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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 Court held that, for assessment year 2009-10, filing the audit report along with the return was directory and not mandatory. D...
Income Tax : The Chennai ITAT held that the Pr. CIT could not invoke Section 263 on matters already under consideration before the appellate au...
Income Tax : The Chennai ITAT held that excess stock found during a survey could not be taxed as unexplained investment when it had been accoun...
Income Tax : The Tribunal upheld the disallowance of a ₹10 lakh deduction after the recipient political party informed the tax authorities th...
Income Tax : The Tribunal upheld the denial of deduction under Section 80GGC after finding that the political donation formed part of an allege...
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...
Deduction u/s 54 of the Act. Can be claimed as per law even construction of the house has not been completed and not occupied by the assessee Addition of Rs. 300000.00 on account of disallowance of deduction u/s 54 The assessee has shown income from Long Term capital gain from sale of property at Ambala […]
Symantec Asia Pacific Pte. Ltd. Vs DCIT (ITAT Delhi) The Assessing Officer raised a query that the consideration amounting to Rs.242,52,89,282/- on sale of licence software should be treated as receipts received on account of sale of licence software as royalty. The issue of software income is not a royalty income is settled by the […]
Digvijay Advisor Pvt. Ltd. Vs ITO (ITAT Delhi) A perusal of the above reply of the Assessing Officer shows that notice u/s 148 dated 31.03.2015 was served on the assessee through affixture in presence of Inspector of the Ward. From the details filed by the assessee in the paper book, it is seen that the […]
Paramjeeet Singh Vs ACIT (ITAT Delhi) It is pertinent to note that the assessee’s land was acquired by the Government and he received total compensation of Rs. 2,56,29,932/- from land acquisition officer Panchkula which include interest on enhanced compensation of Rs. 1,08,62,416/- and assessee claimed this interest received on enhanced compensation exempt under Section 10(37) […]
The main issue in this appeal is whether loss from sale of long term capital share on which security transaction tax has been paid should be allowed to be carried forward for set off even though the income from such transfer of long term capital asset is exempt u/ s 10 (38).
DCIT Vs Pfizer Products (India) Pvt Ltd. (ITAT Mumbai) In terms of the agreement with M/s. Pfizer Ltd., assessee was sharing services of certain employees and other facilities which belonged to M/s. Pfizer Ltd. The reimbursement of such expenses due or paid to M/s. Pfizer Ltd. amounts to Rs.14,51,77,000/- and has been included under the […]
Tatia Sky Line & Health Farms Ltd. Vs ACIT (Madras High Court) Conclusion: Expenses incurred by assessee for Public Issue was not allowable as revenue expenditure as assessee miserably failed to establish the tenability and truthfulness of its claim that the expenditure was revenue in nature. Held: Assessee, a public limited company, was in the […]
Carbon Credit was not an offshoot of business, but an offshoot of environmental concerns. No asset was generated in the course of business, but it was generated due to environmental concerns. Therefore, income from sale of carbon credits was to be considered as capital receipt and not liable for tax under any head of income under the Income Tax Act, 1961.
Why a Non-Resident (NRI or Foreigner) should Invest in India? How investing in India would benefit an NRI or a Foreigner? Why India? any person who wishes to invest his/her hard-earned money would think about this before making a move toward India. In this article you will find enough of reasons why it would be […]
Customers facing trouble due to abrupt closure of current accounts and TDS on cash withdrawals. Learn more about the RBI guidelines and how it affects bank customers.
