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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...
Dyna Hitech Power Systems Ltd. Vs ACIT (ITAT Mumbai) – When the matter was called on for hearing, nobody appeared on behalf of the assessee nor was any application for adjournment filed. From the acknowledgement-cum-notice, it is transpired that the assessee’s representative has noted the date of hearing, as is evident from his signature on the acknowledgement slip on 14.3.2011. It is, therefore, inferred that the assessee is not interested in pursuing the appeal which is hereby dismissed for non-prosecution following the order of the Delhi Bench of the Tribunal in the case of CIT vs. Multiplan India (P) Ltd. (1991) 38 ITD 320 (Del). and also the judgment of Hon’ble Bombay High Court in the case of Chemipol v UOI, dated 17th September, 2009 (BHC).
Adarsh Kanch Udyog Pvt. Ltd. vs. ITO (ITAT Delhi) – Assessee has raised a specific ground that order passed u/s 143(3) was not valid in as much as there is no proof of valid service of notice u/s 143(2) within the limitation period of 12 months, as per proviso to section 143(2). We further find that Ld. Commissioner of Income Tax (Appeals) has not properly given a finding on this issue. He has only observed that the grounds and the arguments of the assessee are not very strong. In our considered opinion, Ld. Commissioner of Income Tax (Appeals) should pass a speaking order on this issue incorporating his specific finding in this regard. Accordingly, we remit this issue to the file of the Ld. Commissioner of Income Tax (Appeals), to consider the same afresh.
ACIT Vs Chetan Durgadas Mehra (ITAT Mumbai)- Assessing Officer considered the sale of shares by the assessee to the firm in which he is a Partner as a non genuine transaction. Consequently he re-worked out the P&L account as stated in page 8 of the assessment order and determined the loss from the business at a lesser figure of Rs.52,56,153/- as against Rs.1,95,98,779/- incurred by the assessee in the business of purchase and sale of shares and securities.
Notification No. 1/2012-Income Tax In exercise of the powers conferred by section 295 read with sub-clause (vii) of clause (c) of sub-section (8) of section 35AD of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
Interest from Bond do not form part of Total Income – a) In exercise of power conferred by item (h) of sub clause (iv) of clause (15) of Section 10 of the Income Tax Act, 1961 the Central Government vide notification no 52/2011.F.No.178/56/201 1- (ITA-1) dated 23rd September 2011 authorizes our Company to issue during the Financial year 2011-12, tax free, secured, redeemable, non-convertible bonds of rupee 1,000 each in case of public issue for the aggregate amount of Rs. .5,000 crores subject to the other following conditions that –
CIT v. Bharti Cellular Ltd. & Hutchison Essar Telecom Ltd. (SC) – On this issue, the Delhi High Court had held that the services rendered in relation to interconnection, port access did not involve any human interface and, therefore, the services could not be regarded as “technical services” as contemplated under section 194J. The expression “technical service” would have reference to only technical service rendered by a human. It would not include any service provided by machines or robots. The Delhi High Court, therefore, concluded that interconnect charges/port access charges could not be regarded as fees for technical services, and hence, TDS provisions under section 194J were not attracted.
Federal Bank Ltd. v. ACIT (2011) 332 ITR 319 (Kerala High Court) – On this issue, the High Court held that the rate of depreciation of 60% is available to computers and there is no ground to treat the communication equipment as computers. Hence, EPABX and mobile phones are not computers and therefore, are not entitled to higher depreciation at 60%.
ITO vs. Sh. Ashok Kumar Kesarwani (ITAT Delhi) – Impugned addition in this regard were made by the Assessing Officer as the assessee has failed to provide the necessary documentary evidence with regard to the transactions. We find that Ld. Commissioner of Income Tax (Appeals) has granted relief to the assessee without elaborately discussing the subject and without referring to the cogent material in this regard. In our considered opinion, interest of justice will be served, if the matter is remitted to the file of the Assessing Officer to consider the issue afresh. Assessee is directed to provide the necessary details to the Assessing Officer in this regard. Accordingly, the issue stands remitted to the file of the Assessing Officer .
CIT Vs. Galileo India Pvt Ltd (Delhi HC) – Rule 8D has been held to be prospective in nature and applicable from assessment year 2008-09 by this Court in Maxopp Investment Ltd. v. CIT, New Delhi in ITA No.687/2009 dated 18.11.2011. However, in the said decision it has been observed that direct and indirect expenses have to be disallowed under Section 14A, when an assessee earns exempt income.
CBDT Chairman M C Joshi leaves for Macau today to ink a double taxation avoidance agreement , a move to facilitate the exchange of tax-related and banking information between the two and prevent tax evasion. Macau is one of the most well-known offshore financial centres and tax havens worldwide.
