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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 High Court has read the relevant clauses of the lease deed and has rightly come to the conclusion that payment which is to be made as annual rent is rent within the meaning of Section 194I, we do not find any infirmity in the aforesaid conclusion of the High Court. The High Court has rightly held that TDS shall be deducted on the payment of the lease rent to the Greater Noida as per Section 194I.
Kalpana Chimanlal Shah Vs ITO (Gujarat High Court) The Assessing Officer examined the petitioner’s declaration of sale of immovable property and resultant loss, which she claimed. The Assessing Officer called for the purchase and sale deeds as also supporting evidence for computation of capital gain. The assessee produced such documents and the approved valuer’s report assessing […]
ITO Vs Meera Thapa (ITAT Delhi) Assessee has sold agricultural land as it has been proved by the certificate of Tehsildar and other land records. He further held that merely because the land is declared as industrial land same cannot be held to be a capital asset and capital gain cannot be charged on sale […]
Mumbai ITAT Ruling – Section 92 of the Act is not an independent charging section to bring in a new head of income or to charge tax on income which is otherwise not chargeable under the Act. Accordingly, the ITAT held that, if no income accrues or arises or is received by the assessee under […]
CIT Vs Shiv Agrevo Ltd. (Rajasthan High Court) The prevailing market rates of interest for the loans of permanent nature were between 18 per cent, to 24 per cent, whereas the cases compared by AO pertained to the loans of temporary nature and that the assessee had advanced money for the purpose of business needs. […]
Hon’ble SC held that Though NOIDA is not a local authority, it is a corporation established by Act and so payments to it are not liable to TDS U/s.194A of Income Tax Act, 1961.
The author has taken strong exception to the CBDT castigating CIT(A) for giving relief to taxpayers on legal grounds. He has also condemned the CBDTs offer of incentives to CIT(A) to enhance assessments. He has argued that by dictating CIT(A)s to carry out appellate proceedings with a preconceived notion and in a prejudiced process, the CBDT has crossed the lakshman rekha by compromising a fair and unbiased trial promised by our Constitution.
Office Order No. 146 of 2018- The following transfers/postings (Local Change) in the grade of Pr. Chief Commissioners of Income-tax/Pr. Director Generals of Income-tax/Chief Commissioners of Income-tax/Director Generals of Income-tax are hereby ordered, with immediate effect and until further orders:
Shri Rameshchandra Chhabildas Vs JCIT (ITAT Surat) n the present case, the assessee has converted his stock-in trade in to capital asset and sold out the said asset after its conversion, the gains arising therefrom is therefore, required to be taxed as long-term capital gain and not as business income as held by the AO. Since […]
DCIT Vs. Rahul Rajnikant Parikh (ITAT Mumbai) We note that at the time of opening of the bank account in Geneva, the assessee was a US citizen and resident and he was holding a US passport. Still the assessee chose to open the account in HSBC bank account in Geneva by using the address and proof thereof […]
