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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...
Commissioner of Income tax v. Emerald Jewel Industry (P) Ltd.( Madras High Court)- Assessee Company is eligible for deduction under Sec. 80-IA in respect of windmill installed by it and the unabsorbed depreciation set off in earlier years could not be reduced from profits for computing deduction u/s. 80-IA.
Delays in action against black money by way of committees and studies will give time to corrupt politicians, businessmen and bureaucrats to divert their ill-gotten funds into shell companies, an eminent JNU professor has said. More studies or committees or new special investigating wing and treaties with foreign governments are only to stall action, said Arun Kumar, the head of the Centre for Economic Studies and Planning in Jawaharlal Nehru University.
In this group of Income Tax Tribunal Appeals under Section 260A of the Income-tax Act, 1961 (hereafter, the Act) the common question of law raised by the Revenue is whether a cooperative society carrying on the business of banking is entitled to claim exemption under Section 80P(2)(a)(i)
The CBDT chairman-headed committee, set up to strengthen ways to curb black money in the country, is likely to hold its first meeting on June 9. The meeting, which comes in the backdrop of the agitation led by Yoga guru Baba Ramdev, will begin with discussions and modalities on a number of issues related to […]
ITO V. M/s Elka Cosmetic Pvt. Ltd. ( ITAT Delhi) – The issue is whether the promotional expenses incurred by a company engaged in business of cosmetics on ‘Testers’, and ‘merchant display’ which were supplied free of cost to the retailers are capital in nature merely because it also promotes goodwill of the company. It was held that nature of expenditure incurred in the assessee’s line of business is absolutely essential for the day to day conduct of the business of the assessee-company and the same is allowable as revenue expenditure.
Ranbaxy Laboratories Limited Versus CIT (Delhi High Court)- The Tribunal was right in holding that the Assessing Officer had the jurisdiction to reassess issues other than the issues in respect of which proceedings are initiated but he was not so justified when the reasons for the initiation of those proceedings ceased to survive. Consequently, we answer the first part of question in affirmative in favour of Revenue and the second part of the question against the Revenue.
The net direct tax collection during the first two months of the current fiscal fell by 47.93 per cent, mainly on account of dolling out of large refunds by the IT department. Net direct tax collections, gross collections minus refunds, were down by 47.93 per cent at Rs 12,954 crore during the first two months of the current fiscal, the finance ministry said in a statement.
Vishwanath Khanna Vs. UOI & Others (Delhi High Court) – The Assistant Commissioner of Income Tax, Investigation Circle (20)(1), New Delhi passed order under Section 132(5) of the Income Tax Act dated 02.06.1995 declaring that cash found during search as unexplained and hence, cash seized of Rs. 49,86,500/- was retained and not released. Subsequently, vide another order under Section 132(5) dated 19.06.2005, various disputed additions were made and tax and penalty @200% were raised. Therefore, entire silver seized valuing Rs. 4,44,66,395/- was retained and not released. We may mention at this state that the Income Tax Department disputed the status of M/s Foto Traders, as according to it, it was an unregistered partnership firm. Therefore, the Department intended to tax income in the hands of this firm. The concerned Assessing Officer (AO) passed the assessment order under Section 143(3) in the name of M/s Foto Traders after making huge additions of 10,49,53,527/- on protective basis.
Citi Financial Consumer Finance India Ltd. Vs. CIT (Delhi High Court) – The Tribunal in the instant case has referred the matter back to the AO categorically recording that there was no sufficient material placed before it to demonstrate as to what were the services rendered by the DSAs from which it could be ascertained as to how allowability to pay such brokerage had arisen and could be worked out. According to the Tribunal, mere Agreement was not sufficient for this purpose, as it does not reveal on what basis the brokerage is payable and is looked into what and how the assessee would be liable to pay such brokerage. Section 254(1) of the Act which confers power upon the Tribunal to decide the appeal clearly states that after giving opportunity of being heard to both the parties, it may pass such an order thereon as thinks fit. After stating the principle on which commission paid by the assessee to DSAs would be treated as expenditure relating to particular areas, for want of sufficient evidence to arrive at a definite finding in this behalf, the Tribunal, in its discretion, remitted the case back to the AO giving clear guidelines how to examine the issue on the basis of records to be produced and what course of action, the AO was supposed to take. Honorable High Court do not find any infirmity in this approach of the Tribunal and dismisses the appeal in limine.
Commissioner of Income Tax Vs. Eastern Medikit Ltd (Delhi High Court) – Where the CIT while exercising powers under Section 263 of the Act, sets aside the order of the AO on merits as well and gives his categorical finding on the issue involved, naturally the Tribunal will be within its right to examine as to whether the decision on the said issue was proper or not and for this purpose, the Tribunal itself would be entitled to examine the issue on merits. It was, in these circumstances, the aforesaid two cases were decided. However, where the issue was not examined by the AO and on this ground CIT revised the order without giving his own findings, but directing the AO to do the necessary exercise, it was not proper for the Tribunal to decide the same, converting itself to a Court of first instance and deciding the factual aspect on which neither AO nor CIT(A) had returned any findings.
