Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.
Income Tax : The revised ITR forms for AY 2026-27 introduce new tax slabs, expanded ITR eligibility, and enhanced disclosure requirements. Unde...
Income Tax : The article argues that the daily backup requirement under Rule 46(8) applies only to books maintained in electronic mode, not mer...
Income Tax : Judicial authorities have held that Foreign Tax Credit is a substantive right and cannot be denied merely due to procedural delays...
Income Tax : This guide explains how unexplained cash credits under Section 68 and related provisions can attract steep taxation under Section ...
Income Tax : The document outlines how MAT and AMT ensure that companies and eligible non-corporate taxpayers pay a minimum level of income tax...
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 : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Delhi ITAT sustained the addition arising from the sale of listed shares after finding discrepancies in purchase records, incl...
Income Tax : ITAT Lucknow held that derivative losses incurred by a spouse using funds gifted by the assessee can be clubbed and set off under ...
Income Tax : While recognising that earlier judgments had invalidated JAO-issued notices, the Court avoided passing orders that would make the ...
Income Tax : The Delhi ITAT held that where purchases are reflected in accepted sales and closing stock, the entire purchase amount cannot be d...
Income Tax : The Delhi ITAT held that repeated non-compliance with statutory notices transformed the reassessment into a best judgment assessme...
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...
Section 80G(5)(i)(b) provides the condition for exemption or rejection of the application for renewal, if the donation made to the institution or funds are not used by it directly or indirectly for the purpose of such business. In the present case the Commissioner did not record any such finding that the funds, which was earmarked and was kept in separate account in fixed deposit was not used by the respondent assessee directly or indirectly. Infact there was no occasion to misuse the funds as the hospital had not yet started and thus the plant and machinery could not be purchased from the grant, which was kept in fixed deposit.
Abacus Distribution wins stay against Rs.8.81 Cr tax demand. Transfer pricing & depreciation issues contested. Next hearing on 8th July 2013.
In this case Payment was made for reimbursement of the permission granted to the assessee for using trade mark ‘Wool, New Zealand’. Such payment cannot be said to be fee for technical services. Even otherwise also, in the light of the detailed discussions made in paragraph nos. 13, 14 and 15 of this order, such reimbursement of expenses are not subject to TDS. Accordingly, no disallowance is warranted. The addition of Rs. 2,88,135/- is deleted.
The search operation was carried out at the residence as well as business premises of Shri Yakub A. Colddrink where from the books of account of the firm as per Annexure A/11 & A/12 and loose paper as per Annexure-3 were found and seized. As per Section 153C, the books of account belonging to the other person is required to be found and seized at the premises of the search took place where assessment u/s. 153A has been made i.e. searched party.
Once the registration has been granted under section 12AA of the Act, the exemption under Section 11 cannot be withdrawn unless there is violation of provisions of Section 13 of the Act or the registration under Section 12AA(3) of the Act is cancelled. The Tribunal held that the decision of this Court in the matter of CIT v. Pruthivi Trust [1980] 124 ITR 488 is distinguishable on facts as the Trust in that case was carrying out profit making activity without any authorisation in the Trust Deed.
Discover the complete list of Income Tax Forms available for e-Filing, including Tax Audit Reports, transfer Pricing Audit Reports, and more.
Vide Order No. 71 of 2013 dated 25.04.2013, the CBDT has posted several Assistant Commissioners of Income-tax (probationers) in the Pay Scale of Rs. 15,600-39,100 (Plus Grade pay of Rs. 5,400 in PB-3), on completion of training at National Academy of Direct Taxes, Nagpur in the Region of CCIT(CCA)/Station/Charge indicated against each with immediate effect and until further orders.
The revenue have not placed any material suggesting that the assessee had any interest either as a lessee or sub-lessee or a tenant in any of the aforesaid 13 premises. The fact that the assessee was allowed use of premises by IISPL in terms of agreement dated 1-12-2008, cannot lead to the conclusion that the assessee had any interest as a lessee, sub-lessee or tenant over the various premises. The right to use any land or building necessarily implies that the assessee must have some interest in the immovable property as a tenant.
In this case Tribunal was wrong in holding that if one profit level indicator of a comparable, out of a set of comparables, is lower than the profit level indicator of the taxpayer, then the transaction reported by the taxpayer is at an arm’s length price. The proviso to section 92C(2) is explicit that where more than one price is determined by most appropriate method, the arm’s length price shall be taken to be the arithmetical mean of such prices. To this extent the appeal is allowed. However, as pointed out above, if this principle is applied to the comparables suggested by the assessee (which have not been rejected by the Transfer Pricing Officer), the arm’s length price suggested by the assessee would yet be acceptable in law. There shall be no orders as to costs.
It is not disputed by revenue that the said lease agreement dt.29.6.2006 entered into by the assessee give rise to a lease in favour of the assessee and no other legal rights in the hospital building are granted to the assessee. As such, the view of the Assessing Officer that the said lease agreement brings into existence an asset of enduring nature is, in our opinion, misplaced. The Hon’ble Apex Court in the case of Empire Jute Co. Ltd. v. CIT [1980] 124 ITR 1 has laid down certain guidelines to determine whether, in a given case, the expenditure incurred is in the nature of revenue or capital expenditure.
