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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 Delhi rules in favor of Schenker India, allowing CSR donations under Section 80G despite mandatory nature. Read key takeaways...
Income Tax : Delhi High Court held that relaxation of conditions prescribed under rule 9C of the Income Tax Rules is discretionary power and is...
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 : 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...
C. Aryama Sundaram Vs CIT (Madras High Court) What has to be adjusted and/or set off against the capital gain is, the cost of the residential house that is purchased or constructed. Section 54(1) of the said Act is specific and clear.It is the cost of the new residential house and not just the cost […]
Shri Mukesh Choksi Vs ACIT (ITAT Mumbai) It was submitted that the case of the assessee was akin to the share brokers and therefore only the commission should be considered as receipts of the assessee and not the purchase/ sale value of shares. In our view the claim had been rightly rejected by the CIT(A). […]
DCIT Vs Star Wire Ind. Ltd. (ITAT Delhi) It is pertinent to note that the Assessing Officer himself has recorded the statement of Shri Mohinder Kumar Gupta in the assessment order, wherein the Director of the Company has elaborated the transaction which was also confirmed by Mr. Kailash Chandra Agarwal. The assessee Company through its […]
DCIT Vs Moni Kumar Subba (ITAT Delhi) In the present case, the AO added notional interest on the interest free security for arriving at annual letting value. Since that was not permissible, the effect would be that such assessment was rightly set aside by the CIT (A) and the Tribunal. Therefore, the orders would not […]
TLG India Private Limited Vs JCIT (Bombay High Court) It is stated that the impugned communications / certificates, copies of which are annexed to the Writ Petition as Annexures-T and U are withdrawn. The concerned official will now issue fresh certificates in accordance with law. While we allow withdrawal of these certificates and impugned in […]
ITO Vs Urban Improvement Trust (Supreme Court of India) “The High Court based its decision on the fact that functions carried out by the assessee are statutory functions and it is carrying on the functions for the benefit of the State Government for urban development. The said reasoning cannot lead to the conclusion that it is […]
Assessee is entitled to deduction u/s 10B of the Act in respect of the interest income earned on FDRs made for the purposes of keeping margin money or for availing any other credit facility from banks.
Surendra Kumar Jain Vs PCIT (Delhi High Court) The general provision of two years, in the opinion of the Court, has been provided with one important objective i.e. to cater to a specific situation where upon search and seizure operation, if new material is found, already completed assessments are revisited. Had Parliament not prescribed such a […]
Needless to clarify that in the absence of a clear policy, the Courts may then impose interest on the quantum of refund generated either by virtue of Court orders or by virtue of substantive proceedings arising out of refund applications. Either-way, it is the Revenue who would have to pay interest on the delayed refund and as such rates determined by the Court.
Vague information given by DIT (inv) there is no other material the AO collected after preliminary enquiry which could have enabled him at the time of recording reasons to come to a conscious independent conclusion that income of the assessee has escaped assessment.
