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Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
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 : 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 : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
Income Tax : ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, app...
Income Tax : ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
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...
Yahoo India P. Ltd v. DCIT (ITAT Mumbai) -Payment made by assessee-company to Yahoo, a Hong Kong company, for hiring its services for uploading and display of banner advertisement of Department of Tourism of India on its portal was not in nature of royalty within meaning of clause (iva) of Explanation 2 to section 9(1)(vi). meaning of clause (iva) of Explanation 2 to section 9(1)(vi).
A country-wide probe conducted by the Income Tax department has found that close to 300 registered political parties have never filed their tax returns and the Election Commission has now asked the department to issue notices to them. The probe, conducted after the EC asked the Central Board of Direct Taxes (CBDT) to ascertain the financial status of these small parties for alleged violation of tax laws and money laundering, has been submitted to the election Panel.
The Swiss National Bank, the central bank of Switzerland, has estimated that Indian clients had deposits of about $2.5 billion in banks in the European nation in 2010. This is just a fraction of the $1.5-trillion figure that had been projected by political parties and non-governmental organizations, who have attacked the UPA government with their anti-corruption movement over the last few months.
DCIT v. Golflink Software Park P Ltd. (ITAT Bangalore) – The taxpayer was not only letting out its building for rent, but also carried on a complex commercial activity of setting up a software technology park in which various amenities and fit-outs have been provided. The Tribunal relied on the Supreme Court’s decision of CIT v. National Storage Pvt Ltd [1967] 66 ITR 596 (SC).
Voith Siemens Hydro Kraftwerkstechnik GMBH & Co KG Vs. DDIT (ITAT Delhi)- The Tribunal observed that even though in the contract between the taxpayer and OHPC, the term supervision has been given a specific meaning, the conduct of the taxpayer was not supported by any evidence to demonstrate that it had done any thing other than „supervision‟ as understood in its general meaning.
G&T Resources (Europe) Ltd. v. DDIT (ITAT Delhi)- The receipts for supply of spare parts used in prospecting for, or extraction or production of mineral oils in the turnkey contract are eligible for presumptive taxation under section 44BB of the Income Tax Act, 1961. It may be noted on the facts of the present case, the supply of spare parts was indivisible part of the entire repair/ revamp contract.
M/s Sharp Business Systems (India) Ltd. vs. DCIT (ITT Delhi)- The Tribunal held that payment made to ward off competition, under a covenant of non-compete, was to get established in the market and to acquire the market as per the facts of the case. The payment made was of a capital nature but could not be considered as an asset.
Manharbhai Muljibhai Kakadia Vs UoI (Gujrat HC at Ahemdabad) Whether the assessee is entitled to waiver of interest u/s 234B & 234C relying on the circular dated 23.05.2006 in which waiver is given on account of non-adjustment of seized cash by the department against the tax liability though at the time of making of application of waiver such circular was superseded by circular dated 26.06.2006 in which no such waiver was permitted. – Assessee’s appeal dismissed.
It is noticed that the respondent issued a notice to the petitioner under section 271FA on February 23, 2010, requiring him to attend his office on March 11, 2010, and show cause as to why the penalty under section 271FA should not have been imposed upon him for failure to file the annual information returns within the prescribed time.
CIT Versus Gujarat Urban Development Co. Ltd. (HC of Gujrat at Ahemdabad) – The tribunal however, was of the opinion that the assessee company had undertaken activities in earlier year in accordance with its main objects contained in memorandum of Articles of Association of the company.
