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Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Delhi High Court rules on Section 153C notices for AYs 2014-15 to 2020-21 in Dev Technofab Limited Vs DCIT, citing lack of incrimi...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
ITAT held in Haier Appliances India Ltd Vs DCIT and Haier Appliances India Ltd Vs ACIT after relying on the case of Sony Ericsson Mobile Communications India Pvt Ltd reported in (2015) 374 ITR 118 (Delhi) that the above transaction of AMP
ITAT Delhi held In the case of DCIT vs. M/s. Escorts Construction Equipment Ltd. that we find that this amount represents unpaid sales tax liability and the same was disclosed itself by the assessee as a contingent liability.
CIT Vs. V/s. M/s. Thyssen Krupp Industries India Pvt. Ltd. (Bombay High Court) In terms of Chapter X of the Act, redetermination of the consideration is to be done only with regard to income arising from International Transactions on determination of ALP.
ITO Vs M/s Citizen Scales (I) P. Ltd. (ITAT MUMBAI)-The Assessing Officer imposed penalty u/s 271(1)(c) of the Act. We note that in para 4 of the assessment order it has been categorically recorded that there was a mistake in computation of book profit and the same was pointed out by the Assessing Officer
The assessee in the present case is a Company, which is engaged in the business of trading in jewellery. The return of income for the year under consideration was filed by it on 01.11.2004 declaring a loss of 1,81,69,142/-.
ACIT Vs M/s. Tirupati Enterprises (ITAT KOLKATA) We hold that merely for non-prosecution of original document before the Assessing Officer during the remand proceedings, the transaction per se cannot be doubted with when the Xerox copies with supporting documents were duly furnished before the Assessing Officer.
M/s. Palco Distributors Vs. JCIT (ITAT Kolkata) Only premise of the AO for making addition is that assessee could not produce purchase bills for a sum of Rs.21,72,083/- having 526 items. We find that the items are properly recorded means the assessee has explained the source of acquisition
ITAT Chandigarh held In the case of ACIT vs. Ms. Harjinder Dhiman that time limit for deposit in capital gains scheme is to be taken as due date of filing of return of income u/s 139(4). In the instant case, the sale proceeds were deposited in the capital gains scheme on 05.02.2009
ITAT Delhi held In the case of JDIT vs. Mool Chand Kharaiti Ram Trust that Merely because, running of an Allopathic hospital is not specifically mentioned, it does not necessarily mean that the same would be ultra vires the objects
This was a case where the original assessment was completed under Section 143 (3). In other words there was a complete scrutiny of the accounts and all the affidavits of the donors furnished by the Assessee pursuant to the questionnaires issued to him by the AO. In the absence of any adverse
