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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 : 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 : Understand how to compute total income and tax liability under the Income Tax Act, including adjustments for business, capital gai...
Income Tax : Learn about income tax filing requirements for proprietors in the USA, including forms, schedules, deductions, deadlines, and pena...
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 : ITAT Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...
Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...
Income Tax : ITAT Pune confirms CIT's order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. A...
Income Tax : ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexp...
Income Tax : ITAT Pune remands appeal for reconsideration, citing leniency for a senior citizen taxpayer's advance tax shortfall. Case to be de...
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 Jaipur held In the case of ITO vs. Alok Mukherjee that where both the parties not performed terms & conditions of the agreement to sale in prescirbed time and prescribed maneeer, it is breach of contract, so it will not be a transfer of property on the date of such agreement.
ITAT Ahmedabad held in the case Kurian Ulahannan Moothukuzhiyil vs. ITO that in the case of CIT vs. Ansal Land Mark Township (P) Ltd. in ITA 160/2015 & ITA 161/2015 dated 26/08/2015, it was held that there is one thing common to both the provisions to Section 40(a) (ia) and Section 201 (1) is that the as long as the payee has filed its return of income disclosing the payment received by and in which the income earned by it is embedded and has also paid tax on such income, the Assessee would not be treated as a person in default.
M/s. Bajrang Wire Products (India) Pvt. Ltd. Vs. The Addl. CIT (ITAT Jaipur) In the present case the matter before the ld. CIT (A) was payment of interest for the A.Y. 2006-07 and also for A.Y. 2008-09. In both the matters, the interest was restricted by the AO to 12%
The Serendipity Apparels Pvt. Ltd. Vs. CIT (ITAT Ahmedabad)- The assessee has derived its lease rental income under the head from other sources. There is no dispute that the same is covered u/s.56(2)(iii) of the Act.
ITAT Jaipur held In the case of M/s Brothers Pharma Pvt. Ltd. vs. ITO that the case laws referred by the CIT (A) are squarely distinguishable on the ground that there was a written off either by the assessee or bilaterally
In the case of ACIT Vs. Shri JugalKishore K. Agrawal, ITAT Ahmedabad on the basis of revenue observation and after going thought the case file, held that if there is no nexus between the interest income earned and interest paid, then interest paid cannot be allowed within preview of section 57(iii).
CIT vs. Pritam Das Narang (Delhi High Court) – Amount received by prospective employee for loss of employment offer is a capital receipt and is neither taxable as salary and nor as Income From other sources.
ITAT Jaipur held In the case of Balbir Singh vs, ACIT that it is not open for the AO to make addition on estimation basis without verifying that said expenses are genuine or not. Mere fact that payments were made in cash on self made vouchers
ITAT Ahmedabad held In the case of Lubrizol Advanced Materials India Pvt. Ltd. vs. DCIT that after the retrospective amendment to the second proviso to section 92C (2) by the Finance Act, 2012, there remains no ambiguity that the benefit of tolerance margin is available only when the variation
Notification No. 85/2015 – Income Tax In the notification of the Government of India, Ministry of Finance, Department of Revenue(Central Board of Direct Taxes), number 78/2015, dated the 12th October,2015, published vide number S.O.2791(E),dated the 12th October,2015,in the Gazette of India, Extraordinary, Part II, Section 3,Sub-section(ii),at page 3,in line 26,-
