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Income Tax : Even genuine reporting differences between Form 3CD and the ITR can attract automated scrutiny. This article explains key reconcil...
Income Tax : The article explains that 30 June is the Department's deadline to issue scrutiny notices for eligible returns, not a filing deadli...
Income Tax : AI can simplify tax work but cannot replace professional judgment in income tax filing. The article explains why human review rema...
Income Tax : This article explains why reassessment proceedings may be invalid if the Assessing Officer merely relies on Investigation Wing rep...
Income Tax : The Jaipur Tribunal held that every foreign asset or remittance cannot be treated as undisclosed wealth under the Black Money Act....
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
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 : The ITAT held that BSNL employees are entitled to full exemption under Section 10(10B) for compensation received under the 2019 VR...
Income Tax : The ITAT Mumbai held that revision under Section 263 was not justified where the Assessing Officer had examined and consciously al...
Income Tax : The ITAT Mumbai held that ESOP discount is an allowable deduction under Section 37(1), observing that the pendency of an SLP again...
Income Tax : The ITAT Delhi held that foreign exchange fluctuation gains arising from export of services must be treated as operating income fo...
Income Tax : The ITAT held that no addition under Section 56(2)(viib) was warranted where shares were allotted to existing shareholders and no ...
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...
M/s. United Investments Vs ACIT (ITAT Kolkata) In this case the assessee had incurred loss on sale of shares after paying STT & these shares were held on investment a/c for period more than 12 months. The assessee claimed that the loss incurred was to be assessed under the head ‘capital gains’ and its set […]
Since no effort was made by AO to serve another notice u/s. 143(2) before the deadline after returning from postal authorities the original notice u/s 143(2) thus, the jurisdictional condition of `service’ of notice u/s. 143(2) and not its `issue’ was not satisfied and accordingly, assessment order passed in absence of a valid jurisdiction was quashed.
The estimate of warranty made by the assessee on the basis of past history cannot be treated as a provision for any ascertained liability and allowed the provision for warranty as deduction.
Pyaribai K Jain Vs Addl. CIT (ITAT Mumbai) Leasehold right allotted against right of agricultural land cannot be considered as agricultural land and, therefore, profit on transfer of such leasehold right was taxable under the head ‘capital gains’, however, Assessing Officer was not correct in not allowing cost of acquisition to assessee while computing long-term […]
ITO Vs M/s Ami Riddhi Chem Private Limited (ITAT Mumbai) The assessee claim to have made purchases of Rs.34,92,40,689/-, therefore, the assessee was asked to furnish the details of purchases made from these parties. The notices issued/served under section 133(6) of the Act, however, there was no reply from the concerned parties. The facts are […]
Surrender offered by assessee on account of undisclosed sundry debtors was purely related to business carried out by assessee, therefore, same had to be assessed as deemed income under sections 69, 69A/B/C and assessee was entitled to claim the benefit of set off of losses both current and brought forward in accordance with law against the income assessed.
The issue under consideration is whether the Lease payment in advance for the period varied from 15 to 99 years considered as Capital Expenditure or Revenue Expenditure?
Whether Late fee on tds statement U/s 234E or interest U/s 201(1A) or late fee on income tax return U/s 234F or interest U/s 234A, 2134B, 234C be levied by TDS-CPC, Ghaziabad/Income Tax CPC Bengaluru?
V.R.Enterprises Vs ITO (ITAT Mumbai) We find that assessee was in possession of primary purchase documents and the payments to the suppliers was through banking channels. The assessee had established corresponding sales before Ld. AO. The books of accounts were audited wherein quantitative details of stock was provided. We are of the considered opinion that […]
Brief analysis: 1. Section 194IA and section 194IC of the Income Tax Act, 1961 are attracted on real estate transactions. 2. In simple words, as per section 194IA, if agreement value is equal to or more than Rs. 50, 00,000/- then buyer of the property has to deduct the TDS @ 1% on the agreement […]
