Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.
Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...
Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
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 : 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 : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...
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 : 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...
Delhi High Court judgment on Writ Petition No. 328, 340/2010 – Ravina and Associates vs CIT. Stay on recovery of tax demand. Key details here.
Land Development vs ITO: ITAT Delhi dismisses Revenue’s appeal on deemed dividend, upholding CIT(A)’s order vacating demand for FY 2005-06 & 2007-08.
Just because of vouchers being doubted by the AO and not coming to correct conclusions on them, as he has resorted to only arbitrations in so far as he has presumed the rates of loading and unloading charges without bringing any material on record in support of them. The ld.AR has sufficiently clarified that fluctuation in cartage is always involved due to time factor, urgency of material, varying waiting time in process for labour which has to be necessarily paid accordingly. It is not the straight-jacket or fixed rate on which any freight or cartage is to be paid according to the assessee’s whims or the AO’s whims. It is determined by the market fluctuations and contingencies. Therefore, the AO was not justified when all the expenses were fully supported by vouchers and other relevant details and evidences. The addition has been worked purely on assumptions and presumptions and surmises. Therefore both on law and facts, the addition of Rs.8,87,257/- has no merits and stands deleted. ACIT, Faridabad Vs M/s Presco Mec Autocomp Pvt Ltd
Mahanagar Telephone Nigam Limited Vs Addl.CIT (ITAT Delhi)- Whether proportionate deduction under section 80IA is permissible where major amount of profits is attributable to new setup and meagre amount is attributable to old set up in view of the amended provisions of of clause (iv)(c) of 80-IA and 80IA(4)(ii) – Whether quantum of deduction under section 80IA is directly proportional to the profits of the undertaking and hence it has nothing to do with investment made in plant and machinery – Case remanded.
When parties enter into two separate contracts, one for material and one for labour, the transaction would not be one and indivisible, but would fall into two separate agreements, one of work or service and the other of sale. In such a case, the provisions of section 194C would apply only to the labour contract and not to the materials contract. The supply portion of the contract being for supply of equipment does not require deduction of tax at source. -Karnataka Power Transmission Corporation Ltd. v. Asstt. CIT (ITAT Bangalore)
Notification No. 34/2011- Income Tax – In exercise of the powers conferred by clause (6C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies that any income arising to M/s. Rolls Royce Defense Services Inc., with principal place of business at 2001, South Tibbs Avenue, Indianapolis, Indiana 46206, USA for maintenance of aero engines (IAE 3007 AIE Engines) fitted in Embraer Aircraft, by way of royalty or fees for technical services received in pursuance of the agreement vide Contract No. Air HQ/8836/RR/Eng B between M/s. Rolls Royce Defence Services Inc. and Ministry of Defence signed on the 12th December, 2005 to an extent of Rs. 35.43 crores shall not be included in computing the total income of said company under the said Act.
CIT v Shivalik Hatcheries Pvt. Ltd. – ITAT, on the basis of the material placed before it came to the conclusion that the building of the poultry shed has been specifically designed with a view to protect the birds from disease. It has been designed to ensure proper lighting and circulation of air; proper and scientific feeding arrangement; proper water system; proper arrangement for collection of manure and droppings; proper arrangement for medication and vaccination; and a right environment conducive for laying of eggs by the birds. The building had been designed in a manner so as to protect the birds and increase their productivity. The argument made on behalf of the revenue that the building can be used with certain modification for certain other purposes cannot be accepted. It is how the building is designed which is the main factor which is to be taken into consideration. The law is clear that if it is found that the building has been designed specifically to further the cause of manufacture or production then the same is a plant. Applying the aforesaid test, we hold that the poultry sheds are plant within the meaning of section 243, as it then stood.
ITAT Delhi has recently pronounced its ruling in the case of ST Microelectronics Private Limited v. CIT(A), wherein it upheld the revenue’s rejection of transfer pricing analysis undertaken by the taxpayer since the taxpayer had improperly characterized itself as a low-risk software service provider and accordingly, selected wrong comparables for the transfer pricing analysis. Besides, the decision also reiterates that it is a mandatory requirement of Rule 10B(4) of the Income-tax Rules 1962 [“the Rules”] to use current year data for comparability analysis.
Recently ITAT Mumbai in the case of Bechtel International Inc., USA v. ADIT held that mere inactivity for a limited period does not mean that the taxpayer’s business ceased to exist or that it did not carry on any business at all. Expenditure incurred during the said period of inactivity / lull is allowable even though the taxpayer has not earned any business income.
The Swiss Parliament today gave approval to amendments to tax treaties with countries, including India, making it easier for to access information about the illegal funds held by their nationals in Swiss private banks. The upper house of the Swiss Parliament endorsed amendments to double-taxation agreements in line with internationally applicable standards.
