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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...
It is an accepted position that the Appellate Tribunal does not have any power to review its own orders under the provisions of the Act. The only power which the Tribunal possesses is to rectify any mistake in its own order which is apparent from the record.
In the instant case, there is no notification or official document suggesting that either the Interministerial Committee, or any other officer or agency was nominated to perform the duties of the Board (constituted under section 14 of the IDR Act), for purposes of approvals under section 10-B.
Raise personal income tax exemption limit to Rs 3 lakh, reduce service tax and excise tax to eight per cent from 12 per cent and increase deduction of interest on housing loan to 5 lakh to revive consumer demand and boost investment, ASSOCHAM said in its pre-Budget recommendations to the government. The effective rate of corporate tax should also be brought down to 25 per cent from 32.45 per cent at present.
Notification No. 53/2012-Income Tax In the notification of Government of India, Ministry of Finance, Department of Revenue, No. 51/2012, dated 23rd November, 2012 bearing S.O. 2777(E) and published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated 23rd November, 2012
Facts of the case are that the appellant is engaged in the business of manufacturing electrical goods. It is having its one unit at Mandideep, District Raisen and another at Parwanoo, District Sonal (H.P.). The appellant’s unit at Mandideep is manufacturing electrical goods which are used in the distribution/transmission of power, while its Parwanoo unit is manufacturing electrical goods which are used in generation of the power.
Government of India has recently notified on 23rd November, 2011, Rajiv Gandhi Equity Savings Scheme (RGESS), 2012 for new retail investors (as announced in this year’s budget ) whereby investment made in RGESS shall allow investor for claiming deduction under new section 80 CCG of Income Tax Act in the computation of total income of the relevant assessment year on account of investment is eligible securities.
From such exchange of information between the Assessing Officer and the assessee, we need to gather whether the question of taxability of a receipt of Rs. 5,56,000/- from the members by the petitioner was under consideration by the Assessing Officer.
In the case of ITO v. Harley Street Pharmaceuticals Ltd. [2010] 38 SOT 486 (Ahd) it has been held that provisions of Sec.50C are applicable only for computation of capital gains in real estate transaction in respect of seller only and not for the purchaser.
It is not necessary for the assessee to show that any legitimate expenditure incurred by him was also incurred out of necessity. It is also not necessary for the assessee to show that any expenditure incurred by him for the purpose of business carried on by him has actually resulted in profit or income either in the same year or in any of the subsequent years.
The assessee in this case has used multiple year data in computing the arm’s length price. The TPO, the Assessing Officer as well as the Commissioner of Income Tax (Appeals) have held that, such action by the assessee is contrary to the provisions of the Income Tax Act, 1961 and thus it tantamounts to furnishing of inaccurate particulars of income.
