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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...
Gaurav Agarwal Vs DCIT (ITAT Lucknow) From the examination of documents found during search and seizure operation u/s. 132 of the Act the Assessing Officer observed that assessee had received cash gifts of Rs.5,38,000/- in the name of his minor son. The Assessing Officer issued show cause notice to explain the cash gift received of […]
Global Healthline Pvt. Ltd Vs ITO (ITAT Delhi) The first issue relates to disallowance of sum of Rs.20,83,340/- on account of credit card commission under Section 40(a)(ia) of the Act. It is the case of the assessee that provisions of Section 194H are not attracted having regard to nature of such expenses. It is contended […]
Sh. Nandkishore Bhikamchand Rathi Vs ITO (ITAT Nagpur) The assessment order passed by disallowing an amount of Rs.5,18,596/- on the ground that the assesse has not followed the provision of Section 194A r.w.s. 40(a)(ia) of Income Tax Act, 1961. ITAT find both the CIT(A) and the AO have not examined as to whether or not […]
Punabhai G. Pardava Vs ITO (ITAT Rajkot) Assessee contended that the disallowance should be restricted to the tune of 30% of the rent paid under the provisions of section 40(a)(ia) read with section 194-I of Income Tax Act. The amendment was brought by the Finance Act (No. 2) 2014 effective from 1-4-2015 whereas the year […]
Ramesh Verma Vs ACIT (ITAT Lucknow) ITAT held that Reading clause (e) of the first proviso to section 43(5), and sections 70(1) and 73(1) of the I.T. Act together, it emerges that in the assessee’s case, since a derivatives commodity trading transaction is not a speculative transaction, loss arising therefrom can very well be set […]
ITAT held that miscellaneous expenses Paid Through Cheques Based On Self-Made Voucher Allowable for the purpose of business are allowable.
Section 273B of the Act provides that the penalty u/s 271B need not be imposed if there is a reasonable cause for the said failure.
Orissa Forest Development Corporation Limited Vs PCIT (ITAT Cuttack) It is admitted by Pr. CIT that he is not going into the merits of the addition as the issue constitute a matter to be adjudicated by the appellate authority. Thus, it is clearly shows that the issue is a debatable issue and it is recognized […]
Length of delay is not a material to condone the delay and rather the cause of delay is to be considered for condonation of the delay.
Expenses have been disallowed on estimate basis. The basis of such disallowances is said to be incompleteness of the bills and vouchers. However, the Assessing Officer has not pointed out as to which bills and vouchers were found to be wanting.
