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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...
ITO Vs Sh. Subhash Chandra Narang (ITAT Delhi) Undisputedly, the Assessing Officer has added an amount of Rs.3,18,61,356/- as long term capital gain. The aforesaid addition is as a result of couple of disallowances, viz., disallowance of cost of improvement amounting to Rs.1,65,39,435/- and deduction claimed under section 54F of the Act towards investment in […]
Kamla Chandrasingh Kabali Vs ACIT (ITAT Mumbai) ITAT find that the claim of the assessee that she has declared income under the IDS 2016 cannot be a tenable explanation as the declaration was not supported by payment of due taxes on the income declared and, therefore, it was an invalid declaration. No other reasonable cause […]
ITAT held that when Indian A.E. is remunerated at arm’s length price (ALP) no further profit attribution is required and the issue of existence of P.E. becomes wholly tax neutral.
PCIT Vs Vikas Telecom Ltd (Delhi High Court) In this case the learned Assessing Officer while farming the assessment order has not referred to any seized documents belonging to the assessee found during the course of search proceedings. In the remand proceedings the learned Assessing Officer has also submitted that no any incriminating materials have […]
Surani Steel Tubes Limited Vs ITO (Gujarat High Court) High Court noted that the entire base for reopening assessment is on the premise that there was ‘information’ supplied by the Investigation Wing and the Assessing Officer has made cursorily reference to high value transaction of Rs.26,42,027/- as well as also referred to accommodation entry entered […]
Dr. E.S. Krishnamoorthy Vs ITO (ITAT Chennai) The facts with regard to ownership of property by three co-owners and their respective share in right and interest in the property is not in dispute. As admitted by the assessee himself, he owned 42.5% share in the property. The land owners have received two flats measuring 4092 […]
High court held that licensing of software products of Microsoft in the Territory of India by the Respondent was not taxable in India as Royalty under Section 9(1)(vi) of the Act read with Article 12 of the Indo US DTAA.
Explore the ITAT Delhi’s decision on Anandtex Int. P. Ltd’s case against addition under section 68 of the Income Tax Act. Learn about the challenges related to share application money and share premium.
Sheela Devi Vs PCIT (ITAT Delhi) ITAT observed total lack of opportunity by PCIT while concluding the proceedings under Section 263 of the Act. It is apparent from the records that solitary show cause notice issued to the assessee was for attendance on the very next date, i.e., 26.03.2021 in substitution of the first show […]
1. 15% Tax rate in case of certain domestic manufacturing Company. 2. Surcharge of 10% is applicable irrespective of the amount of total income. 3. Effective Tax Rate is 17.16%(15%+10%+4%). 4. Company is not Required to Pay MAT 5. Tax on Special rate of Income is Taxable as per their applicable tax Rate (like 112A […]
