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Income Tax : Explore the major amendments in Finance Act, 2025 compared to 2024, covering Income-tax Act changes, compliance updates, tax refor...
Income Tax : A structured comparison of the Income-tax Bill 2025 and Finance Act 2025, covering key provisions, objectives, and changes in tax ...
Income Tax : In this article author analyses main changes made in Finance Bill 2025 as passed by Lok Sabha, along with it’s analysis....
Income Tax : Discover the highlights of the Form 3CD amendments effective April 1, 2025, including new clauses for cruise ships and MSMEs....
Income Tax : Mumbai ITAT rules co-ownership doesn’t imply tax liability. Sale proceeds taxed only for the beneficial owner, not co-owner in V...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : ITAT Mumbai quashes Sec 263 revision in Narayan Rane's case. Holds AO took plausible view, order not erroneous & prejudicial despi...
Income Tax : Bombay High Court dismisses revenue appeal, upholds ITAT ruling on assessment of CD marketing rights expenditure....
Income Tax : Delhi High Court clarifies in Anindita Sengupta case that SC's Ashish Agarwal judgment doesn't mandate reopening concluded income...
Income Tax : Delhi High Court held that Nokia Network OY does not have Fixed Place Permanent Establishment in India [PE] and hence offshore sup...
Income Tax : Delhi High Court held that before undertaking a benchmarking of Advertisement, Marketing and Promotion [AMP expenses], it was incu...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
Any view expressed by the Board in Circular No. 10/2018 shall be considered to have never been expressed and accordingly, the said circular shall not be taken into account by any Income-tax authority in any proceedings under the Act.
Shri Niranjan Dass Vs ITO (ITAT Delhi) All facts when considered with reasons recorded for reopening of the assessment would lead to only one conclusion that the reasons recorded for reopening the assessment are devoid of any application of mind. In our considered opinion, such reopening cannot be upheld. We, accordingly, quash the notice u/s […]
ACIT Vs. Shri Dilip Ranjrekar (ITAT Banaglore) It is apparent from the facts of the case as mentioned (along with copies of corroborative documentary evidence) and discussed above from para 7.1 to 4.4.3 of this order (Supra) that the non completion of the construction the flat by the builder within the stipulated period is beyond […]
Maharastra Film Cultural Development Corporation Ltd. Vs JCIT (ITAT Mumbai) Hon’ble Jurisdictional High Court in the case of CIT vs. Oxford University Press (108 ITR 166) has expounded that the test for judging the nature of capital or revenue expenditure is to see whether as a result of expenditure what is being done is to […]
Where AO had failed to issue notice under section 143(2) before completion of assessment, addition made under section 68 during reassessment proceedings was deleted because issuance of notice under section 143(2) is a mandatory obligation on the part of AO.
PR. CIT Vs Green Delhi BSQ Ltd. (Delhi High Court) The respondent-assessee was to construct, operate and maintain bus shelters. The respondent-assessee was also under an obligation to pay Rs.4.09 crores per month to the Delhi Transport Corporation. The shelters were not owned by the respondent-assessee. The Central Board of Direct Taxes vide Circular No. […]
Rudraksha Agencies Co. Ltd. Vs DCIT (ITAT Delhi) Once it is found that assessment is framed in the name of non-existing entity, it does not remain a procedural irregularity of that nature which could be cured by invoking the provisions of section 292V of the Act. Framing of assessment against a non-existing entity/person goes to […]
Since neither from reasons nor from any other material on record, it could be gathered that there was any failure on the part of the assessee to disclose truly and fully all-material facts, reopening of assessee’s assessment on ground that she had not disclosed capital gain in her return of income filed, could not be held justified.
Pr. CIT Vs M/s Viksit Engineering Ltd. (Bombay High Court) Buying and selling of share in short span of time doesn’t changed character of capital gain as business income High Court of Bombay in case of Principal Commissioner of Income-tax-II v/s Viksit Engineering Ltd vide its ITA Appeal No:485 dated 26th November 2016 has held […]
While framing of assessment in pursuance of revisional order passed under section 263, AO was entitled to consider only those items which had been considered by CIT and was not entitled to consider any other item afresh for making addition.
