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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...
Learn about the criteria for mandatory income tax return filing in India. Find out if you meet the thresholds set by the Income Tax department.
Mumbai Tribunal deprecates Tax Authority’s action in disallowing claim for application of income by way of donation to foreign universities approved by the CBDT.
Know what to do if Tax Credit is not given in Section 143(1) Intimation. Understand the consequences and key actions to take in case of a raised demand.
Learn about filing income tax returns and check your eligibility. Understand the importance of income tax returns and how to file them correctly.
Understand the new Rule 12AB conditions for filing Income Tax Return (ITR) by specified persons. Stay informed about the latest tax regulations.
The passport to derive benefit under sec. 54F(1) is investment in construction of property within the period required u/s 54(1)F or to invest in residential property within the stipulated time for enabling deduction under section 54F of the Act.
Wipro Finance Ltd. Vs CIT (Supreme court of India) Facts- The appellant submitted ROI on 29.11.1997 for the A.Y. 1997-1998, mentioning loss of income, amongst others, owing to exchange fluctuation of Rs. 1,10,53,909/. After processing the return u/s. 143(1)(a), the assessment was completed on 16.3.2000. As against the loss declared by the appellant due to exchange […]
Since we have already held that the AO has conducted proper enquiry and has taken a plausible view, therefore, the order cannot be held to be erroneous, therefore, in absence of fulfillment of twin conditions, PCIT is not justified in invoking the jurisdiction u/s 263 of the IT Act, 1961.
In our considered opinion, additions which are mere estimated additions do not attract penalty u/s 271(1)(c) and it is not a fit case of levy of penalty.
ALP of corporate guarantee has to be determined as it falls within scope and ambit of an international transaction after retrospective amendment to section 92B and 0.5% corporate guarantee is held to be appropriate.
