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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 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 Tribunal condoned the delayed appeal filing after finding sufficient cause and allowed the matter to proceed. It also clarifie...
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 the recent past, a few companies like Syngenta India Limited, Atlas Copco, etc. have, after their delisting from the stock exchanges, followed the Sec 66 of Companies Act, 2013 route to selectively reduce their non-promoter capital and provide a means of exit to minority shareholders.[1] Sec 66 allows a company to distinguish between shareholders […]
Dr. Sajan Hedge Vs ACIT (Madras High Court) Conclusion: Instead of quashing the entire reassessment proceedings, it was suffice if an opportunity was provided to assessee to submit additional objections, if any, based on the materials relied on by assessee to AO, within a stipulated period and on receipt of the same, AO should be […]
DCIT Vs Jaguar Buildcon Pvt. Ltd. (ITAT Delhi) We find that there is no dispute that the assessee has received share application money from six companies, out of which, from three companies assessee has received premium for sums aggregating to Rs.103,80,00,000/-. In the case of Ganesh Buildcon Pvt. Ltd., Feelgood Creation Pvt. Ltd., and Beyond […]
In present facts of the case, the Hon’ble High Court dismissed the writ petition by making observations that the due procedure of law was followed by the Respondents under Section of the 24(4)(a)(i) of the Benami Transactions (Prohibition) Amendment Act, 2016.
The present appeal was filed against the Order of the Single Judge of the Hon’ble Madras High Court, wherein the Writ was allowed by stating that the request of cross examination shall not be denied, but in Appeal the Division Bench allowed the appeal of Revenue and have sustained the Order of Revenue for denial for cross examination due to availability of alternative remedy.
We often come across with cases where there has been double taxation on the same income both from source and resident countries. Typically from an India tax perspective, in case of ‘resident and ordinarily resident’ (ROR) having investments abroad, this scenario is quite common. In order to mitigate such double taxation implications, Section 90 of […]
Vedvan Consultants Pvt. Ltd. Vs DCIT (ITAT Delhi) The solitary ground is directed against the addition of Rs.94,33,788/- u/s 36(1)(va) of the Income Tax Act, 1961. Brief facts as noted from the impugned order are that an addition u/s 36(1)(va) has been made by the DCIT, CPC, Bangalore on account of delay in depositing the […]
Reliance Industries Ltd. Vs PCIT (ITAT Mumbai) Upon perusal of assessment order under consideration, it is quite evident that an order was passed by Ld. AO u/s 143(3) r.w.s. 147 of the Act. One of the reasons to reopen the case was the allegation of Ld. AO that income from assets given on lease, though […]
DCIT Vs Mumbai Nasik Expressway Ltd. (ITAT Mumbai) Expenditure incurred by the assessee for construction of road under BOT contract by Govt. of India have given rise to an intangible asset as defined under explanation 3(b) read with section 32(1)(iii) of the Act, assessee would be eligible to claim depreciation on such asset at specified […]
Fenner (India) Limited Vs ACIT (Madras High Court) In the light of the fact that the assessee has already availed the benefit under Direct Tax Vivad Se Vishwas Act, 2020, no useful purpose would be served in keeping the appeal pending. At the same time, the interest of the assessee in the event the order […]
