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Income Tax : The Income Tax Department has clarified the purpose, contents, and access to the Annual Information Statement (AIS) and Taxpayer I...
Income Tax : The Income Tax Department has issued comprehensive FAQs explaining what constitutes a benami property and benami transaction under...
Income Tax : The Income Tax Department has issued detailed FAQs explaining registration, audit, return filing, investment norms, and tax exempt...
Income Tax : The Income Tax Department explains when interest is payable for delayed return filing, advance tax defaults, deferment of instalme...
Income Tax : ITAT Jaipur held that proceedings under Section 153C are invalid where the Assessing Officer merely reproduces information from th...
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 Tribunal affirmed the CIT(A)'s order annulling assessments because the search was not conducted in the assessee's name. It als...
Income Tax : The ITAT held that the Supreme Court’s COVID-19 limitation extension did not apply to statutory timelines for completing income-...
Income Tax : The ITAT Raipur held that estimated gross profit addition on unrecorded sales cannot be sustained when the Assessing Officer has n...
Income Tax : The Karnataka High Court set aside the impugned order after finding that the entire tax demand had been recovered despite an inter...
Income Tax : The ITAT Mumbai held that the assessee's convertible debentures lacked the liability component required for classification as Comp...
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 Hon’ble High Court in the present case held that when the assessee claimed and was granted modvat credit under Rule 57H of the Central Excise Rules at the relevant time itself indicates that for purposes of excise, the assembling of cassettes amounted to manufacture.
The Hon’ble High court in the present case held that the assessee developed an infrastructure facility/project and was not required to maintain or operate, it was entitled to cost, plus the margin of income or profit. Assesee would be entitled to deduction under section 80-IB (10).
The Hon’ble High Court in this case held that when there is an assumption that the assessee did not maintain quantitative details of ingredients such as mixing gum, starch and oil, the conclusion could not be affirmed. As, decisions can’t be on the basis of Assumptions or Presumptions.
The assessee submitted that he was managing director of SISICOL, which had many deposit schemes and 290 units or branches to aid its operations. He was also a partner of the firm, which entered into an understanding with SISICOL
It would be the proximity of the reasons with the belief of escapement of income, which would be the determinative factor for reopening of the assessment. The remoteness of the reasons would obviate the possibility of a belief and would bring the case in the realm of mere suspicion
There is no dispute about the allowability of expenses. Only dispute is regarding the year of allowability. If the Assessing officer is of the view that the expenses are pertaining to the prior, the same are required to be considered for the prior and allowed in that year.
The court considered the reasoning of the Revenue and held, firstly as the arrangement was in place with the UTI (which had to purchase the NCDs at Rs. 389/- per NCD), the assessee gave effect to it (the arrangement). UTI paid Rs. 389/- per debenture to JISCO
In CIT vs. Nirlon Synthetic Fibres & Chemicals Ltd. (1982) 137 ITR 1 (Bom) it was observed that expenditure incurred on inauguration ceremony of factory is a compelling necessity in modern times, it is a formality which an assessee has to incur after the business is set-up therefore it is an allowable deduction in terms of section 37(1).
The substantial time as extended in the previous judgment of this Court in Commissioner of Income Tax (TDS)-I vs. C.J.International Hotels Pvt. Ltd. (in ITA No.57/2015) decided on 09.02.2015, as discussed elaborately in a reasoned order of this Court
Issue before tribunal: Whether CIT can assume jurisdiction u/s 263 on the facts and circumstances of the case. Whether order of the AO was erroneous and prejudicial to the revenue.
