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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...
Prathamika Krushi Pattina Vs ITO (ITAT Bangalore) In the instant case, there is no dispute with regard to the fact that sources for making deposit of Rs.36.36 lakhs by the assessee whoo is a primary agricultural credit co-operative society into its bank account are the money collected from its members. The AO is also not […]
Sparco Engineering Pvt. Ltd. Vs ACIT (ITAT Pune) We find an amount of Rs.3,71,94,261/- which is above the cash receipt projected by the AO offered to tax in the hands of SMAEPL in which the assessee is sister concern, in whose hands the AO made addition again is, in our opinion, not maintainable. We note […]
Income Tax Chart 2022 (21st Edition) Here it is, duly updated and modified wherever required. You can take a printout of the same and place at a suitable place for day to day reference. All Suggestions for its improvement are always Welcome.
The CPC has taken the view that the said incomes are assessable as house property income/other sources income. However, the assessee has considered the same as business income. The view so taken by CPC is debatable one. In any case, it is established that there is no omission on the part of the assessee to include both the income in its gross receipts. Hence the adjustments made by CPC u/s 143(1) are liable to be deleted.
Payment received by the taxpayer towards GSM system of which software was an inseparable part, which is incapable of independent use, could not be classified as payment towards Royalty
Shrawan Goenka Vs ACIT (ITAT Patna) Brief facts relevant to the issue are that during the assessment proceedings, the Assessing Officer noted that the assessee had debited in his Profit & Loss A/c, a sum of Rs.4,94,006/- under the head bad debts. On being asked to produce the details along with supporting papers, bills, vouchers, […]
ACIT Vs Muktha Shantiniketan Properties (ITAT Chennai) It is an undisputed fact that the assessee has raised objection for reopening of assessment and the Assessing Officer has not passed any speaking order in respect of the objections raised by the assessee. It is contrary to the decision of the Hon’ble Supreme Court in the case […]
Shri Kapil Jhalani Vs Jt.CIT (ITAT Delhi) The observations of the ld. CIT (Appeals) that there was no onus upon the Assessing Officer to issue notice to the concerned parties is also de void of any legal backing. When the address of the parties is before the Assessing Officer and it is not the case […]
Sasi Enterprises Vs DCIT (ITAT Chennai) The assessee received refund of Rs.3.70 Lacs from one Mrs. Nagammal. In support, the assessee produced confirmation letter given by Shri P.V.Padmanadhan (son of deceased Mrs. Nagammal). It was stated that Mrs. Nagammal entered into an agreement for sale of 25 acres of land and received advance of Rs. […]
Gujarat Smelting & Refining Co. Ltd. Vs ITO (ITAT Ahmedabad) The assessee cannot be absolved from the penalty merely on the reasoning that it has agreed for the addition/disallowance during the quantum proceedings. The Hon’ble Supreme Court in the case of MAK Data Private Ltd versus CIT reported 38 com 448 has held as under: […]
