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Income Tax : Learn the important FAQs for filing Income-tax Returns for AY 2026-27, including disclosures relating to foreign assets, capital g...
Income Tax : This comprehensive FAQ guide explains the basics of income tax, including taxable income, previous year, assessment year, tax paym...
Income Tax : This guide explains when Section 206AA requires TDS at a higher rate due to non-furnishing of PAN and the applicable exceptions. I...
Income Tax : Learn how TDS on rent is governed under Sections 194-I and 194-IB, including eligibility, deduction rates, thresholds, and complia...
Income Tax : This guide explains the applicability of TDS under Section 194Q and TCS under Section 206C(1H), including thresholds, rates, and c...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : The ITAT upheld deletion of a ₹6.25 crore addition after finding that the loans were received and repaid through banking channel...
Income Tax : The High Court set aside the assessment order, demand notice, and bank attachment after finding that the proceedings were complete...
Income Tax : The ITAT upheld deletion of the Section 69A addition after finding that the bank credits were satisfactorily explained as insuranc...
Income Tax : Tribunal held that final assessment order was time-barred because it was passed after mandatory period prescribed under Section 14...
Income Tax : The ITAT held that a transfer pricing order issued without authentication or a digital signature is invalid in law. Consequently, ...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
Non-issue of notice u/s. 143(2) after filing of the return of the Assessee, by way of letter, makes the assessment order passed u/s. 143(3) r.w.s. 147 bad in law.
Intimation issued under section 143(1) cannot be treated as order of assessment and on the basis of such order the assessee denied his statutory rights to file a revised return within the period of limitation.
Merely because an even higher authority has expressed similar satisfaction does not obliterate the satisfaction of appropriate authorities.
What is contemplated by Section 263, is an opportunity of hearing to be afforded to the assessee. Failure to give such an opportunity would render the revisional order legally fragile not on the ground of lack of jurisdiction but on the ground of violation of principles of natural justice.
For the purposes of exercising jurisdiction under Section 263 of the Act, the conclusion that the order of the AO is erroneous and prejudicial to the interests of Revenue had to be preceded by some minimal inquiry. In fact, if the ld. PCIT is of the view that the AO did not undertake any inquiry, it becomes incumbent on the LD. PCIT to conduct such inquiry.
Section 9 of the Tamil Nadu General Sales Tax Act, 1959 is to the effect that a certificate of settlement issued under Section 8(1) of the Act shall be conclusive as to the dispute to which it relates to, and no matter covered by such certificate of settlement shall be re- opened in any proceedings of review or revision, or in any other proceeding, under the relevant Act.
Mahul Construction Corporation Vs. ITO (ITAT Mumbai) In this case The AO wants to tax the amount credited in capital a/c of retiring as well as continuing partners within the realm of 45(4) of the Act. So far as amount credited to capital a/c of retiring partners is concerned, notwithstanding the fact that there is […]
ADIT Vs. M/s. RBS Foundation India (ITAT Mumbai) Assessee is a limited share registered company under section 25 of the Act and is a separate and independent legal entity wherein RBS Bank India or ABN AMRO Foundation, Netherlands are neither the shareholders nor the promoters of the assessee. The assessee company has been formed with […]
M/s Amira Enterprises Ltd. Vs. The Pr. C.I.T. (ITAT Delhi) The assessee had filed various replies to the ld. PCIT in response to notice u/s of the Act 263 of the Act stating that all the issues raised by the PCIT have been examined by the AO during the course of assessment. The PCIT has […]
It was suggested that TDS limit for Bank interest should be raised from the current Rs.10,000/- especially for senior citizens and pensioners given the current scenario. The limit of Rs.10,000/- was last set in the year 1997.
