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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...
If an assessee has cash available prior to demonetization and if he opted to deposit the same multiple times, there is no prohibition in law for such deposits.
Phool Singh Vs ITO (ITAT Delhi) ITAT do not find any merit into the objection of the assessee that the land in question being agricultural land cannot be treated as capital asset. The sale-deed itself goes to demonstrate that what was being transferred was an industrial land. Therefore, there is no ambiguity on these facts. […]
Krishna Knitwear Technology Ltd. Vs DCIT (ITAT Mumbai) ITAT held that since proceedings under I&B code have already been initiated/decided and moratorium has been declared by prohibiting all the proceedings against the corporate debtors including execution of any judgment, decree or order of any court of law, tribunal, arbitration panel or other authority, present appeals […]
Assessee has shown reasonable cause for not filing the return of income before due date of return. ITAT direct AO to delete penalty levied under Section 271F
SRF Ltd Vs Union of India (Delhi High Court) Section 35(2AB) of the Act provides for weighted deduction of one and one half times (150%) of the expenditure incurred by a company on scientific research on in-house R&D facilities approved by the prescribed authority i.e. DSIR. In support of his submission, he relies upon Rule […]
Bhopal Dugdh Sangh Sahakari Maryadit Vs DCIT (ITAT Indore) The registry has informed that the appeal has been filed after a delay of 3 years and 276 days. The Ld. AR submitted that the assessee is a co-operative society registered under the provisions of M.P. Co-operative Society Act, 1960, engaged in the production and distribution […]
‘IHC’ cannot be disintegrated from profit derived from shipping business as envisaged under Article -8 of India-UAE DTAA. Ergo, ‘IHC’ are not taxable as business profit in India.
There is no dispute that petitioners deposited taxes, however, the mistake which petitioners have committed is that they deposited tax under minor head ‘200’ instead of ‘400’.
Markand Induprasad Bhatt Vs DCIT (ITAT Ahmedabad) However, we note that the power of rectification u/s 154 of the Act can be exercised only if there is a mistake apparent from the record which is one of the pre-condition meaning thereby the mistake should be apparent, obvious from the record. In other words, in order […]
Royal Rubber Works Vs ITO (ITAT Delhi) Undisputedly, the addition based on which the Assessing Officer imposed penalty under section 271(1)(c) of the Act was on account of sundry creditors. While deciding the quantum appeal of the assessee, the Tribunal has deleted the major part of the addition, accepting assessee’s submission that such amount was […]
