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Income Tax : Mumbai ITAT rules co-ownership doesn’t imply tax liability. Sale proceeds taxed only for the beneficial owner, not co-owner in V...
Income Tax : Understand advance tax rules, due dates, and penalties for non-compliance. Learn how to avoid interest charges under sections 234B...
Income Tax : Receiving an income tax notice can be disconcerting, particularly for individuals who are not well-versed with tax laws and compli...
Income Tax : Discover key highlights of India's Income Tax Bill 2025, effective April 2026, featuring simplified tax structures, revised slabs,...
Income Tax : Supreme Court clarifies the applicability of TOLA to reassessment notices under the Income Tax Act, addressing the interplay with ...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : ITAT Pune ruled that Section 68 applies only to amounts credited in the relevant year. Addition of ₹10L as unexplained cash cred...
Income Tax : Asha Viren Raj Vs ITO (ITAT Mumbai) The Asha Viren Raj Vs ITO (ITAT Mumbai) case revolves around the contentious issue of reassess...
Income Tax : Gauhati High Court held that addition merely on the basis of retracted statement without any other relied upon evidence/ material ...
Income Tax : ITAT Jaipur quashes addition of suppressed school fees for Pushpa Vidya Niketan, stating survey statements lack evidentiary value...
Income Tax : ITAT Mumbai rules that the 10% tolerance limit under Section 50C/56(2)(x) is curative and applies retrospectively, impacting prope...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and application process.
TAT Pune ruled that 12A registration of trusts engaged in genuine charitable activities cannot be revoked. Exemptions can be denied only for specific violations.
ITAT Pune remands Dnyanagan Education Society’s case for fresh consideration after the rejection of its Section 12AB registration due to procedural lapses and short response time.
ITAT Ahmedabad held that fresh assessment is necessary in case of taxability of interest earned from Fixed Deposit from compensation received for compulsory acquisition of agricultural land. Thus, matter restored for fresh assessment.
Delhi High Court held that Section 260A of the Income Tax Act refrains from incorporating a specific provision permitting the filing of a cross-objection. Thus, cross objection would not be maintainable.
In the present case, recovery or repayment of fraudulent income does not qualify as an allowable expense. Allowing deductions for recovery of fraudulent income would contradict the legislative intent of the Income-tax Act.
ITAT Ahmedabad held that as per the provisions of Section 167B of the Income Tax Act, Maximum Marginal Rate (MMR) is applicable on entire income of AOP if any one member of the AOP is taxable at a rate higher than MMR.
ITAT Surat held that addition under section 68 of the Income Tax Act treating transaction as bogus merely on the basis of suspicion, presumptions and probability is not sustainable in law. Accordingly, appeal of assessee allowed.
During the assessment proceedings, it was observed that the assessee sold two trademarks “Coldarin” and “Raricap”. The gains accrued on the transfer of both these capital assets gave rise to income chargeable to tax under the head “Capital Gains”.
ITAT Hyderabad held that disallowance under section 14A of the Income Tax Act is rightly deleted by CIT(A) since assessee has not earned any dividend income. Thus, when there is no dividend income, the provisions of section 14A are not applicable.
