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Income Tax : Overview of Finance Act 2025 changes: capital assets, fund manager relocation, search case assessments, and more. ...
Income Tax : Learn about Section 194-IB of Income Tax Act, requiring individuals paying monthly rent exceeding ₹50,000 to deduct TDS at 2%. U...
Income Tax : DPIIT's Startup Recognition Program offers benefits like tax exemptions (80IAC), funding access, IP protection, and compliance eas...
Income Tax : Analysis of Form 3CD amendments effective April 1, 2025. Understand the impact on tax audits, MSME reporting, and cross-border com...
Income Tax : Understand TDS on rent for individuals: thresholds, rates, and compliance procedures as per Section 194-IB....
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 : Bombay High Court quashes income tax notices to Srimani Basu due to improper service from address discrepancy, grants fresh hearin...
Income Tax : ITAT Ahmedabad overturns 12A and 80G renewal rejections, citing lack of examination by CIT(E) and violation of natural justice....
Income Tax : The assessee is a limited company engaged in the business of Unit manufacturing homogenized and pasteurized milk and manufacturing...
Income Tax : Regarding disallowance under section 10AA, Tribunal found that services provided by appellant to foreign customers from the SEZ di...
Income Tax : The entire procedure subsequent to obtaining further information, documents or evidence has not been gone through in case of the P...
Income Tax : Finance Ministry exempts 80CCA withdrawals from TDS under Section 194EE. Individuals withdrawing after notification date are affec...
Income Tax : Changes in TDS deductions under Finance Act 2025 include revised thresholds for Sections 194A, 194H, and 80CCA. Effective from Apr...
Income Tax : CBDT mandates Aadhaar intimation for PAN holders who applied before October 1, 2024. Deadline set for December 31, 2025. Know co...
Income Tax : CBDT mandates Aadhaar intimation for PAN holders who applied before October 1, 2024. Know the latest Income Tax Rule amendments ef...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
7. Rival submissions of the parties have been considered carefully. The question for our consideration is whether the income accruing to the assessee should be assessed as `business income’ as claimed by the assessee or partly as `income from house property’ and partly as `income from other sources’ as held by the Assessing Officer Officer. At the outset, we may mention that the Assessing Officer has committed
11. I have carefully considered the rival contentions and gone through the impugned orders. The Hon’ble Supreme Court in the case of Pullangode Rubber Produce Co. Ltd. v. State of Kerala (1973) 91 ITR 18 (SC) has clearly held that an admission by the assessee is not conclusive evidence and it is always open to the assessee who made the submission to show that it is incorrect.
Gopal Purohit v. JCIT- The delivery based transaction should be treated as of the nature of investment transactions and profit there from should be treated as short-term capital gain or long term capital gain depending upon the period of holding; employment of an infrastructure so as to keep a track of the developments in the share market cannot turn an investment activity into a business activity.
32. In order to attract section 194D, the commission or any other payment covered under the section should be a remuneration or reward for soliciting or procuring the insurance business. The insurance companies do not procure business for the assessee company nor does the assessee company pay commission or other payment for soliciting the business from the insurance companies.
(iii) that the signature and every other part of such books of account and other documents which purport to be in the handwriting of any particular person or which may reasonably be assumed to have been signed by, or to be in the handwriting of, any particular person, are in that person’s handwriting, and in the case of a document stamped, executed or attested, that it was duly stamped and executed or attested
The law considers income earned legally as well as tainted income alike. The burglar and the swindler are as much liable to tax as an honest businessman. A person lives by regularly receiving and reselling stolen goods for a profit. Is the profit made by him taxable as income? Another person takes to burglary on […]
10B (4) For the purposes of sub-section (1), the profits derived from export of articles or things or computer software shall be the amount which Bears to the profits of the business of the undertaking, the same proportion as the export turnover in respect of such articles or things or computer software bears to the total turnover of tljie business carried on by the undertaking.”
6.9 Right to review is a creature of statute as is right of appeal. The income-tax Act does not confer any power on the appellate authority, to review its own order. A review is not a substitute for an appeal, as held by the Rajasthan High Court in Jaipur Finance & Dairy Product (P) Ltd. v. CIT (1980) 18 CTR (Raj) 324; (1980) 125 ITR 404 (Raj). The Rajasthan High Court in CIT v. Globe Transport Corporation
“37. (1) Any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid but or expended wholly and. exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head “Profits and gains of business or profession’.
8. Having carefully examined the entire evidences available on the record in the light of the oral submissions of the parties, with reference to the provisions of law and the precedents relied before us and after giving anxious thought, in the light of the plain words used in section 263 of the Act and in the light of the ratio of the decision of the Hon’ble Supreme Court rendered in the case of Malabar Industries Co. Ltd. v. CIT
