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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...
All About Cryptocurrency Taxation Introduced in Budget 2022 A new section 2(47A) is proposed to be inserted by Finance Bill’2022, which defines virtual digital assets to mean any information or code or number or token (not being Indian currency or any foreign currency) generated through cryptography which provides a digital representation of value exchanged with […]
In the Finance Bill, 2022, government has inserted a new section in The Income Tax Act, 1961, Section 194R applicable w.e.f 01st July, 2022 with an objective of bringing into a tax, all those benefits or perquisites which a person receives during the course of business or profession but do not discloses the same in […]
SIGNIFICANCE This case was a landmark judgement by the Supreme Court on the issue of the scope of liability to tax on the principle of estoppel. The case deals with the doctrine of ‘Approbate and Reprobate’ which in layman’s terms translates to “you can’t have your cake and eat it too.” It is further based […]
The Hon’ble Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2022-23 of India on the 1st of February, 2022 with an aim to boost growth amid continued disruption from Covid-19 and rising inflation. The Hon’ble Finance Minister mentioned that the country is expected to grow at 9.27 per cent in the coming year […]
A new section 140B has been proposed to provide for the tax required to be paid for opting to file a return under the proposed provisions i.e., sub-section (8A) of section 139 of the Act. These amendments will take effect from 1st April 2022. In case of an assessee who has not furnished return of […]
What is Virtual Digital Asset? Finance Bill, 2022 has inserted a new clause 47A to define virtual digital asset. As per the new clause, a virtual digital asset include any information or code or number or token generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value which is […]
Sameer Granites Pvt.Ltd. Vs ACIT (ITAT Bangalore) In the instant case, the assessee had submitted that the orders passed u/s 200A of the Act were never served on the assessee physically or otherwise. It was stated that intimation u/s 200A downloaded from the office of the Assessing Officer by the Tax Professional, was not communicated […]
In this case, assessee is engaged in manufacturing of automobile components and let out 50% of its factory building on lease and earned rental income. Thus, the ld. CIT(A) has rightly held the rental income as income under the head house property. Having the rental income held as income under the head house property, the assessee is not eligible for claim of depreciation on the let out portion.
Krishna Prasad Mikkilineni Vs DCIT (ITAT Bangalore) In the instant case also we have noticed that the assessee has given only permissive possession and not legal possession. Accordingly, following the above said decision of the coordinate bench, we hold that the transfer has not taken place during the year under consideration. Accordingly, capital gain is […]
Fortigo Network Logistics Pvt. Ltd. Vs ACIT (ITAT Bangalore) In the instant case, both the additions, i.e., addition made u/s 56(2)(viib) of the Act and sec.68 of the Act relate to the share premium amount, i.e., both the additions arise out of common issue only. The assessee has also filed certain additional evidences. We earlier […]
