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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...
In the case before the Kerala High Court, the question arose for consideration was whether a transport contract for mere carriage of goods without loading and unloading facility would amount to carrying out any work within the meaning of section 194C(1) of the Act.
Requirement of section 143 (2) cannot be dispensed with as it is mandatory and therefore, the notice under section 143 (2) issued after the expiry of prescribed period is an uncurable defect and consequently, the block assessment is erroneous and not sustainable.
Assessee has received a sum of Rs. 1348095/- after discontinuance of business and in view of Section 176(3A) of the Act, this income is required to be added to the total income of assessee. The rate of 12.5% on this income is not the only taxable income but whole of receipt is the income to be taken into consideration and by indirect interpretation the receipt which is required to be taken into total income of the assessee under Section 176(3A)
It is clear from section 140A that after taking into account the relevant factors as enumerated in sub-clauses (i) to (v) under sub-section (1) of section 140A, the assessee is liable to assess his income and to pay tax calculated according to the above provisions together with interest as payable under any of the provisions of the Act of 1961 and is required to pay tax in advance before furnishing returns and returns shall be accompanied with the proof of payment of such tax and interest.
Notice cannot be issued when returns are pending – Notice cannot be issued unless the return which has already been filed has been disposed of – CIT v. M.K.K.R. Muthukaruppan Chettiar [1970] 78 ITR 69 (SC); Bhagwan Das Sita Ram (HUF) v. CIT [1984] 146 ITR 563 (SC).
From the proviso to Section 92C(4), it is evident that no deduction in Chapter VI-A is to be allowed in respect of the income which is enhanced after the computation of income in the said Section. Thus, the assessee is not entitled for deduction under Chapter VI-A in respect of the addition made as per the TPO’s order.
In Perumon Bhagvathy Devaswom v. Bhargavi Amma [2008] 8 SCC 321 it was reiterated that sufficient cause should be understood in pragmatic and practical manner. The test is that the delay is not on account of any dilatory tactics, want of bonafides, deliberate inaction or negligence on part of the appellant.
Given the fact that the assessee had acted only as a broker and could not claim any ownership on the sum of Rs. 14.79 crores and that the receipt of the money was only for the purpose of taking demand drafts for the payment of the differential interest payable by Indian Bank and that the assessee had actually handed over the said money to the Bank,
Explore how Income Tax Appellate Tribunal upholds consistency in mobilization advance treatment, referencing an accepted accounting method and legal precedent.
ITAT’s note on department’s General Grievances in the matter of representation and adjudication of cases fixed before each bench of ITAT Delhi NOTE, dated 21-1-2013 The CIT-DR (Admn.), vide letter dated 27th December, 2012, (Annexure) has expressed their grievance with regard to cases fixed before each Bench, which usually exceed 20. She has stated that due to paucity of manpower with the Department and the large number of fixation, it becomes very difficult for the Departmental Representatives to handle those cases.
