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Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : ITAT Chandigarh held that amount in locker being cash received on sale of flat which is already assessed to capital gain. Accordin...
Income Tax : ITAT Raipur held that providing unreasonably short period of time of six days for furnishing reply vide notice issued u/s. 148A(b)...
Income Tax : AO could not reject the LTCG Exemption claim based on mere surrounding circumstances or probabilities without presenting any legal...
Income Tax : ITAT Jaipur accepts LTCG claim of Vivek Agarwal; rejects AO's addition under Section 68, citing adequate evidence of share transac...
Income Tax : ITAT Kolkata deletes addition under Section 68, accepting LTCG on share sale by Kiran Kothari as genuine, rejecting AO's reliance ...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
Dheeraj Construction and Industries Ltd. Versus CIT – Principle laid down in the case of Mc Dowel and Co. Ltd. (supra), has no application in deciding the dispute involved herein. It is absurd to suggest that even though the finding of fictitious claim is not based on any material discovered during search and seizure, by taking aid of the decision in the case of Mc Dowel and Co. Ltd. (supra), the special rate of tax specified in Section 113 of the Act would be applicable to such assessment instead of the rate fixed for regular assessment.
Power Pack Conductors v ITO (ITAT Mumbai)-When an assessment is reopened on a particular ground but during the course of assessment being finalised, no addition is made in respect of the ground on which assessment is reopened, other additions cannot be made in the course of such assessment proceedings.
Vipin P. Mehta v ITO (ITAT Mumbai) – ITAT accepts the assessee’s claim that he had the declarations of the payees in the prescribed form before him at the time when the interest was paid, he was not liable to deduct tax therefrom under section 194A. If he was not liable to deduct tax, section 40(a)(ia) is not attracted. There is no other ground taken by the Income-tax authorities to disallow the interest.
CIT v Kokilaben A Shah (Gujrat HC) – Tribunal observed that gift was received through normal banking channel. Identity of donor was disclosed and established. Assessee had furnished complete details of the gift. Tribunal noted that none of the departmental authorities made any attempt to find out whether the explanation of the assessee was false. Tribunal relied on decision of Division Bench of this Court in case of National Textiles v. Commissioner of Income Tax reported in 249 ITR 125, wherein Bench observed that if the assessee gives an explanation which is unproved but not disproved, it would not lead to inference that assessee’s case is false. We are also in broad agreement with the same.
Six Continents Hotels Inc. v DCIT (ITAT Mumbai) -Marketing and reservation contribution received by the assessee, non-resident, owner of a trademark from Indian hotel owners with a corresponding obligation to use it for the agreed purposes are not Royalty or Fees for Included Services and they are in the nature of business income and since the assessee does not have a PE in India, the same are not taxable in India.
CIT v Loknete Balasaheb Desai S.S.K. Ltd. (Bombay HC)- ITAT was justified in holding that in respect of unsold sugar lying in stock, central excise liability was not incurred and consequently the addition of excise duty made by the assessing officer to the value of the excisable goods was liable to be deleted.
CIT v Dynamic Vertical Software India Pvt. Ltd. (Delhi HC) – Is disallowance under section 40(a)(i) for non deduction of tax at source attracted in respect of payment for purchase of software from a non-resident, by treating the same as royalty in case where the purchase is for subsequent resale in the Indian market?
Facts (a) that the appellant had disclosed all material facts and (b) raising a legal claim, even if it is ultimately found to be legally unacceptable, cannot amount to furnishing of inaccurate particulars of income,
Dis-allowance on the ground that the assessee has diverted interest bearing funds into tax-free income can not be made where the assessee owes ample interest free funds on the date of investment.
Patni Computer Systems Ltd vs. DCIT (ITAT Pune) – A continuing debit balance per se, in the account of the associated enterprises, does not amount to an international transaction u/s 92B in respect of which ALP adjustments can be made. U/s 92B(1), the apportionment of cost is permissible only where there exists a ‘mutual agreement or arrangement’ between two or more Associated Enterprises for apportionment of cost incurred in connection with a benefit, service or facility provided to any one or more of such Enterprises. The bare allegation that the AE’s had received ‘specific and identifiable benefits’ is not sufficient to justify apportionment.
