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Income Tax : This guide explains who is required to maintain books of account under Section 44AA based on business, profession, turnover, and i...
Income Tax : Learn the difference between Sections 80TTA and 80TTB, including eligibility, deduction limits, and the types of interest income c...
Income Tax : The article explains how ESOP taxation in unlisted companies occurs at both exercise and buyback stages. It highlights perquisite ...
Income Tax : The FAQs explain the revised CBDT guidelines on compounding offences under the Income-tax Act effective from 17 October 2024. They...
Income Tax : Learn the eligibility, investment conditions, exemption limits, timelines, and withdrawal provisions for capital gains exemptions ...
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 held that a transfer pricing order issued without authentication or a digital signature is invalid in law. Consequently, ...
Income Tax : The ITAT held that an opening cash balance cannot be treated as unexplained merely because the previous year's income tax return r...
Income Tax : The ITAT held that the Assessing Officer disallowed interest expenditure without adequately verifying the records or confronting t...
Income Tax : The ITAT held that the Assessing Officer failed to produce any material establishing a connection between the assessee and the all...
Income Tax : The ITAT held that estimating profit at 8% on deposits in undisclosed bank accounts was excessive considering the nature and margi...
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...
CIT vs. Vaish Associates (Delhi High Court) A plain reading of Clause 6(a) leads to a conclusion that the term’ allocable profits’ was used to mean ‘book profits’ as used in Section 40(b)(v)of the Act or otherwise the reference to the section in the Clause has no meaning.
Shri Vinit Ranawat vs. ACIT (ITAT Pune)- Referring to the provisions of section 153A he submitted that the same is to be invoked for making an assessment of the person searched on the basis of the material found during the course of search on that person.
In the case of Smt. Shreelekha Damani, vs. The DCIT (OSD-1)CR-7 ITAT has held that In our considered opinion, the power vested in the Joint Commissioner/Addl Commissioner to grant or not to grant approval is coupled with a duty.
Bombay High court held In the case of M/s Vijay Udhyog vs. CIT that where two opinion or views are available and one of the view is taken by the AO, cannot be a basis for revision of order u/s 263. Also none of the clauses of section 80I(2)(i) to (iv) prohibit the assessee from taking other industrial undertakings on hire and use it for the purpose of manufacturing activity.
In the case of ACIT Vs Shri Kamlakar Moghe it was held by Nagpur Bench of Bombay HC that deduction u/s 54EC can be claimed by the assessee despite making the investment in REC bonds beyond six months if the delay was due to non-availability of the REC Bonds.
Almost each year due to one and other reason tax consultants or tax payers demand extension of due date for filing Tax Audit Report under section 44AB of The Income Tax Act 1961 and Income Tax Return under section 139 of The Income Tax Act 1961.
2nd Cycle of program for Computer Aided Scrutiny Selection of Cases (CASS) for the current year has been finalized. The selected cases are now visible to the Assessing Officers. Assessing Officers are requested to ensure that all the notices issued under section 143(2) should be served to the assessees on or before 30.09.2015.
Victory Aqua Farm Ltd vs ACIT (Supreme Court) The assessee has claimed depreciation in respect of these ponds by contending that these prawn ponds are tools to its business and therefore constitute ‘plant’ within the meaning of Section 32 of the Income-tax Act, 1961.
Punjab & Haryana High Court in the case of Vikrant Dutt Chaudhary Vs. CIT held that photocopy of a document will always constitute relevant “material” for the purpose of assessment because the very use of word material in sec 143(3) clearly shows that the AO is not bound by the technical rules of evidence
In the case of Avinash Gupta and Ors V/s Union of India and Ors It was held by Delhi High Court that in this case it is pleaded that the petition is in the nature of public interest. However, the petition is not drafted as a Public Interest Litigation (PIL)
