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Income Tax : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...
Income Tax : Relocating to Sikkim does not automatically exempt you from income tax. This article explains who qualifies under Section 10(26AAA...
Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...
Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...
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 Jodhpur ITAT held that deduction under Section 80GGC cannot be denied merely on allegations against a political party in the a...
Income Tax : Assessment orders passed pursuant to express liberty granted by the High Court during pendency of settlement-related litigation re...
Income Tax : The ruling emphasizes that undisclosed business receipts and stock arising from an existing business cannot automatically be chara...
Income Tax : The Tribunal held that when sales are accepted and books of account are not rejected, the entire amount of disputed purchases cann...
Income Tax : The ITAT Pune held that the CIT(A)/NFAC cannot dismiss an appeal merely for non-prosecution without adjudicating the issues on mer...
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...
The assessee is an approved Developer of SEZ. The only activity carried on by the assessee is developing a sector specific SEZ. It has leased out the developed plots to the entrepreneurs who had obtained the letter of approval from the competent authority. Sec.80-IAB provides that setting up of a SEZ is the business of developing SEZ. Therefore, the assessee is not expected to perform any other activity than developing of a SEZ to qualify for deduction. In the facts and circumstances of the case, we find that the lower authorities are not justified in refusing deduction under sec.80-IAB. The claim of deduction made by the assessee under sec.80-IAB is in accordance with law. The assessing authority is directed to give the deduction.
Explore the ITAT Bangalore judgment on global e-business operations vs. DDCIT. Learn about tax implications and obligations for reimbursement payments.
Finance Act, 1992 made suitable amendments to the Wealth Tax Act and sec. 2(ea)(v)(b) defines “urban land”. But it does not clearly explain the status of agricultural lands situated in urban areas. In spite of that, the income tax authorities were giving exemptions to such lands till recently. This was evidenced by a document downloaded from that National Website of the Income Tax Department of India, a copy of which is attached. The said document which showed the Tax Obligation under Wealth Tax Act, clearly stated by a note “Agricultural land situated in urban area is not liable to wealth-tax”. This html document was downloaded on 06/05/2010. But, subsequently, this document has been removed from the Website. Quite coincidentally, the tax authorities have commenced taxing such urban agricultural lands citing that the Act does not exempt such lands.
In the present case, according to the Finance Minister presenting the Bill, a valid piece of legislation has been wrongly interpreted by the Tribunal. We have already pointed out that according to the existing law, if a valid piece of legislation is wrongly interpreted by the Tribunal, the aggrieved party should move higher judicial forum for correct interpretation. As pointed by the Apex Court in the case of Pritvi Cotton Mills Ltd (supra), the legislature does not possess or exercise power to reverse the decision in exercise of judicial power.
The discrepancies pointed out by the Assessing Officer while rejecting the book results have not been satisfactorily explained by the assessee. The Assessing Officer has observed that although the quantity of cotton seed, mustard and groundnut crushed during the previous year were shown separately but the yield of oil and oil cakes have been given in consolidated form at 13.02 per cent and 83.91 per cent respectively. Further, the sales of oil and oil cakes have been shown in the manufacturing account in consolidated form although there was a wide variation in the market price of these products.
If the revenue is to reply upon some documents for some part of them to claim that the documents reveal some undisclosed income of the assessee which has escaped tax and is earned during the block period, at the same time not giving same importance to the other parts of the documents, but understanding the other clauses by way of inference or on a logic attributing certain motives to the assessee, it is not a proper way of reading the document, assuming that it is relatable to the search and has a link to the search.
It is clear to us that the Supreme Court did not hold anything contrary to what was held in the previous judgments to the effect that even if a claim is not made before the assessing officer, it can be made before the appellate authorities. The jurisdiction of the appellate authorities to entertain such a claim has not been negated by the Supreme Court in this judgment. In fact, the Supreme Court made it clear that the issue in the case was limited to the power of the assessing authority and that the judgment does not impinge on the power of the Tribunal under section 254.
Mitra Logistic Pvt. Ltd. V. ITO – There is no dispute about the fundamental posit ion that as long as the payments are for reimbursements, and not expenditure, the tax deduct ion obligations do not come into play and accordingly, disallowance u/s. 40(a)(i ) cannot be made either. In support of this proposition, our attention is invited to a coordinate bench decision in the case of Satyendra Jhunjhunwalla –vs. – ITO (ITA No. 1988/Kol. /2009; order dated 11.11.2011). He, however, fairly submits that as this aspect of the matter, i.e. payment being in the nature of reimbursement , has not been examined by the authorities below, the matter can be restored to the file of the Assessing Officer for fresh adjudication in the light of the above principle.
Former Finance Minister Pranab Mukherjee, in the Budget for 2012-13, had announced introduction of the Rajiv Gandhi equity scheme under which 50% tax deduction would be provided to retail investors with annual income less than Rs 10 lakh. Under the proposed scheme, the investors would be allowed to invest up to Rs 50,000 in a year with a lock-in period of 3 years.
TDS Rates / Chart Under Income Tax Act, 1961 for Financial Year 2012-12/ Assessment Year 2013-14 on Salary (Section 192) , Interest on Specified & Other Securities (Section 193), Deemed Dividend & Other Dividend , Interest other than interest on security, Winning from Lotteries, Winning for horse race, Payment to Contractor & Sub-Contractor, Insurance Commission,
