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Income Tax : The article explains how accurate Form 10BD reporting protects donor deduction claims, prevents penalties, and ensures consistency...
Income Tax : The article explains what remains unchanged under the new tax law while highlighting critical compliance checks taxpayers should u...
Income Tax : AO rejects books of accounts and applies flat net profit rate. Can taxpayer claim depreciation separately or is it embedded in tha...
Income Tax : The article highlights common return filing errors, including wrong ITR forms and income mismatches, that can result in defective ...
Income Tax : The ITAT Bangalore held that no disallowance under section 14A read with Rule 8D can be made where the assessee did not earn exemp...
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 Hyderabad ITAT observed that if a property is treated as stock-in-trade, the applicability of Section 43CA cannot be ignored. ...
Income Tax : The Tribunal quashed the reassessment after finding that the Assessing Officer failed to issue notice under Section 143(2). The de...
Income Tax : The Tribunal quashed the reassessment after finding that the assessee had already filed the return under Section 139 before issuan...
Income Tax : The Tribunal ruled that the Revenue cannot assess the full transaction value in the hands of a confirming party absent proof of be...
Income Tax : ITAT deleted the addition after finding that neither possession nor ownership had passed during the relevant assessment year. The ...
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...
IDBI Bank with a strong focus on Government Business in the country collects various direct and indirect taxes of Central Government and State Governments. Within a very short period of becoming a commercial bank (in October 2004), the bank has crossed a major milestone of annual tax/duty collection of Rs.1 lakh crore during the current financial year on February 28, 2012.
Notification No. S.O. 406(E)-Income Tax In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table below
Though the incomes assessable under them are part of total income as defined in sections 2(45)/4/5 yet that does not mean that the income assessable under section 68 has to be assessed under section 56. In the instant case, source of unexplained cash credits was not known therefore same be linked to any known source/head of income including income from other sources. In order to constitute income from ‘other sources’, the source, namely, the ‘other sources’, has to be identified. Income from unexplained or unknown sources cannot therefore be considered or taxed as income from other sources.
CIT vs. Jawahar Bhattacharjee we hold that Daga Entrade P. Ltd. lays down correct law and the same is not in conflict with the earlier order of this Court in Rajendra Singh. Jurisdiction under Section 263 can be exercised whenever it is found that the order of assessment was erroneous and prejudicial to the interest of the Revenue. Cases of assessment order passed on wrong assumption of facts, on incorrect application of law, without due application of mind or without following principles of natural justice are not beyond the scope of Section 263 of the Act.
DCIT Vs. Summit Securities Ltd. In view of the detailed discussion made above, we are with utmost respect unable to concur with the view expressed by the Mumbai Bench of the Tribunal in the case of Zuari Industries Ltd. (supra) and Delhi Bench of the Tribunal in the case of Paper Base Co. Ltd. (supra). Thus the question referred to the Special Bench is answered in negative by holding that the Assessing Officer was not right in adding the amount of liabilities being reflected in the negative net worth ascertained by the auditors of the assessee to the sale consideration for determining the capital gains on account of slump sale.
In an old judgement but useful Judgment Bombay High Court in the case of CIT Vs. Godavari Saraf held that until contrary decision is given by any other competent High Court, which is binding on a Tribunal in the relevant State, it has to proceed on the footing that the law declared by the High Court, though of another State, is the final law of the land. Which means that once a decision is given by any of the High Courts in the country and there is no contrary decision by any other High Court on the same issue then such decision of High Court will be binding on all the administrative authorities and Tribunals through out India.
Increase in the Basic Income Tax Exemption Limits for Individuals – To compensate partially for rising inflation it would be right move if govt. increases basic exemption limit from the current Rs. 180,000 to Rs. 3,00,000/-. The education cess of 3% is expected to be abolished. Similarly, the basic exemption limits for women and senior citizens may also be correspondingly increased.
REC – Tax Free Bonds- Issue is likely to open on 6th March 2012.Likely Coupon for 10 years series 7.93% & for 15 years series 8.12% with a step up additional coupon of 0.20% for Retail Investors in both the series. Tax benefits u/s 10 (15) (iv) (h) of the Income Tax Act, 1961 – interest on these Bonds shall not form part of Total Income.
CIT(A) deleted addition on account of key man insurance policy relying on ITAT|s decision in assessee|s own case for assessment year 2005- 06 in which the Tribunal in ITA No. 1722/Ahd/2008, date 6-3-2009 and held that premium paid under key man insurance policy on the life of the partners cannot be disallowed. Revenue contended that they had not accepted the order of the Tribunal on this issue for assessment year 2005-06 and appeal was filed before the Gujarat High Court. Held: Merely because the department did not accept the order of Tribunal deleting addition on account of key man insurance premium, and preferred appeal before the High Court, it is no ground to take a different view.
The profits or gains arising from the transfer of a capital asset by a person to a firm or other association of persons or body of individuals (not being a company or a co-operative society) in which he is or becomes a partner or member, by way of capital contribution or otherwise, shall be chargeable to tax as his income of the previous year in which such transfer takes place and, for the purposes of section 48, the amount recorded in the books of account of the firm, association or body as the value of the capital asset shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of the capital asset.
