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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...
On appeal, the Commissioner of Income Tax (Appeals) by order dated 07/06/2007 held that foreign travel of the officers did not give rise to any benefit of an enduring nature but enabled efficient running of its business and therefore was revenue in nature. Thus the deduction on account of expenses on account of foreign travel was allowed as claimed by the respondent.
In the original assessment order deduction under section 80I had been granted on the total income, inclusive of the income under section 68 of the Act. The grant of such deduction was not questioned by the revenue at the relevant time. When the matter reached the Tribunal, the same was remitted to the Assessing Officer for reconsideration of the issue pertaining to addition of Rs. 59,56,000/- credited in the books of account by way of share application money on the ground that the same was an unexplained credit out of income from undisclosed sources of the assessee.
The intent and purport of the CBDT circular No.4/2007 dated 15.06.2007 is to demonstrate that a tax payer could have two portfolios, namely, an investment portfolio and a trading portfolio. In other words, the assessee could own shares for the purposes of investment and/or for the purposes of trading.
A number of countries have provided for General Anti Avoidance Rules (GAAR) in matters relating to taxation. While tax mitigation is recognized, tax avoidance is frowned upon. International literature describes tax avoidance as the legal exploitation of tax laws to one’s own advantage and an arrangement entered into solely or primarily for the purpose of obtaining a tax advantage.
The proviso to sub-section (1) to section 209, inserted by the Finance Act, 2012 is prospective in nature and not with retrospective effect. The proviso was brought into operation with effect from 1-4-2012, therefore, the assertion of revenue is disagreed with. Even otherwise, the language used in section 209(1) is regarding payment of advance tax in the financial year, therefore, the proviso is not attracted for the impugned assessment year.
The Finance Ministry has finalized new norms for GAAR. They will come into effect from April 1, 2016. GAAR will not apply to such FIIs that choose not to take any benefit under DTAA. GAAR will also not apply to non-resident investors in FII. Investments made before August 30, 2010, will be grandfathered. A monetary […]
The Expert Committee has submitted its Final Report on General Anti Avoidance Rules (GAAR) in Income-tax Act, 1961. The Report is very comprehensive and apart from giving an in-depth explanation of what the GAAR provisions are, it also has a number of examples of transactions which would be affected by GAAR. Link to download Full report is given at the bottom of the Article. Gist of Recommendations is as follows :-
Notice gives jurisdiction to ITO – Issuance of notice within period of limitation gives jurisdiction to Assessing Officer to proceed to make reassessment.
It is difficult to sustain the notice issued u/s. 148. The audit objection is only an inference that the royalty payment resulted in a capital benefit; such an opinion expressed by the audit cannot constitute tangible material on the basis of which the assessment can be reopened.
Only aspect mentioned in the reasons recorded is about the requirement of inclusion or non-inclusion of cenvat/modvat credit in closing stock. The Assessing Officer stated in his reasons inter alia that on perusal of break up the loans and advances in the balance-sheet, it was found that the assessee had at the end of previous year a particular amount of cenvat credit not utilised and that the assessee had not credited the said amount to the profit & loss account.
