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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...
Advance Ruling was a concept roughed on in early 1970s recommended by Wanchoo committee introduced through Chapter XIXB Income Tax act via finance act,199 and from sections 245N to section 245V. The concept of advance ruling is a common institution in Europe and western countries, and the primary objectives for AAR was firstly to reduce […]
Taxation of individuals by a state works on a deeply embedded principle of giving back to the state for the services provided by the state such as good governance, welfare schemes, defense and others which are required for a state for maintenance and expansion. This principle although looks simple and efficient, requires the state to answer the basic question : How to Decide WHO to tax ? And providing theoretically and morally reasons to support taxing such individuals. One such answer given by the United States, Eritrea and Philippines is citizenship-based income tax rules.
It is amply clear that the additions under sections 68 and 69C of the Act can be made provided the transaction takes place during the previous year / financial year. Further, for making addition under section 68 of the Act, the assessee must fail to offer explanation and for making addition under section 69C of the Act, the source of the expenditure must remain unproved. In the present case, the assessee had duly explained the sources of the credit and the expenditure, respectively.
We have carefully perused the orders of the authorities below. We find that the interest levied u/s 234B of the Act was deleted by the DRP relying upon the decision of the Hon’ble Jurisdictional High Court of Delhi in the case of GE Packaged Power 373 ITR 65 in which the Hon’ble High Court followed the decision in the case of Agence France Press 2015-TII-14-HC-DEL-Intl. From the scrutiny report, on DRP’s directions, the AO has accepted the deletion. But since the matter is subjudice before the Hon’ble Supreme Court, these appeals have been preferred.
We find that the provisions of section 56(2)(viib) of the Act are applicable only for consideration for issue of shares received by a company from any person who is a resident. Admittedly, the monies have been received in the instant case by the assessee company from a non-resident. Hence the provisions of section 56(2)(viib) of the Act are also not applicable in the instant case.
Neogenetics Foods Private Limited Vs DCIT (ITAT Bangalore) From the perusal of the final Assessment Order (paragraph 4.5) it is clear that the only reason given by the AO for not accepting the genuineness of the transaction with M/s. Manoj Traders and M/s. K. S. Enterprises is failure of the assessee to furnish copy of […]
Eastern Coalfields Ltd. Vs DCIT (ITAT Kolkata) We note that the assessee has made a claim of deduction regarding donation made to the tune of Rs. 27,27,000/- but the AO disallowed the claim. On appeal, the Ld. CIT(A) has given partial relief by allowing 50% of expenditure claimed as donation. We note that on similar […]
Ganesh Balkrishna Bende Vs ITO (ITAT Pune) Here is a case in which a salaried person pooled his lifelong endeavour for the further studies of his daughter. In such a panorama, a holistic approach needs to be adopted. When I consider the facts of the instant case as a whole, there remains no doubt whatsoever […]
Dr. Surendra Manjrekar Vs State of Maharashtra (Bombay High Court) IN this case F.I.R. itself shows that the deceased was taking treatment for his stress management. He was disturbed and in the disturbed state of mind he had committed suicide. So, there is possibility that his commission of suicide was a result of his mental […]
ITO Vs Shree Deepak Banwarilal Agarwal (ITAT Surat) We find that during the assessment the AO made addition of 100% of purchases shown by the assessee from four parties which were managed by “PK Jain” and his group. The AO made addition on the basis of report of Investigation Wing about the search & seizure […]
