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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...
Friends, it is often said that a Poem conveys your thoughts in lesser words but with a greater impact. So, here is a Poetic Tribute to the New Era of Faceless Assessments by the author Shri Mayank Mohanka, in his Poem titled, What’s in a Face?. The entire scheme of Faceless Assessments has been explained beautifully in a poetic manner by the author.
Neesa Technologies Pvt. Ltd. Vs DCIT (ITAT Ahmedabad) Since the proceedings u/s. 153C of the Act were initiated in the present case on the basis of documents which we have held above neither belonged to the assessee nor were incriminating in nature, they were not sufficient for assuming jurisdiction u/s. 153C of the Act. The […]
IF car is hired not to perform specific services and charges are not paid on the basis of specific uses but the same is hired for availability of car for particular time or period without specification of particular services and charges paid on fixed basis then such hiring should be considered as rental contract under the provision of section 194I of the Act.
It is clear that the income generated out of earlier release of State Government for its project would have to be converted into State’s equity towards the project and the same cannot be counted as income of BMRCL. Thus, there is no profit motive as the entire fund entrusted and the interest accrued therefrom has to be utilized only for the purpose of scheme. Thus, it has to be capitalized and cannot be considered as revenue receipts.
Clause (iii) of section 2(14) specifically excludes agricultural land of the description given therein from capital asset which means that agricultural land was outside 8 Km. of municipal limits. Accordingly, agricultural land purchased by assessee was not a capital asset and, therefore, section 56(2) (vii)(b) was not applicable to assessee’s case.
Interest under section 234B and 234C is not leviable since it was not possible for the appellant to anticipate the events that were to take place in the next financial year and pay advance tax on the basis of those anticipated events.
Pradeep Sugamchand Kawadiya Vs ITO (ITAT Ahmedabad) The short point involved in this case as to whether the penalty is sustainable when the same has been initiated and levied without specifying the alleged guilt committed by the assessee either for concealment of income or furnishing of inaccurate particulars of income. Brief facts leading to this […]
Kiran Bala Gupta Vs DCIT (ITAT Hyderabad) During the course of scrutiny assessment proceedings, it was observed by the learned AO that the assessee has declared long term capital gains of Rs.31,29,215/- towards sale of jewellery and claimed deduction u/s 54F of the Act against investment made in construction of house. Assessee was asked to […]
M/s. Akik Tiles Pvt. Ltd. Vs JCIT (ITAT Ahmedabad) There is no ambiguity to the fact that the AO is not expected to interfere in the decision making process of the assessee. In the business environment, there are certain decision which are taken by the assessee depending upon the market forces. However, the primary onus […]
Adidas India Marketing Pvt. Ltd. Vs National E-Assessment (ITAT Delhi) Facts- Assessee is a company stated to be engaged in distribution and marketing of a range of Adidas and tailor made branded athletic and lifestyle products. Assessee electronically filed its ROI for A.Y 2016-17 on 30.11.2016 declaring total income at Rs. 67,85,52,440/-. The case was […]
