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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 : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
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...
Even if two views are possible, the Revisional Authority had no jurisdiction to initiate proceedings under Section 263 of the Act. It was held that the order passed by the High Court is incorrect, which decision cannot be accepted. The Tribunal has followed the judgment of this Court as the decision of the High Court is binding on the subordinate Courts. If the judgment passed by this Court is erroneous, the revenue should have challenged the said order. At any rate that cannot be a ground for invoking Section 263 of the Act in the facts of this case.
CIT Vs. Mahanagar Telephone Nigam Ltd (Delhi High Court) A.O. having failed to record a finding that the assessee had furnished inaccurate particulars, the imposition of penalty under Section 271(1)(c) of the I.T. Act was a complete non- starter. This finding of fact has been affirmed by the Tribunal and we find no reason to disagree with the same. A mere erroneous claim made by an assessee, though under a bonafide belief that, it was a claim which was maintainable in law, cannot with more, lead to an imposition of penalty.
Section 145 of the Income-tax Act, 1961 provides that the method of accounting for computation of income under the head ‘Profits and gains of business or profession’ and ‘Income from other sources’ can either be the cash or mercantile system of accounting. The Finance Act, 1995 empowered the Central Government to notify Accounting Standards for any class of assessees or for any class of income.
Union Finance Minister Shri Pranab Mukherjee said that there is a need for transparent arrangement with a legal framework for exchange of information between India and Philippines relating to banking and tax related matters. The Finance Minister Shri Mukherjee raised this issue during his bilateral meeting with his Philippines’ counterpart Mr. Cesar V. Purisima when the later called on him, here today.
The contention of the assessee that warrant of authorization was not issued individually in the name of the assessee, thus, the case is distinguishable and the assessee was not prohibited from making any declaration of undisclosed income as the search itself conducted under section 132 was bad, does not merit acceptance.
Notification No. 56/2011 – Income Tax Income Tax Department has released a New PAN application Form No. 49AA for Individuals not being a citizen of India, LLP registered outside India, Company registered outside India, Firm formed or registered outside India, Association of persons(Trusts) formed outside India, Association of persons (other than Trusts) or body of individuals or local authority or artificial juridical person formed or any other entity (by whatever name called) registered outside India. Download the new Form 49AA and instruction to File Form No. 49AA and Form no. 49AA.
Saif Ali Khan Vs ACIT (ITAT Mumbai) -With regard to the deduction of Society charges, we find that it has also been disallowed by the AO on the ground that since a flat amount of 30% of annual value is allowed, no other deduction is allowable. However, we find that sec. 24(a) reads as under B
Vodafone Essar South Ltd. Vs. Commissioner of Income Tax ITAT Delhi I.T.A. No. 3238/Del/2009 A.Y. : 2004- 05 ORDER This appeal by the Assessee is directed against the order of the Ld. Commissioner of Income Tax (Appeals) dated 30.3.2009 pertaining to assessment year 2004-05. 2. The grounds raised read as under:- “On the facts and […]
Navine Fluorine International Ltd. Vs. ACIT (ITAT Ahemdabad)- The assessee was engaged in the manufacture of fluorine and other refrigerant gases. During the survey operation under section 133A it was noticed that the assessee had received payments on account of sale of scrap. The assessee company had not collected tax (TCS) at the time of receipt […]
JCIT Vs M/s Videocon Industries (ITAT Mumbai) – It is seen on perusal of the assessment records of assessment year 1999-2000 that the loss on sale of shares on SMS Pharmaceuticals has been declared as long term capital loss. This shows that the transaction in respect of the purchase and sale of shares of SMS Pharmaceuticals are nothing but transfer of capital asset and not part of the business of the assessee company. This fact is evident from the assessment records of previous assessment years wherein the shares have been shown as investments. In view of the above, the claim of the assessee company that the said loss of Rs.95,00,000/- should be allowed as a business loss and thereby writing it off as bad debt under section 36(1)(vii) of the Income Tax Act cannot be allowable as the conditions laid down by section 36(1)(vii) of the Income Tax Act, 1961 are not satisfied by the assessee company .
