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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...
At time when query was raised under the head ‘Selling & Distribution Expenditure’, had there been insistence that TDS was required to be deducted and the amount specified to the tune of Rs. 22,70,869 was not required to be allowed as Trade Incentive without deducting TDS, the same ought to have been reflected somewhere in the computation of income and that would have bearing on the computation itself.
Normally where a transaction is undertaken by a person who is a businessman, the question as to whether investment in shares is an income from the line of business could be taken as adventure in the nature of trade and it should not pose a problem, since such transactions would be either incidental or ancillary to the business, although the transactions undertaken may not have a direct bearing to the business already undertaken by the assessee.
Coming to the applicability of most appropriate method, both the parties have agreed that TNMM Method should be most appropriate method for benchmarking the ALP. The contention of learned CITDR is that before the TPO, even though this plea of applicability of TNMM Method was taken by the assessee by way of corroborated method, has neither considered the same nor examined it properly.
The assessee, a chamber of commerce and industry, in the course of pursuing its objects rendered several services, such as, certification, committee room services, secretarial services and facilities, energy audit, etc. to its members and non-members for a fee. It was registered under section 12A. From the assessment year 1996-97 up to the assessment year 2005-06, it was granted exemption under section 11.
In the instant case, while referring to the proviso in the newly inserted provisions of section 201(3) introduced by the Finance (No. 2) Act, 2009 with effect from 1-4-2010, the Assessing Officer concluded that he was competent to pass such orders for the aforesaid financial years at any time on or before 31-3-2011 while the Commissioner (Appeals), following the decisions of the jurisdictional High Court in CIT v. NHK Japan Broadcasting Corpn. [2008] 305 ITR 137and CIT v. Hutchison Essar Telecom Ltd. [2010] 323 ITR 230 (Delhi) held that the order dated 27-4-2010 passed by the Assessing Officer was barred by limitation.
As regards the method to be adopted for comparability analysis, the contention of the revenue that CUP is the most appropriate method in the facts and circumstances of the case especially when internal comparables are available for the comparability analysis, has to be accepted. Therefore, there is no infirmity in the action of the Assessing Officer/TPO in adopting CUP method for comparability analysis instead of TNMM applied by the assessee.
In the instant case, the assessee-trust is carrying on various activities in the nature of trade, commerce or business and rendering its services for the purpose of trade, commerce and business, because it is charging huge fees on account of various facts. No doubt, the assessee has given some explanation for charging fees by stating that it is charging fees as per rules framed by the Punjab Local Bodies Govt., which is clearly the admission by it that it is doing activities not for charitable purpose but for business purpose only.
In exercise of the powers conferred by sub-section (1) of section 80CCG of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the Rajiv Gandhi Equity Savings Scheme (RGESS). The purposes of the government behind such scheme are to provide tax benefits to investors investing directly and to lure investors in to stock market and broaden investor base in stocks.
HC held that CIT had rightly rejected the application of the petitioner for approval under Section 10 (23C) (iv) of the Act on the ground that the petitioner has not rendered its services directly to the farmers but is rendering its services directly to its clients/agents who are engaged in trading of the certified seeds with profit motive and therefore its activities are not for the ‘advancement of any other object of general public utility’ and hence not for ‘charitable purpose’ in view of second limb of the first proviso to Section 2 (15) of the Act.
Hon’ble Punjab & Haryana High Court in case of Kim Pharma (P.) Ltd. (supra) held that surrendered income during the survey has to be assessed separately as deemed income and set off of losses u/s 70 & 71 was not possible against such income.
