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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 : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
Income Tax : Learn how international transactions are taxed under India’s Income Tax Act, including DTAAs, transfer pricing, TDS provisions, ...
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 : Petitioner No.1 is a society registered under the Societies Registration Act of 1860 and the Bombay Public Trusts Act of 1950. It ...
Income Tax : ITAT Delhi held that the expenditure incurred on CSR activities may not have direct nexus with the activities of the assessee but ...
Income Tax : ITAT Mumbai held that sale of Dangerous Goods Regulations manuals could not be characterised as ‘royalty’ within the meaning o...
Income Tax : Orissa HC quashes criminal proceedings against Metaliks Ltd for delayed TDS deposit, citing financial distress and COVID-19 impact...
Income Tax : ITAT Hyderabad rules in favor of Karimnagar DCCB, granting immunity from penalty under Section 270AA. The appeal challenges tax pe...
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...
Income Tax : CBDT authorizes data sharing with the Dept. of Food & Public Distribution to identify beneficiaries under PMGKAY as per Income-tax...
Letter No. DIT(L&R)-I/delay in SLP/2012-13 I am directed to bring to your kind notice that the Hon’ble Supreme Court has taken a serious view in cases of delay in filing appeals in the High Courts as also SLPs. In a particular case of delayed filing the responsibility has been directed to be fixed and action taken suitably. I am directed to Impress upon officers in the field formation to strictly adhere to the timelines laid down in instructions No 4 and 7 of 2011.
Power to rectify an order, under Section 254 (2) is extremely limited. It does not extend to correcting errors of law, or re-appreciating factual findings. Those, properly fall within appellate review of an order of court of first instance. What legitimately falls for consideration are errors (mistakes) apparent from the record.
On the perusal of trust deed, it would be clear that trust was created wholly for a particular purpose and religious community i.e. Hindu and not for charitable purposes and thus, it contravenes the conditions laid down in section 80G(5) (iii) read with Explanation 3.
In ‘Hero Honda Finlease Ltd.’ (supra), the assessee had claimed higher depreciation @ 40% during the assessment proceedings, as against @ 20% in the tax audit report. The Tribunal held that the claim of higher depreciation in the assessment proceedings could not be termed as a new claim and that Goetze (India) Ltd. (supra) was only in respect of a new claim made in the assessment proceedings and not modification of claim.
In the instant case, the search took place in the year 2002 and, therefore, the instant case is governed by Chapter XIV-B. Section 158BB of Chapter XIV-B deals with computation of undisclosed income of the block period.
The assessee herein sought for withdrawal of the appeal to go before the Settlement Commission, which dismissed the petition on the ground that there was no appeal pending, a mandatory requirement as on the date of taking up a required application.
Whether interest paid in respect of borrowings for acquisition of capital assets not put to use in the concerned financial year can be permitted as allowable deduction under section 36(1)(iii) of the Income-tax Act, 1961?
We have gone through the Notice under Section 154 of the Income Tax Act, 1961 . We find that the said notice is totally vague. The Assessing Officer has not even indicated as to on what basis he has allowed excess set-off. Notice under Section 154 of the Act, therefore, was not maintainable.
Liberty is given to the Department to move the High Court pointing out that the Circular dated 9th February, 2011, should not be applied ipso facto, particularly, when the matter has a cascading effect.
Assessee was held entitled for deduction u/s.80IB(10) in case there was enhanced income on account of statutory disallowance u/s.43B, 40(a)(ia) and 36(1)(va), etc. In the instant case nature of receipts on credit side of Profit and Loss Account for eligible housing projects u/s.80IB(10) was the same and disallowance of expenditure on the debit side would only result into enhancement of net profit. Accordingly, the assessee’s claim was liable to be allowed in view of the ratio of the decisions cited (supra). As stated above, assessee is not eligible for deduction u/s.80IB(10) pertaining to its Cosmos project. The Assessing Officer has held in assessment order that sum of claim u/s. 80IB(10) was allowable to assessee for its Heliconia project. Thus, if any disallowance u/s.43B, 40(a)(ia) or 36(10(va) etc., relate to Heliconia project that only can be considered for claim u/s. 80IB(10) and corresponding enhanced income.
