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Income Tax : The article explains how ESOP taxation in unlisted companies occurs at both exercise and buyback stages. It highlights perquisite ...
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 : 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 Mumbai held that sales tax and similar State Government incentives were capital receipts because the schemes were intende...
Income Tax : The ITAT Visakhapatnam held that the Commissioner cannot invoke Section 263 where the Assessing Officer has already conducted inqu...
Income Tax : The ITAT Visakhapatnam held that deduction under Section 80P cannot be allowed where the assessee failed to file a valid return of...
Income Tax : The Tribunal directed the Assessing Officer to grant Foreign Tax Credit, observing that delayed filing of Form No. 67 is only a pr...
Income Tax : The ITAT Jaipur held that reassessment under Section 147 was invalid because the Assessing Officer merely relied on Investigation ...
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...
The issue under consideration is whether the addition made by AO u/s 68 of Income tax Act, 1961 is justified in law?
The short question in this appeal is whether the writ petition ought to have been dismissed on the sole ground that the appellant had a right of reply to the show cause notice. The answer to the aforesaid question has to be in the negative, for the reasons discussed hereinbelow.
Gautam Jhunjhunwala Vs ITO (ITAT Kolkata) in the light of the definition of ‘transfer’ as defined u/s. 2(47) of the Act it is clear that when any right in respect of any capital assets is extinguished and that right is transferred to someone, it would amount to transfer of a capital asset. In the light […]
ITO Vs Sunil Shiv Khanna (ITAT Mumbai) We are of the view that the assessee’s claim of deduction u/s. 54 of the Act is to be reckoned from the date of handing over of the possession of the flat by the builder to the assessee i.e. 11.09.2009, and if we take that date, the assessee […]
PCIT Vs JP Infrastructure (P) Ltd. (Gujarat High Court) During the original assessment, both the questions raised by AO in reassessment notice, were already examined by AO through a specific queries raised in this respect. Therefore, reassessment being based on mere change of opinion was invalid. FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT […]
Girdhari Lal Vs ITO (ITAT Delhi) The test for determining whether the impugned land is agriculture bear mainly on the nature or character of the land, and not merely on the actual user or non-user at a particular point of time. If the land is not actually appropriated for agricultural purposes, the minimal requirement is […]
DCIT Vs Deepak Shashi Bhusan Roy (ITAT Mumbai) The coordinate bench of Tribunal in Anita D. Kanjani (supra) held that in order to determine the nature of asset income of section 2(42A), holding period is to be computed from date of issue of allotment letter and not from the date when agreement to sell was […]
OFFICE ORDER NO. 181 OF 2018 The President is pleased to extend the ad-hoc appointments of the following IRS officers to the grade of Joint Commissioner of Income Tax from 01.04.2018 to 31.03.2019 or upto the date of their regular appointment, whichever is earlier: –
All India Rubber Industry Association Vs. ADIT (E) (ITAT Mumbai) The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that a charitable entity cannot be denied the tax benefits merely because some element of its income is exempt from the Principles of Mutuality. The objects of the assessee are for […]
Interest earned by co-operative society, engaged in banking business, out of investment made with co-operative bank deductible u/s 80P(2)(a)(i)
