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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 Tribunal ruled that audited books and quantitative reconciliation supported the genuineness of agricultural commodity purchase...
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 : 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...
Article explains Key Direct Tax Proposals proposed by Budget 2022 pertaining to Updated Return – Section 139(8A), Reduced Alternate Minimum Tax (AMT) Rate – Section 115JC and Section 115JF (definition of AMT) and Surcharge for Cooperatives, Tax relief to persons with disability – Section 80DD, Parity between employees of State and Central government – Section […]
Finance Act, 2006 has inserted a new section 115BBC with regard to treatment of anonymous donation. Earlier all voluntary donation received by charitable institution, including anonymous donation (except voluntary donation with a specific direction that they shall form a part of corpus of the trust) shall be included in the income and charitable trust or […]
DCIT Vs Mapsa Tapes Pvt. Ltd. (ITAT Delhi) Facts-Assessment u/s 153C was challenged on the grounds that assessment order dated 31.3.2016 u/s 153C/143(3) was passed without dropping the proceedings initiated vide notice dated 8.9.2015 under section 153A of the Act and disposing off the objection filed by the assessee to initiation of assessment proceedings. Further, […]
Virtual digital assets (VDA) refers to any digital representation of value that can be digitally traded, transferred, or used for payment whether generated through code, cryptographic means. Virtual assets are not only limited to Cryptocurrencies but also include NFT’s and ETF’s etc.
India is growing at an accelerated pace and people are undertaking multiple financial transactions. The Income Tax Department has established a robust framework for reporting taxpayers’ transactions. In this context, some taxpayers may realize that they have committed omissions or mistakes in correctly estimating their income for tax payment. To provide an opportunity to correct […]
Dineshbhai Dhudabhai Patel Vs State of Gujarat (Gujarat High Court) Facts in brief would indicate that the petitioner was working as a Junior Clerk (Administration). Pursuant to a selection held by the Gujarat Panchayat Services Selection Board, he was engaged in a five years contract basis by an order dated 08.12.2011. A complaint was filed […]
Siddharthshankar Sharma Vs Union of India (Supreme Court of India) The grievance of the petitioner that he was denied the facility of a vaccination for failure to produce an Aadhar card has also been dealt with in the counter affidavit. It has been stated that the Union Ministry of Health and Family Welfare addressed a […]
Smt. Poonam Mittal Vs ITO (ITAT Amritsar) We find that the AO had invoked his powers u/s.154 of the Act for disallowing u/s.40A(3) of the Act the assessee’s claim for deduction of bonus of Rs.2,47,380/- that was stated to have been paid in cash, i.e., in excess of the prescribed limit of Rs.20,000/-. In our […]
PCIT Vs Orchid Griha Nirman Pvt. Ltd. (Calcutta High Court) Tribunal agreed with CIT(A) that after conversion of inventory into fixed asset the firm revalued the developed land including construction thereon in order to bring it in line with the current market value to justify the business assistance secured by the firm from the banks […]
Sansthan Shree Eknath Maharaj Vishwastha Mandal Vs ITO (Exemption) (ITAT Pune) There is no dispute on the fact that the assessee filed its return of income on 17.01.2017 for the year under consideration. The approval was granted by the ld. CIT(E) u/s 12AA on 16.05.2017. At this stage, it is relevant to take note of […]
