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Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
Income Tax : CBI arrests IRS officer and private individual for allegedly undermining the Faceless Tax Scheme by leaking confidential info for ...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : Punjab & Haryana HC affirms ITAT order, treating Chandan Gupta's share sale gain as unexplained income (Sec 68) due to bogus trans...
Income Tax : ITAT Mumbai upholds treating Ratnakar Pujari's share sale proceeds as unexplained cash credit due to a previously established bogu...
Income Tax : ITAT Delhi hears Shikha Dhawan's appeal against LTCG denial on penny stock sale, deemed unexplained income. Accommodation entry al...
Income Tax : ITAT Mumbai quashed PCIT's revision order u/s 263, finding the AO had already inquired into the LTCG exemption claim based on prov...
Income Tax : ITAT Mumbai allowed Farrah Marker's appeal, deleting the Section 68 addition on share sale, questioning the AO's reliance on presu...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
ITR 1 for AY 2018-19 is now available for e-Filing. Other ITRs will be available shortly. ITR1 is applicable for For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs. 50 lakh ITR-1 for A.Y. 2018-19 can be […]
Reporting requirements of transactions without PAN and for certain Financial transactions under the Income-tax Act, 1961 and Rules prescribed thereto
Mere making of claim, which was not sustainable in law, by itself, did not amount to furnishing of inaccurate particulars, unless mens rea was established, therefore, levy of penalty under section 271(1)(c) was not justified.
Where assessee after, investing capital gain in purchase of new agricultural land within prescribed time, harbored a bona fide belief that there was not any tax liability of capital gain and substantiated his explanation with relevant evidence, imposition of penalty under section 271(1)(c) was unjustified.
This is an appeal filed by the Revenue against the order of Commissioner (Appeals) for the assessment year 2007-08. 2. The grievance of Revenue relates to deleting addition of Rs. 7,64,271 made by assessing officer on account of transfer fees and addition made on account of premium received by assessee from its members on utilization of Transfer of Development Rights. 3. The rival contentions have been heard and records perused.
These are appeals filed by the assessee directed against the order of Commissioner (Appeals)-13, Mumbai and order of the Commissioner (Appeals)-14, Mumbai dated 28-1-2016 for the assessment year 2006-07. Since facts are identical and issues are common, these appeals were heard together and are disposed of by this common order, for the sake of convenience.
Hatch Associates India (P) Ltd Vs ACIT (ITAT Delhi) Admittedly, the impugned assessment year before us is A Y 2007 – 08. For that, AY the assessee has filed return of income on 30/10/2007. Notice u/s 143 (2) of The Income Tax Act should have been served on the assessee within 6 months from the […]
Tax planning is one of the Key planning in which everyone indulges to get the most out of the benefits available in Income Tax Act. Budget 2018 proposed some key changes in the income tax laws which will become effective from 01.04.2018. Following are New Income Tax Changes affecting Tax planning from 01.04.2018
While hearing the case of Commissioner of Income Tax vs M/s Prasidh Leasing Limited, the Delhi High Court ruled that Provisions of Deemed Dividend applicable when Assessee diverted Advance amount received for procuring import licenses for purchase of shares under Section 2(22)(e) of the Income Tax Act 1961.
Brief facts are, the assessee a non–banking finance company (NBFC) is engaged in hire, purchase, finance and loan business. For the assessment year under dispute, the assessee filed its return of income on 31-10-2007, declaring loss of Rs. 12,06,02,070.
