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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...
Chadha Finlease Ltd. Vs. ACIT (ITAT Delhi) – At the time of hearing of the appeal, neither the assessee nor any of his authorized representative were present, although, the last notice for hearing the appeal on 11.08.2011 was sent at the address given by the assessee in form no.36. The same has not returned unserved. It is thus inferred that the assessee is not interested in pursuing the appeal. The appeal of the assessee is, therefore, dismissed as unadmitted.
ITO Vs. Nasir Khan J. Mahadik (ITAT Mumbai)-Mumbai ITAT has in the following case deleted the additions made on account of opening balances of unsecured loans and the notional interest on such loans. The Tribunal held that only fresh loans or additions to the loans during the year in question can be considered for the purpose of addition. Previous years loans cannot be added to subsequent year’s income by claiming them to be unexplained.
In the biggest ever disclosure of black money stashed abroad, a Delhi-based businessman has disclosed and surrendered Rs 73 crores to the Income Tax department and also gave holding details of lockers in Swiss banks and the US. The disclosure by the businessman identified as Satish Swahney came today after a team of Income Tax(I-T) sleuths from the newly created Directorate of Criminal Investigation (DCI) carried out simultaneous searches at his posh Sainik Farms bungalow and South Extension-I premises.
Charges – Details The registered entities will have to pay a basic charge of 1,000 p.m. per user ID for the service. This basic charge will be paid in advance for 12 months at the time of registration. All registered users (except software based users) will have access to screen based query with a restriction of 750 PANs per day per user ID. Before the end of the 12th month, the entity should effect payment for the next 12 months for continuation of the service.
ADIT (E) Vs International Goudiya Vedanta Trust (ITAT Delhi)- The Hon’ble Punjab & Haryana High Court in the case of CIT vs Tiny Tots Education Society (supra) has held that the income of the assessee, being exempt, the assessee was only claiming that depreciation should be reduced from the income for determining percentage of funds which had to be applied for the purposes of the Trust and as such, it could not be held that double benefit was given in allowing the claim for depreciation for computing the income for purposes of Section 11 of the Act. Respectfully following the aforesaid decision of Hon’ble Punjab & Haryana High Court, we uphold the order of ld. CIT(A) and direct the AO to allow depreciation and reduce the same from the income of the trust for determining the percentage of funds which had to be applied for the purposes of the Trust. The order of the ld. CIT(A) is thus upheld.
Notification No.4/2012-Income Tax Whereas an Agreement between the Government of the Republic of India and the Government of Georgia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital was signed at New Delhi on the 24th day of August, 2011;
P.V. Ramana Reddy vs. ITO (ITAT Hyderabad) – Assessing Officer is vested with a discretionary power to levy or not to levy any penalty in a deserving case. In the case of Hindustan Steel Ltd Vs. State of Orissa (83 ITR 26) (SC), held that penalty should not be imposed merely because it is lawful to do so. The Assessing Officer has to exercise his discretion judiciously. If an assessee files the revised return though at a later stage or disclosed true income, penalty need not be levied. No doubt, merely offering additional income will not automatically protect the assessee from levy of penalty but in a given case where the assessee’s case, came forward with additional income though after deduction on account of that the assessee was not in a position to explain properly,
The ultimate object and purpose of Section 50C of the IT Act is to see that the undisclosed income of capital gains received by the assessees should be taxed and the law should not encourage and permit the assessee to peg down the market value at their whims and fancy to avoid tax.
That section 40A(3) must not be read in isolation or to the exclusion of Rule 6DD. This section must be read along with the Rule 6DD and if read together it is clear that the provisions of the section are not intended to restrict the business activities.
ITO Vs M/s. St. Joseph Construction (ITAT Kolkata)- Ld. CIT(Appeals) after considering the assessees submissions directed the Assessing Officer to reject the books of accounts of the assessee-firm since the assessee had concealed huge contractual receipts to the tune of Rs. 54,55,543/-. He also directed the Assessing Officer to estimate the profit @ 8% on the entire receipts of Rs. 1,12,29,347/- equivalent to Rs. 8,98,348/-, net of all expenses including salary and interest payments to partners.
