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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 : This FAQ serves as a reference for the Income-tax Act provisions relating to cash receipts, loans, repayments, and electronic paym...
Income Tax : This FAQ covers all ten notified ICDS, explaining their scope, applicability, disclosures, and treatment of various tax-related tr...
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 Mumbai held that sales tax and similar State Government incentives were capital receipts because the schemes were intende...
Income Tax : The ITAT Visakhapatnam held that the Commissioner cannot invoke Section 263 where the Assessing Officer has already conducted inqu...
Income Tax : The ITAT Visakhapatnam held that deduction under Section 80P cannot be allowed where the assessee failed to file a valid return of...
Income Tax : The Tribunal directed the Assessing Officer to grant Foreign Tax Credit, observing that delayed filing of Form No. 67 is only a pr...
Income Tax : The ITAT Jaipur held that reassessment under Section 147 was invalid because the Assessing Officer merely relied on Investigation ...
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...
Madras High Court held in CIT Vs M/s Schwing Stetter India P Ltd that the case only be opened for re-assessment u/s 147 only if there was a tangible material in the hand of AO , it could not be opened just because of the change in the opinion of AO.
Madras High court in CIT Vs M/s Sea Rose Marines Pvt Ltd (Madras High Court) held that if the notice was not issued to the assessee properly then the ITAT had the right to review its own order. The ITAT had recalled the order and gave new decision after reviewing
Madras High Court held in CIT V/s Ms Orient Express that the amendment to sec 80HHC would have prospective effect from 2005 not retrospective effect.
Madras High Court held in CIT Vs Ms Vidya Thangakumar that it would vary from case to case that whether the land in the hand of assessee is a capital asset or business stock. In the present case the assessee had got the land under settlement and it had to sell the land
A sum of Rs.7 lakhs, shown to have been received as gift from Shri Jamaluddin Sheik Fareed, was treated as unexplained cash credit in the hands of the assessee on the ground that the assessee has not furnished confirmation letter from the party.
Madras High Court in the case of CIT Vs M/s Southern Petrochemicals Industries Corporation Ltd held that market research expense incurred to increase the efficiency of the existing business product line, the same should be treated as revenue expense.
Madras High Court held in CIT Vs Funskool (I) Ltd (Madras High Court) that for calculating the cost of the finished product the process of designing or stickering which had been used to design or give a final look to the finished product
Madras High Court in the case of CIT Vs M/s Ambattur Clothing Limited held that for calculating the assessed tax priority has to be given to adjust the MAT credit then TDS and advance tax would be adjusted by relying on the decision of Supreme Court
ITAT Mumbai held in case of ACIT vs. Suryashankar Properties Limited that Intention of letting out the property is to be seen for invoking clause (c) of section 23(1) for computing the annual letting value of the property and it is irrelevant whether the property is/was let out.
In the case M/s. Ashok Trading Co. Vs. ITO the Hon’ble Kolkata ITAT held that as per sub-section (2) of 115WD, if the assessee had not filed the return of Fringe Benefit but in the opinion of the AO he should have filed the return
