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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...
The AO initiated the penalty under section 271(1)(c) for concealment of income and for furnishing of inaccurate particulars of income. The assessee went in appeal before the CIT(A). The CIT(A) partly allowed the appeal of the assessee and sustained the penalty in respect of addition made due to provision for sundry debtors and provision for suspense.
The present appeal filed by the assessee challenging the order passed by CIT(A) confirming the disallowance made u/s 35D in respect of expenditure incurred related to issue of shares and computation of book profit u/s 115JB.
In the instant case, the assessee has sold 71233 shares for Rs.3.33 crore under the buy-back scheme. This sale consideration comprises Rs.1.06 crore as interest. The assessee calculated the capital gain considering the total receipt of Rs.3.33 crore as value of sale consideration while the A.O. taxed Rs.1.06 crore as income from other sources which was confirmed by the Tribunal.
HC held that where assessee had not offered any satisfactory explanation regarding surrendered amount not being bona fide and it was also not borne out in any contentions raised before lower authorities, additions so made after adjusting expenditure were justified.
The ITAT bench of Panaji in the case of Sesa Resources Limited held that the disallowance under Sec 14A read with rule 8D can be made only in respect of investments which are earning income exempt from tax and not the total investments.
ITAT New Delhi in the case of ITO (TDS) Vs. Nokia India P. Ltd. held that the payments made by the assessee company to Finland based as a consideration for review of design , construction and quality control plans from outside India are not in the nature of fee for technical services as defined in Article 13 of DTAA between India and Finland.
It was held by ITAT delhi in the case of SC Jhonson Products Private Limited Vs. DCIT, that framing of assessment against a non existing entity/person is not a procedural irregularity but a jurisdictional defect and can not be cured by application of Section 292B of the Income Tax Act, 1961.
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the signing and ratification of the agreement between India and Seychelles for exchange of information with respect to taxes. The Agreement will stimulate the flow of exchange of information between India and Seychelles for tax purposes, which will help curb tax evasion […]
This is to inform that a few emails received by the Deductors and Taxpayers have been brought to the attention of the Centralized Processing Cell (TDS), which claim to have been originated from CPC (TDS) and may have been triggered by the sender of those emails with a mala fide intent. To avoid any inconvenience […]
Why should anyone keep money abroad? All the more when they have to pay heavy amount just to park their funds outside India particularly in Swiss Bank as they charge hefty amounts even for a deposit. That essentially means that only those having undisclosed source of income popularly known as black money would be relying upon such costly options.
