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Income Tax : Discover key changes in the Income Tax Bill 2025, including enhanced rebates, simplified trust provisions, and extended registrati...
Income Tax : Section 194T mandates 10% TDS on partner payments exceeding ₹20,000 annually, effective April 1, 2025. Learn its impact, complia...
Income Tax : Understand income tax rules for business & profession in India. Covers business, profession, vocation, occupation, and deduction g...
Income Tax : In the realm of taxation, income is classified into various categories, with one of the most significant being Income from Busines...
Income Tax : The Indian taxation framework, as delineated by the Income Tax Act of 1961, may initially seem daunting. Nevertheless, acquiring a...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : The Finance Bill 2025 projects a 12.65% rise in income tax collections despite tax cuts, with estimated receipts of ₹25.20 lakh ...
Income Tax : The Finance Bill 2025 revises tax slabs, reducing the burden on middle-class taxpayers. The changes aim to boost savings and consu...
Income Tax : Corporate tax revenue distribution follows Finance Commission guidelines, with states receiving 41% of shareable taxes. Incentives...
Income Tax : Delhi High Court sets aside DRP's order in FIS Payment case, directing a fresh review under ITAT rulings on Section 56(2)(viib). K...
Income Tax : ITAT Delhi upholds CIT(A) ruling in Kissandhan Agri case, rejecting tax addition under Section 56(2)(viib). AO’s valuation metho...
Income Tax : ITAT Mumbai ruled in favor of Jamnagar Utilities, allowing CSR donations as deductions under Section 80G, rejecting the Revenue's ...
Income Tax : ITAT Pune ruled that Section 115BBE does not apply to business income declared in a survey. Read the case details and implications...
Income Tax : ITAT Kolkata partly allows Utpal Sarkar’s appeal against DCIT, addressing bogus sundry creditors and inter-unit transactions. Ca...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...
The Direct tax Code Bill 2011 (DTC), has given relief to the property owners on two major account, firstly, no deemed taxation for House Property and secondly, deduction for interest for self occupied house property.’ While, the concept of deemed taxation of more than one house property has been done away with and their expectation of a simple mechanism of taxation of rental income has also been considered to a great extent.
Delhi High Court held that sec. 220(2) provides for levy of interest if the demand is not paid within 30 days of the service of notice u/s 156. A distinction has to be drawn between a case where the assessee pays up the entire demand raised pursuant to the assessment order within the period specified in sec. 156, wins in appeal and the amount is refunded and subsequently loses in further appeal and has to re¬pay the taxes. In such a case, as the assessee is not in default in the first instance, no interest u/s 220(2) is payable for the period when the favourable verdict of the appellate authority was operative.
DIT Vs. Rio Tinto Technical Services (HC Delhi) – The payment in the present case is for furnishing of evaluation report. The fee paid is for the said purpose. To collect and collate the information and furnish evaluation report, the assessee was required and it was necessary to undertake certain tests, mapping and studies.
ADIT(IT) Vs Aditya Vikram Global House Ltd. (ITAT Mumbai)- Royalty payment pursuant to a technical collaboration agreement in accordance with the Industrial policy of the Government of India, is exempt in the hands of the foreign company under clause (a) of Section 10(6A) of the Income tax Act, 1961. The Tribunal also held that approval of the Reserve Bank of India is sufficient confirmation that the technical collaboration agreement is in accordance with the Industrial Policy.
Taurus Merchandising Pvt. Ltd. v. ITO (ITAT Delhi)- It was held that the new export-oriented unit of the assessee cannot be said to be formed by the reconstruction or splitting of a business already in existence. The Tribunal has also held that it is not necessary for the assessee to produce its products so as to become eligible for claiming exemption under section 10B of the Income-tax Act, 1961 (the Act).
De Beers India Prospecting Pvt.Ltd Vs. Income Tax Officer (ITAT Mumbai) – it was held that prospecting and examining are important activities to undertake mining. Accordingly, it can be concluded that the taxpayer had commenced its business from the time it started the prospecting activity and therefore, non-prospecting related expenditure is deductible under Section 37 of the Income-tax Act, 1961 (the Act) even though it was incurred prior to commencement of mining.
DCIT Vs. J.K. Investo Trade (India) Ltd. (ITAT Mumbai)- Issue before the Tribunal was that Whether non-compete fees payable pursuant to a joint venture agreement for transfer of manufacturing division, through a Scheme of arrangement, which is sanctioned by the High Court is taxable in the year of Appointed Date or Year of sanction of the Scheme or on receipt?
Finance Minister Pranab Mukherjee held discussions on ways to step up revenue collection for 2011-12 with top officials of Central Board of Excise and Customs (CBEC) and Central Board of Direct Taxes (CBDT) in Chennai. An official release said the meeting discussed steps for augmentation for revenue in the remaining part of the financial year.
CIT vs. SPL’s Siddhartha Ltd (Delhi High Court) – The argument of the assessee before the Tribunal was that the approval was not granted by the Joint Commissioner for reopening U/s. 147. Instead, it was taken from the CIT, Delhi-III, New Delhi, who was not competent to approve even when he was a higher Authority inasmuch as Section 151 of the Act specifically mentions Joint Commissioner as the Competent Authority. This contention of the respondent-assessee has been accepted by the Tribunal thereby quashing the assessment proceedings. The contention of the Revenue that it was merely an irregularity committed by the AO and was rectifiable under Section 292B of the Act, has not been found convincing by the Tribunal. Where the Assessing Officer does not himself exercise his jurisdiction under Section 147 but merely acts at the behest of any superior authority, it must be held that assumption of jurisdiction was bad for non-satisfaction of the condition precedent.
Twinstar Jupiter Co-op. Hsg. Soc. Ltd. Vs ITO (ITAT Mumbai) – In the case of Sindh CHS Ltd (supra) the Honble High Court made it clear that in the said case the bye-laws provide that the amount has to be paid by the transferor Member. In the present case, nowhere it is the case of the A.O. that there is a provision that only the transferor has to bear the amount of the transfer fees. We, further, find that nowhere it is the case of the A.O. that no commerciality is involved in the objects or activities of the assessee society as the assessee has credited the amount to the general reserve funds to be used for the repairs and maintenance of the society. Their Lordships have also considered the Notification given by the Government of Maharashtra and the reference made is to only to extent of argument of the parties to the on Govt notification dated 9.8.2001. As per the notification dated 10.12.1989 if the bye-laws are amended then only the society could not charge what was set out in the notification.
