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Income Tax : Taxpayers are facing confusion following the introduction of the Income-tax Act, 2025. The key clarification is that income earned...
Income Tax : The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thres...
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 : 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 condoned the delayed appeal filing after finding sufficient cause and allowed the matter to proceed. It also clarifie...
Income Tax : The ITAT Delhi ruled that the CIT(A) cannot reclassify an addition under a different provision of the Income-tax Act without issui...
Income Tax : The ITAT ruled that deduction of TDS does not excuse failure to file an income tax return. The decision emphasizes that income dis...
Income Tax : The Tribunal held that technical glitches on the income tax portal, coupled with grievances raised by the taxpayer, justified cond...
Income Tax : The ITAT upheld depreciation on goodwill arising from a slump sale acquisition after finding that the business was acquired throug...
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...
Qualcom Technologies Inc. Vs DCIT (ITAT Delhi) ITAT held that Considering the assessment order of the AO wherein he has followed the findings given in earlier assessment years and considering the fact that the same agreement is being carried on since A.Y.2005-06, we do not find any reason in differing with the view taken by […]
Govt of India introduced the Grand Fathering principle in the Indian Income tax Act for the purpose of safeguarding the Unrealised Profit earned by the Assesses upto 31-01-2018. In order to achieve this objective, the Actual Cost of Acquisition of the securities together with the unrealised profit is to be treated as Revised Cost of Acquisition as at 31-01-2018.
Royal Western India Turf Club Vs PCIT (ITAT Mumbai) Undisputedly, the original assessment in case of the assessee was completed under section 143(3) of the Act on 06-02-2014. Subsequently, the assessment was reopened under section 147 of the Act and notice under section 148 of the Act was issued to the assessee on 26-03-2018. The […]
Avon Udhyog Vs State of Rajasthan (Rajasthan High Court) Suspension of a registration of an assessee has its own consequences – it brings the entire business of an assessee to a stand still. In a way it is worse than cancellation. Against cancellation, an assessee can take legal remedies but against suspension pending an enquiry, […]
Tarakeswar Estate Vs Union of India & Ors. (Calcutta High Court) The petitioner has challenged the impugned assessment order dated 20th March, 2021 under Section 143(3) of the Income Tax Act, 1961 relating to assessment year 2018-2019, mainly on the ground of violation of principle of natural justice as well as total non-application of mind […]
S.R. Steel Vs State of U.P. (Allahabad High Court) In the peculiar facts of the present case as have been noted above, we lift the bar of alternative remedy as we find that the petitioner’s GST registration was cancelled without issuance of any prior show cause notice. Also, the delay is largely on account of […]
Where assessee claimed depreciation on new server, storage and accessories procured during the year on lease and the assessee incurred cost of such asset and was also paying interest on lease; the assessee would be eligible to claim such depreciation.
Parag Kishorchandra Shah vs. NFAC W.P. NO.11052 OF 2021 dated 27.10.21 Bombay HC Brief Facts of The Case i) Order dated 20.04.21 passed u/s. 143(3) r.w.s 144B; ii) Assessee had been filing responses to notices u/s 142(1); iii) Last 142(1) issued on 14.02.21 which was replied on 24.02.21; iv) On 17.04.21(Saturday) at 02:43 PM A […]
Chief Minister of Uttar Pradesh Shri Yogi Adityanath and Union Finance Minister Smt. Nirmala Sitharaman Inaugurate Income Tax Department’s Office Complex, the new ‘Pratyaksh Kar Bhawan’, at Lucknow. The Income Tax Department’s new Office Complex, the ‘Pratyaksh Kar Bhawan’, at Lucknow was inaugurated today i. e. 26.11.2021 by Chief Minister of Uttar Pradesh Shri Yogi […]
The Income Tax Department initiated search and seizure operations on two major real estate developers of Ludhiana on 16.11.2021. The search action covered around 40 premises in Ludhiana.
