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Income Tax : Understand the revised 2% TDS rate on rent from Oct 1, 2024. Learn the correct rate, avoid overpayments, and claim refunds for exc...
Income Tax : Bombay High Court rules on tax evasion by Buniyad Chemicals, addressing unexplained credits, money laundering, and regulatory acti...
Income Tax : Understand the New Income Tax Bill 2025, key policy changes, structural revisions, and interpretation methods. Learn how these upd...
Income Tax : Article explores effectiveness and influence of Bilateral Investment Treaties (BITs) on FDI flows with particular emphasis within ...
Income Tax : Learn about deductions allowed under Section 57 of the Income Tax Act, 1961, for income from other sources, including family pensi...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : ITAT Delhi affirms PCIT’s order under Section 263, ruling AO’s assessment erroneous & prejudicial to revenue. Key precedents c...
Income Tax : ACIT vs Prashant Prakash Nilawar case where ITAT Mumbai dismissed Rs. 17 Cr addition based on WhatsApp messages without concrete e...
Income Tax : ITAT Ahmedabad dismisses ITO's appeal against Sun Gold Capital Ltd due to low tax effect under CBDT Circular 09/2024. Key issues i...
Income Tax : Analysis of ITAT Ahmedabad's ruling in Rakesh Saxena Vs PCIT. The tribunal upheld the revision order, treating VRS benefits as tax...
Income Tax : Madras High Court quashes assessment order citing lack of proper notice and violation of natural justice for a non-resident taxpay...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
The common issue in these appeals is that the learned CIT(A) erred in confirming the action of the AO in making addition on account of alleged notional annual letting value of unsold flats held as stock in trade.
Attached PPT Cover Following Topics related to Transfer Pricing : Basic Provisions, Issues and Latest Developments- ♥ Introduction to Transfer Pricing ♥ Transfer Pricing Regulations in India – Sec.92 to 92F ♥ Analysis of word “Income” as mentioned in Sec.92 ♥ AE & Deemed AE [Interplay between Sec.92A(1) & 92A(2)] ♥ International Transaction – Sec.92B […]
CIT Vs ST. Joseph Convert Chandannagar Educational Society (Calcutta High Court) The Revenue seeks to question the propriety of an order passed by the Appellate Tribunal which has allowed donations to be made by the assessee charitable trust to another charitable trust. According to the Revenue, Sections 11 to 13 of the Income Tax Act, […]
These are the three appeals filed by the assessee against the respective orders of the ld. CIT(A)-I, Jaipur dated 05/09/2017 for the A.Y. 2011-12 wherein the assessee has challenged the action of the Assessing Officer in levying the penalty U/s 271(1)(c),
Assessee company further contended to treat the receipts of income from the let out of Terrace Antenna and Hall as Business Income and allow the expenditure against the same. The Assessing Officer did not accept the contention of the assessee and taxed the income received from terrace antenna and hall booking under the head Income from Other Sources.
Broadly, the valuation of financial instruments is required under the following laws & regulations: A. The Income-tax Act, 1961 B. The Companies Act, 2013 C. FEMA Regulations The requirements under the above laws and regulations have explained in detail in the ensuing paragraphs A. Requirements under Income-tax Act, 1961 in respect of Valuation of Financial […]
A mere making of a wrong, though bona fide claim of depreciation, which is not sustainable in law, by itself will not amount to furnishing inaccurate particulars of income and therefore, such wrong claim will not automatically invite penalty under section 271(1)(c).
That, the learned CIT(A) grossly erred, both on facts and in law, in confirming the addition of 77,845/- made by the AO in the appellant’s income on allegation of unexplained cash, solely on the basis of statement of the appellant recorded during the course of survey u/s. 133A of the Act, without considering and appreciating the explanation with evidences offered by the appellant.
ITO Vs Pritendra C. Jhaveri (ITAT Mumbai) Since the expression ‘held by the assessee’ is not defined under section 48, the same has to be understood as defined under Explanation 1(i)(b) to section 2(42A) which provides that in determining the period for which an asset is held by assessee under a gift or will the […]
Heddle Knowledge (P.) Ltd. Vs. Income Tax Officer (ITAT Mumbai) The fact that the amended Sec. 140A(3) w.e.f. 01.04.1989 does not envisage any penalty for non-payment of self-assessment tax, the Assessing Officer was not justified in levying the impugned penalty by making recourse to Sec. 221(1) of the Act. Before parting, we may again emphasize […]
