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Income Tax : Ensure tax compliance before March 31, 2025. Key tasks include filing returns, verifying TDS, updating accounts, and making necess...
Income Tax : Partnership firms must comply with new tax rules from April 1, 2025. Changes include higher partner remuneration limits and mandat...
Income Tax : Learn about TDS on payments to non-residents, including business connection rules, royalty provisions, and significant economic pr...
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 : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
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 : ITAT Visakhapatnam sets aside penalty on Malla Appalaraju under Section 271(1)(c) due to a defective notice, ruling it void ab ini...
Income Tax : ITAT Mumbai rules on Radiant Life Care's appeal against disallowance under Section 14A of the Income Tax Act. Key interpretation o...
Income Tax : ITAT Mumbai rules CBDT notification cannot deny S. 80IB(10) deduction to SRA projects approved before 01/04/2004, citing legislati...
Income Tax : The Assessee is aggrieved by the information received pursuant to application under Right to Information Act, 2015, whereby the As...
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...
ITO Vs Millenium Writing Products Pvt Ltd. (ITAT Kolkata) Deduction u/s. 80IB of the Act is available to an assessee whose gross total income includes any profits and gains derived from eligible business as specified in the section. Here the assessee is claiming deduction on an item of disallowance made by the Assessing Officer on account of employees’ contribution to PF, which was not deposited within the due date. This is neither an item of profit or gain of eligible business nor an item of Profit & Loss Account or manufacturing account rather it is just an employees’ contribution to PF, which assessee has to collect from its employees and to deposit with the PF authorities within the due date prescribed.
The revenue is in appeal against the order dated 03.09.2009 passed by ld. CIT(A) in the matter of assessment made by the Assessing Officer u/s 144 of the Income Tax Act, 1961 for the A.Y. 2006-07.
M/s Maitri Developers Vs ITO (ITAT Mumbai)- Project completion method is well recognised method as per AS-7. Under project completion method entire project as a whole is to be seen and hence transfer of some flats via registration is not conclusive of the year in which the income attributable to the project is to be taxed. Completion certificate is also not conclusive of the fact that the project was completed when the facility of drinking water shows it otherwise.
ITO Vs Maharashtra State Co-operative, Consumers Federation Ltd. (ITAT Mumbai) -Whether CIT(A) was not justified in deleting the addition of Rs. 10,00,000/ – made by the AO under sect ion 41(1) of the Act . Assessee is an AOP being the Apex body of consumers co-operative societies in the State of Maharashtra. Its business is divided in 8 Divisional Offices and 13 Apna Bhandars which are retail out lets of federations. The federation is Semi – Government body sponsored and fully supported by the State Government federations.
DCIT, Baroda Vs Liberty Phosphate (ITAT Ahemdabad)- It was not in dispute that in respect of an another building at Udaipur, this assessee itself has capitalised the expenditure. However, the impugned repairs were in respect of an another factory building situated at F-227, Mewar Industrial Area Udaipur, wherein the company has carried out manufacturing of Fertiliser; namely, Single Super Phosphate. One of the ingredients of the said fertiliser is stated to be sulphuric acid.
Jyoti Traders Vs DCIT (ITAT Mumbai )- In our view the conditions precedent for passing an order u/s.142(2A) of the Act directing the Assessee to get its account audited by a special auditor viz., the satisfaction of the AO having regard to the nature and complexity of the accounts of the assessee and the interest of the revenue, that is necessary get the assessee’s account audited by a special auditor is not fulfilled in the present case and therefore the reference to special audit is held to be invalid.
ACIT Vs M/s JPS Associates (ITAT Mumbai)- Revenue has raised a grievance against the finding of the Ld. CIT (A) that hire charges received on account of hiring of the motor-cars, office equipment, computer, furniture and fixture is to be treated as a business income. The Ld. D.R. vehemently argued that the assessee has not carried out any activity and hence, the same is to be treated as income from other sources. Per contra, Ld. Counsel submitted that the said income has been accepted by the A.O. as business income in the preceding assessment years.
Jethiben K Patel Discretionary Trust Vs DCIT (ITAT Ahemdabad)- In the case of Mohanlal N. Shah (HUF)- Vs- ACIT reported in [2008] 26 SOT 380 (Mum) wherein it was held that as per section 48, option is with the assessee to or not to avail of benefit of indexation for computation of capital gains on transfer of long- term capital asset.
ITC Limited Vs DCIT (ITAT Kolkata)– We have carefully considered the submissions of the ld. representatives of the parties and the orders of the authorities below. We have also gone through the details of the expenditure aggregating Rs. 9,00,111 claimed by the assessee, the break-up of which has already been mentioned herein above. We observe […]
Invitro International Pvt Ltd Vs DCIT (ITAT Bangalore)- Plant tissue culture is used to reproduce clones of a plant to get multiple plants with the same traits by placing various tissues of the mother plant in containers and required medium, which is definitely not consisting of land or soil.
