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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 : This article explains the statutory powers of the Principal Commissioner or Commissioner to waive or reduce penalties in genuine c...
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 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 Tribunal held that the MAT provisions under Section 115JB do not apply to banking companies, following binding precedents in t...
Income Tax : The Tribunal ruled that audited books and quantitative reconciliation supported the genuineness of agricultural commodity purchase...
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...
In today’s article we are going to discuss the tax implications on self generated Goodwill when a proprietorship firm converts itself into a partnership firm. PROBLEM: Mr. A ( Chartered Accountant) is running a proprietorship firm and his firm is converted into a partnership by inducting his son as new partner on 31.03.2021 with 50% […]
JNS Instruments Ltd. Vs PCIT (ITAT Delhi) The Commissioner can regard the order as erroneous on the ground that in the circumstances of the case the Income-tax Officer should have made further inquiries before accepting the statements made by the assessee in his return.The reason is obvious. The position and function of the Income Tax […]
Over 2 crore Income Tax Returns filed on the e-Filing portal of the Income Tax Department The e-filing portal of the Income Tax Department (www.incometax.gov.in) has marked receipt of more than 2 crore Income Tax returns as on 13th October 2021. The new portal was launched on 7th June, 2021 and in the initial period taxpayers had reported glitches and difficulties […]
Claim of depreciation on the home-theatre used for the business purpose is allowable in law – In absence of nexus between the borrowed funds and outstanding amount of the sister-concern, addition is not sustainable.
In this case ITAT Mumbai has recommended constitution of a larger bench to decide on whether expenditure for providing freebies to medical professionals can be allowed as a deduction in accordance with Section 37(1) of the Income Tax Act, 1961
Gopalakrishna Aswini Kumar Vs Assistant Director of Income Tax (ITAT Banglore) Hon’ble Karnataka High Court in the case of Essae Teraoka Pvt. Ltd., (supra) has taken the view that employee’s contribution under section 36(1)(va) of the Act would also be covered under section 43B of the Act and therefore if the share of the employee’s […]
Jainarayan Hariram Goel Charitable Trust Vs CIT (Exemption) (ITAT Raipur) We find prima facie merit in the various pleas advanced on behalf of the assessee as narrated above. It is a settled principle of law that the onus lies on the person who alleges untruthfulness against the other persons. In the instant case, the allegation […]
Fact that the business of Alliance Agro could not take off properly due to technical snags and the bad weather conditions reinforces the assessee’s claim of having genuinely incurred loss of Rs.1.43 core for its business purpose which became irrecoverable loss.
Vide Notification No. 121/2021-Income Tax | Dated: 13th October, 2021 CBDT notifies Tax Exemption under section 10(46) to ‘Punjab State Electricity Regulatory Commission’, Chandigarh in respect of the specified income for Financial Years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026. MINISTRY OF FINANCE (Department of Revenue) CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 121/2021-Income […]
Once the transaction is found to be recorded in the regular books of account, provisions of section 69 do not apply and the CIT(A) had, therefore, rightly deleted the addition which calls for no interference.
