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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...
Shree Sudhakar Pandey Vs ACIT (ITAT Allahabad) No separate deduction like depreciation will be allowed when the net profit is made on estimate basis after the rejection of books of accounts. ITAT held that held that no separate claim of depreciation is allowable in case of estimation of net profit of the assessee then the […]
Dharanidhar Ghosh Vs Union of India (Calcutta High Court) In this matter, petitioner has challenged the impugned order dated 28th January, 2022 passed by the respondent Commissioner of Customs in the case of the petitioner imposing several punishments including Punishment No.V, imposing a penalty of Rs.1 crore under Section 112 (b) of the Customs Act […]
Sheela Devi (wife- legal heir of Vas Dev (deceased) Vs PCIT (ITAT Delhi) We have heard the rival submissions and perused the material placed before us and case laws cited. Firstly, we consider it expedient to address ourselves on legality of show cause notice and consequent revisional order passed under Section 263 of the Act. […]
Shri Yogesh Jhingan Vs DCIT (Central) (ITAT Indore) Since the addition in the instant appeal crops out of the issue referred above pertaining to A.Y. 2008-09, we will have to examine the correctness of the claim made by the assessee u/s 54F of the Act for A.Y. 2008-09. As far as sale of land is […]
Karnataka State Industrial And Infrastructure Development Corporation Ltd. Vs DCIT (Karnataka High Court) This appeal under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’, for short) has been preferred by the assessee. The subject matter of the appeal pertains to the Assessment Year 2008-09. The appeal was admitted by […]
Methods (India) Private Limited Vs DCIT (ITAT Bangalore) In this case there is no dispute that the assessee made payment of the Employees share of PF/ESI on or before the due date for filing return of income for AY 2017-18 u/s. 139(1) of the Act. The next aspect to be considered is whether the amendment […]
ITO Vs Arcil Asset Reconstruction Fund II Trust (ITAT Mumbai) ITAT held that appellant was revocable Trust, the provisions of Section 61 to 63 of Income Tax Act, 1961 were applicable and the assessee could not be assessed as AOP. The income was to be taxed in the hands of the SR holders. Since the […]
DCIT Vs Shalaka Infra Tech (India) Pvt Ltd (ITAT Pune) Whether the CIT(A) is justified in deleting the disallowance of Rs.1,68,87,175/- as against Rs.1,88,63,786/- made by the AO on account of labour expenses in the facts and circumstances of the case. Heard both the parties and perused the material available on record. We note that […]
Sukanya Samriddhi Scheme which is a Government of India backed saving scheme, to encourage parents to build a fund for the future education and marriage expenses for their female child. Contribution in this scheme is eligible for deduction U/s 80C and Interest and withdrawal is also tax exempt.
Over the years, many Indians have settled overseas. As a result, they have assets in India and abroad. Having assets in multiple jurisdictions can become difficult to manage and therefore, many prefer to streamline their assets by gradually disposing off their assets situated in India, over time.
