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Income Tax : The FAQs explain the revised CBDT guidelines on compounding offences under the Income-tax Act effective from 17 October 2024. They...
Income Tax : Learn the eligibility, investment conditions, exemption limits, timelines, and withdrawal provisions for capital gains exemptions ...
Income Tax : This FAQ serves as a reference for the Income-tax Act provisions relating to cash receipts, loans, repayments, and electronic paym...
Income Tax : This FAQ covers all ten notified ICDS, explaining their scope, applicability, disclosures, and treatment of various tax-related tr...
Income Tax : This guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the appli...
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 Tribunal held that Rule 11UA gives the assessee the exclusive option to choose the valuation method for unquoted shares. While...
Income Tax : The Tribunal held that contradictory third-party statements and unverified allegations cannot form the sole basis for taxing alleg...
Income Tax : The ITAT held that an untested third-party statement, without supporting evidence or cross-examination, cannot form the sole basis...
Income Tax : The ITAT held that registration granted under Section 12AA before completion of assessment entitled the trust to claim exemption f...
Income Tax : The Calcutta High Court set aside the Section 148A(3) order and Section 148 notice after finding that the Assessing Officer failed...
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...
CPC 2.0 Project envisages pre-filling of ITRs by the Income-tax Department and its acceptance by the taxpayer so as to improve accuracy of information contained in the Return and drastically reduce the existing turnaround time taken in processing of Returns and issuance of refunds.
The interdiction in the proviso appended to section 147 puts an embargo in the exercise of power at the end of the AO in cases where scrutiny assessment has taken place and four years have expired from the end of relevant assessment year. In such cases, the assessment cannot be reopened unless it its demonstrated that income has escaped assessment on account of failure on the part of the assessee to disclose all material facts fully and truly in respect of his assessable income.
Notice issued in the name of deceased assessee instead of upon his/her legal representatives was invalid as the legal representative not having waived the requirement of notice under section 148 and not having submitted to the jurisdiction of AO pursuant to the impugned notice, therefore, the provisions of section 292B would not be attracted and hence, the notice had to be treated as invalid.
DCIT Vs Bhaijee Portfolio Pvt. Ltd. (ITAT Delhi) In this From the records, it can be clearly seen that the notice has been issued prior to the approval. Thus, reopening u/s 148 is without the approval of the designated authority and as such reassessment itself is bad and without any jurisdiction. The mandatory conditions of […]
Assessee was diagnosed with Cancer in December, 2017 and the ld. CIT(A) passed the order on 20.03.2018, which is subsequent to the diagnosis of the illness, needless to mention that treatment of cancer is very painful and it is not possible to focus on other issues when he was under the treatment and therefore in our opinion, there is a reasonable cause for not fling the appeal within the due period and therefore we are of the considered opinion that it is a fit case to condone the delay and accordingly we condone the delay and admit the appeal for adjudication.
By crediting enhanced value of land, which belonged to assessee-firm to current account of partners of firm and by treating it as loan from the partners in account of company, there was violation of provisions contained in clauses (a) and (c) of proviso to section 47(xiii). Therefore, the said transaction would amount to transfer of capital asset within the purview of section 45 and thus, the profits or gains obtained by transfer of asset by firm to company would be treated as capital gains.
The notice under section 148 of the Act, which is a jurisdictional notice, has been issued to a dead person. Upon receipt of such notice, the legal representative has raised an objection to the validity of such notice and has not complied with the same.
Sometimes we exchange assets such as immovable property and ignore the taxation aspect thinking that as there is no money transaction, no tax is applicable. Let us understand the correct tax implications in such cases. What is the meaning of exchange? In exchange, the transfer of property takes place for a consideration other than money, […]
: The illegal economy consists of the income produced by those economic activities pursued in violation of legal statutes defining the scope of legitimate forms of commerce. Participants of illegal economy engage in the production and distribution of prohibited goods (drugs, for example) and services (prostitution, counterfeit currency, arms and human trafficking etc).
While praying for stay of demand raised pursuant to the order under Section 143(3) of the Act, the writ-applicant contended that the case was one of high pitched assessment. The writ-applicant also pointed out his poor financial condition. The writ-applicant submitted before the Income Tax Officer that even the deposit of 20% of the total amount was beyond his financial capacity.
