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Income Tax : Increasing use of RERA data by tax authorities makes alignment between project disclosures and income tax reporting essential to a...
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 : 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 ITAT Pune held that a genuine claim for exemption under Section 10(20) cannot be rejected merely because the assessee mistaken...
Income Tax : The ITAT Mumbai held that when the reason recorded for reopening an assessment does not ultimately result in any addition, the Ass...
Income Tax : The Mumbai ITAT held that an addition under Section 68 cannot be made solely on the basis of a retracted statement alleging accomm...
Income Tax : The Mumbai ITAT held that Section 263 cannot be invoked merely because the Assessing Officer accepted income without making an add...
Income Tax : The Mumbai ITAT held that reassessment proceedings under Section 147/148 were invalid where the case was based on search material ...
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...
The concept of TDS was introduced by government through Chapter-XVII-B with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account […]
Overview of Transfer Pricing Objective: – To understand the basic concept of Transfer pricing, Transfer Pricing Audit and adjustment along with key term used in Transfer Pricing. Transfer Pricing as describe in common parlance, where one business entity does business with other associate business entity. The sheer objective of Transfer Pricing Audit is to control […]
Payment of royalty by assessee in lieu of granting license under the royalty and technical knowhow agreement was to be treated as revenue in nature as assessee was already engaged in the manufacturing of motorcycle and Scooter and payment of royalty expenses was not with respect to setting up of manufacturing facility.
Shanthilal Movji Bhai Thakker Vs ITO (ITAT Chennai) ITAT held that rental income from sub-lease shall be considered as business income as the assesee was engaged in business of real estate development and the property in question was sub-leased in furtherance of their business. Shri Shanthilal Movji Bhai Thakker (“the Appellant”) aggrieved by the order […]
Loss suffered by an assessee on account of foreign exchange difference as on the date of balance sheet was an item of expenditure under Section 37(1) as the view of AO and CIT (A) that the investments were made on, from the FNCR loans was not based on any supporting material and was only a presumption.
Whether Sum Received By Holding Company From Subsidiary Under Scheme Approved By High Court -Considered As Slump Sale Whether any sum received from a subsidiary company by a holding company under scheme of arrangement sanctioned by High Court under provisions of Section 391 to 394 of the Companies Act, 2013 , be treated as ‘Slump […]
ADIA files ROI in India disclosing income falling within the scope of section 5(2). However, in view of exemption available in terms of India-UAE DTAA, ADIA reports NIL taxable income. AAR denies the benefit of India-UAE DTAA benefit to ADIA in respect of income accruing on the investment made or proposed to be made by Green Maiden A 2013 Trust which was established by ADIA and ETL.
The assessee has issued demand drafts to various persons and any unclaimed demand drafts is kept in stale draft account under the head ‘outstanding liabilities’. AO noticed that the amount of INR 18,42,40,053 was shown under the head ‘outstanding liabilities’. The opening balance of the said account was INR 13,97,32,235. Accordingly, differential amount of INR 44507818 is treated as income of the assessee.
Assessment was sought to be reopened not on account of failure of assessee to disclose truly and fully all material facts that were necessary for computation of income but on account of change of opinion of AO about the manner of computation of the deduction under Section 57, therefore, the same was invalid.
Qualcomm India Pvt. Ltd. Vs Addl. CIT (ITAT Delhi) Facts- The assessee argued that education cess paid on Income Tax doesn’t come under the purview of the definition as it is levied on the amount of Income Tax but not on profits of business. Conclusion- Education Cess is not in the nature of capital expenditure, […]
