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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 agreement for sale of immovable property is not registered, it does not amount to transfer in view of the 2001 amendment carried out to section 55A of the Transfer of Property Act and also simultaneous amendments to section 17(1A) and 49 of the Registration Act, 1908
Aditya Saraf HUF Vs ITO (ITAT Delhi) It is observed, as per the investigation conducted in relation to the shares of the company, on which, the assessee offered long term capital gain, it was found that it is a penny stock company. It was also found that due to price manipulation and rigging, there was […]
Baljeet Yadav Vs PCIT (ITAT Jaipur) It is evident from the assessment order and impugned order that the assessee’s case was selected for scrutiny under CASS for examination of cash deposits made in the bank during the demonetarization period. It is prima facie not clear whether it was a limited scrutiny case or a detailed […]
Sant Tukaram Sahakari Sakhar Karkhana Ltd. Vs ITO (ITAT Pune) We find the issue of payment of excessive price on purchase of sugarcane by the assessee is no more resintegra in view of the judgment of Hon‟ble Supreme Court in CIT Vs. Tasgaon Taluka S.S.K. Ltd. (2019) 103 taxmann.com 57 (SC). The Hon‟ble Apex Court […]
Calcutta High Court sets aside IT order in Aman Khetawat vs ITO case due to violation of natural justice. Fresh order instructed. Calcutta High Court sets aside IT order in Aman Khetawat vs ITO case due to violation of natural justice. Fresh order instructed.
HC dismisses application to Quash FIR filed against a HDFC Bank Manager for allowing a Customer to Operate Bank Locker despite receiving prohibitory order under section 132(3) of the Income Tax Act to put a stop operation on the Bank accounts, fixed deposits and Bank lockers of that Customer.
ITAT held that deduction under Section 80IB of Income Tax Act, 1961 allowable on scrap generated during the manufacturing process.
ITAT held that penalty under section 271AAA(1) cannot be imposed in a case where the assessee has offered the undisclosed income in the statement recorded under section 132(4) of the Act, specifying the manner in which such income has been derived and if the assessee pays the tax along with interest of such income.
Get insights on Section 194R TDS implementation: understand the impact, issues, and challenges for trade and industry. Stay informed about the new TDS provisions.
G. V. N. Hospitals Vs ACIT (ITAT Chennai) In the present case, admittedly there is difference in net profit as shown in ITR and tax audit report and same has not been satisfactorily explained by the assessee. The Assessing Officer, after considering relevant facts has rightly made additions towards difference in net profit. The learned […]
