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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 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 Telangana High Court held that Section 254(2) of the Income-tax Act is confined to rectifying mistakes apparent from the recor...
Income Tax : The Telangana High Court held that reassessment proceedings initiated under Sections 148A and 148 by the Jurisdictional Assessing ...
Income Tax : The Tribunal held that section 50 merely prescribes a special method for computing gains on depreciable assets and does not conver...
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 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...
To avail exemption under section 11(1)(d) in respect of Voluntary contributions made with a specific direction that they shall form part of the corpus of the trust/institution, identity of donor(s) must be established- If identity of donors not established, there is no question of the donations having been received with such a direction since such a direction could be validly given by the donor only at the time of giving the donation.
CIT v. Hindustan Zinc Ltd. Amendment in the clause (a) of section 251(1) has been made so as to provide that the Commissioner (Appeals) may not set aside the assessment and refer the case back to the Assessing Officer for making fresh assessment with a view to help bringing an early finalization of the assessment, it cannot be assumed that the Commissioner (Appeals) is divested of the power to annul the assessment and then to pass appropriate consequential order. In the instant case, the factual aspect has been that the order as passed by the Assessing Officer which was subject of appeal before the Commissioner (Appeals), was not an original order of assessment but was an order of assessment passed after remand by the Tribunal. The directions in remand order having not been complied with, the course as adopted by the Commissioner (Appeals) cannot be said to be de hors the powers available to him under the statute.
Assessee is engaged in processing of unusable gas cylinders, though there is nothing to indicate that the gas cylinders are completely ‘broken’; in fact, none of the processes stated to have be undertaken address the same. However, as apparent, it is only where the processing leads to a commercially new product that it can be said that manufacture has taken place.
In the case of ACIT vs. Bony Polymers Pvt. Ltd. (supra), it was held by the Co-ordinate Bench that in the absence of any material or evidence to show that the commission is being paid as dividend to the shareholders the disallowance u/s 36 (1)(ii) was not permissible. The Companies Act, 1956 contains the limitation and restrictions in the matter of payment of dividend and such obligation of the company either to pay or not to pay dividend cannot be assumed. The Assessing Officer cannot presume that had this commission not paid would have necessarily being paid as dividend to the shareholders.
Ordinarily, it is not incumbent on the part of the Tribunal to adjourn the case again when a last opportunity had already been granted to the Counsel for assessee, however, there may be number of circumstances where adjournment becomes necessary, in the interest of justice.
One has to examine the stages through which the mash feed is converted into pellet feed. In deciding the issue whether there had been any manufacture of pellet feed. It was to be held that there had been only processing while the production of pellet feed was done by following various stages, namely, (i) batch weighing, (ii) grinding, (iii) mixing, (iv) conditioning with steam, (v) pelleting, (vi) cooling, (vii) crumbling and, finally (viii) packing. The difference between the pellet feed and mash feed, is difference in the quality of the feed and did not throw any light on the manufacture and is of no significance while discussing whether there is manufacture for the purpose of claiming deduction under section 80-IB.
Whether the decision of the three-judge-bench of the Supreme Court in the case of Ajantha Industries reported in [1976] 102 ITR 281 so far as it lays down the law that the requirement of recording reasons under section 127(1) of the Income tax Act is a mandatory direction under the law and non-communication thereof is not saved by showing that the reasons exist in the file although not communicated to the assessee is still a good law in view of the subsequent decisions of the Supreme Court in the cases of Managing Director, ECIL v. B. Karunakar, AIR 1994 SC 1074, and State Bank of Patiala v. S. K. Sharma, AIR 1996 SC 1669 as held by a Division Bench of this court in the case of Arti Ship Breaking vs. Director of Income Tax (Investigation) and others reported in (2000) 244 ITR 333.
Section 10A is a provision which is in the nature of a deduction and not an exemption. This was emphasised in a judgment of a Division Bench of this Court while construing the provisions of Section 10B in Hindustan Unilever Ltd Vs. Deputy Commissioner of Income Tax 2. (2010) 325 ITR 102 at para 24.
The Tribunal placed reliance on the Chennai Tribunal ruling in the case of Tweezerman (India) Private Limited v. Addl. CIT, [2010] 4 ITR (Trib.) 130 (Chennai) which ruled that provisions of Section 80-IA(10) of the Act do not give an arbitrary power to the AO to determine the profits of the taxpayer. It is incumbent on the AO to show how ordinary profits were computed based on similar comparable case. The phrase ‘more than ordinary profits’ referred in Section 80-IA(10) of the Act is different from ‘ALP’.
The stand of the revenue with regard to semi-finished condition of the flat is devoid of merit in as much as what is sought to be constructed and sold by the assessee is a residential unit and what is sought to be purchased by the individual buyer is the ownership of a residential unit,
