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Income Tax : Below is a curated list of the most influential and frequently cited landmark judgments under the ITA, focusing on their practical...
Income Tax : An in-depth analysis of how agricultural income tax exemptions are used for evasion, with suggestions to curb misuse and protect s...
Income Tax : Explore how MNCs used the Double Irish & Dutch Sandwich strategy to avoid taxes and the global efforts made to close these loophol...
Income Tax : The 2025 amendment in Section 143(1) of the Income Tax Act introduces new compliance requirements. Taxpayers must ensure consisten...
Income Tax : To give relief to small taxpayers from tedious job of maintaining of books of account and getting accounts audited, Income-tax Act...
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 : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITAT Kolkata cancels penalty u/s 271D for Tarai Transport Corporation in AY 2016-17, citing reasonable cause and a similar past ru...
Income Tax : ITAT Rajkot cancels penalty on Anil Odedara, ruling income was estimated and not grounds for concealment under Section 271(1)(c) o...
Income Tax : ITAT Jaipur sets aside addition and penalty against Mukesh Kumar Agarwal due to lack of valid jurisdiction and time-barred penalty...
Income Tax : ITAT Raipur sets aside assessment against Adarsh Rice Mill due to lack of jurisdiction under Section 147. Merits of the case remai...
Income Tax : ITAT Raipur held that reassessment proceedings under section 147 of the Income Tax Act without any fresh material, amounts to mere...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
Income Tax : CBDT introduces ITR-B for search and seizure cases under section 158BC of the Income Tax Act, effective from 1st September 2024....
Income Tax : CBDT sets 30 April 2025 as the last date to file declarations under the Direct Tax Vivad se Vishwas Scheme, 2024....
Income Tax : HUDCO bonds issued after April 1, 2025, notified as long-term assets under Section 54EC for capital gains exemption, usable for in...
Income Tax : CBDT grants tax exemption to Prayagraj Mela Pradhikaran under section 10(46A) of the Income-tax Act, effective from assessment yea...
Tribunal was correct in deleting the addition made by the Assessing Officer on the ground that the assessee had deposited employers’ as well as employees’ contribution towards PF/ESI after the due date, as prescribed under the relevant Act/Rules, but before date of filing return.
Sub section (1) of Section 73 provides that the loss in respect of a speculation business can be set off only against the profits and gains of another speculation business. Sub section (2) of Section 73 enables an assessee to carry forward the loss arising out of a speculation business which has not been set off e their wholly or partly under the provisions of sub section (1)
The applicant is a company incorporated in Russia and also is tax resident of that country. It is one of the leading companies in the field of power project construction and export of electric power and is further engaged in the business of construction and commissioning of power project. In response to the tender floated by the National Thermal Po
Settlement Commission has jurisdiction over assessee only when it decides to proceed with the application and admits application under section 245D(1). In respect of demand raised in the assessment made before the admission of application for settlement under section 245D(1), the Assessing Officer is entitled to levy the interest under section 220(2) till the date of admission under section 245D(1).
We have-considered the rival submissions and perused the material on record. So far as facts are concerned, the undisputed facts are that assessees inherited in the co-ownership a Bunglow No.2, Faizabad Road, Opposite to IT College, Lucknow. This was sold by these assessees vide sale deed dated 20.11.2003. Apparent consideration is declared at Rs. 1,20,00,000/ – whereas valuation as per SVA is Rs.2,48,19,410/ -. The assessees objected to the proposal of the
We have considered the rival submissions and perused the material on record. In our considered view, the claim of the revenue that notices were sent through Courier and the Courier had served it within a week on the assessee is not sustainable because the revenue has to produce the copy of the acknowledgement in token of service of the notice.
The transportation of passengers, mails or cargo etc. by the assessee in the international traffic by the aircraft as owner/ charterer/ lessee would fall within the scope of Article 8 of the Indo-US Tax Treaty and therefore, profits attributed to the same cannot be taxed in India; further, the profits from inland transportation directly connected with such transportation would also not be taxable in India.
At least seven people were injured when a major fire broke out in the Income Tax Office (ITO) in New Delhi on Friday, Apr 2.According to officials, the blaze broke out in the fourth floor of the D-shape building at 11.15 am when some labourers were engaged in wood work.
Cuttack bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of R.R. Caryying Corpn. v. ACIT [2009] 126 TTJ 240 (Cuttack) held that only the embedded portion of the profits is to be considered as taxable and not the entire amount in the case of discrepancies between the sales or receipt amount as per books of accounts and the amount shown in TDS certificate, for taxability purpose.
Recently, the Delhi High Court in the case of ACIT v. Nestor Pharmaceuticals Limited [2010-TIOL-124-HC-DEL-IT] on the issue of whether the year in which trial production starts can be considered as initial Assessment Year (AY) for claiming benefit under section 80-IA of the Income-tax Act, 1961 (the Act) after relying on various judicial precedents held that the initial year is the year in which the commercial production starts and not trial production.
