowed as deduction in terms of section 40(a)(ii) of Income Tax Act, 1961.
ITAT held that cash gifts received by the assessee from her brother and sister cannot be added as unexplained income under section 69A.
Assessee need not file any separate claim for Income Tax refund as same is deemed to incorporated in return filed by assessee itself
ITAT held that held that the profit element involved in the bogus purchases should be brought to tax and upheld the addition of estimated profit element of 12.50% of the value of non-genuine purchases.
Charu Aggarwal Vs DCIT (ITAT Chandigarh) Held that cash sales made by the assessee which was deposited in the bank post demonetization is sufficient source of cash deposited. Addition of the same unsustainable. Facts- A notice u/s 153A was issued to the assessee post search operation. Thereafter, the assessee filed its ROI declaring an income […]
Since the tax dispute for the year under consideration has been settled under VSV Scheme, therefore, it is not open to the assessee to pursue the legal remedy of appeal as well.
Undisputed facts that emerge are that assessee has ceased its business operations and leased out factory building and Plant & Machinery to one lessee under two separate agreements.
Assessee found entitled to refund of money deposited by it upon re-computation by Revenue & interest thereon is liable to be paid under Section 244A(1)(b)
Sahita Construction Company Vs Pr.CIT (ITAT Indore) Perusal of records shows that assessee’s case was selected for limited scrutiny through CASS for verification of “contract receipts/fees mismatch, sales turnover mismatch and tax credit mismatch”. The issue of payment to contractors and tax deducted thereon was never a part of reasons for the limited Therefore, there […]
