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Latest Articles


8 Legal Ways to Save Income Tax in India for Business Owners & Freelancers

Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...

June 10, 2026 192 Views 0 comment Print

Section 54 Exemption for Capital Gains on Residential Property Transfer

Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...

June 10, 2026 95442 Views 4 comments Print

E-Payment of Direct Taxes: Simplifying Tax Payments

Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...

June 10, 2026 9981 Views 0 comment Print

All about Form 16 and 16A of TDS

Income Tax : Form 16 and Form 16A serve distinct purposes under the TDS framework, with Form 16 relating to salary income and Form 16A covering...

June 10, 2026 26655 Views 1 comment Print

Permanent Account Number (PAN)

Income Tax : Permanent Account Number (PAN) serves as a unique identifier enabling the Income-tax Department to track tax payments, returns, TD...

June 10, 2026 599064 Views 11 comments Print


Latest News


Income Tax Superintendent Caught by CBI in Bribery Case Linked to PAN Deletion

Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...

June 6, 2026 6034 Views 0 comment Print

ITAT Prioritizes Old Appeals as Rising Pendency Requires Urgent Disposal Measures

Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...

June 5, 2026 225 Views 0 comment Print

Request for Rationalisation and Merger of TDS Return Codes 1023 & 1024

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...

June 4, 2026 1593 Views 0 comment Print

Reduce CASS 2026 Scrutiny Cases Due to New Income Tax Act Transition Challenges: ITGOA

Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...

May 21, 2026 3690 Views 1 comment Print

Representation for timely release of e-filing utilities for ITR for AY 2026-27

Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...

May 13, 2026 3954 Views 0 comment Print


Latest Judiciary


Sale Deed Not Final Word: ITAT Accepts Higher Actual Purchase Cost and Restores Full Indexation Benefit

Income Tax : The Tribunal ruled that the guideline value recorded in a registered document is not conclusive for computing capital gains if the...

June 10, 2026 15 Views 0 comment Print

Benami Appeals Restoration Upheld as Tribunal Acted on SC’s Review Order

Income Tax : The Rajasthan High Court held that an order restoring appeals through review proceedings is not separately appealable under the Be...

June 10, 2026 54 Views 0 comment Print

Nominal Members No Bar to Section 80P Deduction; ITAT Sends Cooperative Society’s Claim Back for Fresh Examination

Income Tax : The Tribunal found that the authorities below failed to properly apply the principles governing section 80P deductions relating to...

June 10, 2026 30 Views 0 comment Print

Bangalore ITAT: Excess Stock Found During Survey Is Business Income, Not Deemed Income u/s 69A

Income Tax : The ruling emphasizes that undisclosed business receipts and stock arising from an existing business cannot automatically be chara...

June 10, 2026 99 Views 0 comment Print

ITAT deleted ₹90 Lakh on-money addition based on unsigned property agreement and unauthenticated search material

Income Tax : Addition of ₹90 lakh made under section 69A towards alleged cash payment for purchase of property as well as the addition made u...

June 10, 2026 60 Views 0 comment Print


Latest Notifications


CBDT Issues Complete Income Tax Scrutiny Guidelines for FY 2026-27

Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...

June 7, 2026 44568 Views 1 comment Print

Income-Tax (Amendment) Commencement Ordinance, 2026

Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...

June 6, 2026 561 Views 0 comment Print

CBDT Notifies Infrastructure Sub-Sectors as Eligible Businesses Under Income Tax Act 2025

Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...

June 2, 2026 486 Views 0 comment Print

CBDT Approves National Institute of Advanced Studies as Scientific Research Institution  

Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...

May 30, 2026 165 Views 0 comment Print

CBDT Approves S. Nijalingappa Sugar Institute for Scientific Research Tax Benefit Eligibility 

Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...

May 30, 2026 138 Views 0 comment Print


Disallowance by CIT(A) of expense without any specific opportunity to the assessee in the matter of rendering of services not justified

February 9, 2012 1574 Views 0 comment Print

Optsoe Consultant Private Limited Vs. ITO (ITAT Mumbai)- The dispute is regarding allow ability of expenditure amounting to Rs. 40,20,822/- on account of payments made to the directors as sub-contract charges. The assessee co had been incorporated for undertaking contracts for providing various liaisoning activities in the telecom sector. It had entered into a contract with Chinese company, M/s. ZTE Corporation for providing such services as per which it had received contract charges of Rs. 41,18,969/-.

Section 147 applies both to section 143(1) as well as section 143(3) – No reopening u/s 147 in absence of ‘new material’

February 9, 2012 4712 Views 0 comment Print

HV Transmissions Ltd. Vs. ITO (ITAT Mumbai) – Section 147 applies both to section 143(1) as well as section 143(3) and, therefore, except to the extent that a reassessment notice issued u/s 148 in a case where the original assessment was made u/s 143(1) cannot be challenged on the ground of a mere change of opinion, still it is open to an assessee to challenge the notice on the ground that there is no reason to believe that income chargeable to tax has escaped assessment.

Finance Lease – Lease equalization charge as per ICAI Guidelines is allowable

February 9, 2012 28180 Views 0 comment Print

CIT vs. Virtual Soft Systems Ltd (Delhi High Court) – Lease rental in monetary terms is a sum total of the financing charge and the amount embedded in it in the form of the capital sum. What the assessee needs to do, while offering for tax income derived from lease is, to separate the financing charge from the amount recovered towards capital, that is, the capital recovery amount. The financing change is determined by applying the IRR to the net investment made in the asset.

Development of Balanced Score Card management tool is Technical Services under India-Singapore treaty

February 9, 2012 1044 Views 0 comment Print

Software used by the assessee cannot be considered independent, but, only as a part of the service rendered by the assessee to its clients with regard to the development of BSC. By means of the Balance Score Card system developed by the assessee, the clients were getting an advantage which went much beyond the period of agreement between the assessee and its clients.

S. 80HHC – SC reverses Bomaby HC judgment in Kalpataru case, DEPB Face value covered U/s. 28(iiib)

February 9, 2012 3873 Views 0 comment Print

CIT vs Kalpataru Colours and Chemicals (SC) – Supreme Court has on 08.02.2012 reversed Bombay High Court Judgment in the case of CIT vs Kalpataru Colours and Chemicals and confirming the decision of Special bench of ITAT Mumbai in the case of Topman Exports vs. ITO held as follows:- Objective of DEPB scheme is to neutralize the incidence of customs duty on the import content of the export products. Hence, it has direct nexus with the cost of the imports made by an exporter for manufacturing the export products.

Govt set to miss direct tax collection budget estimate

February 9, 2012 861 Views 0 comment Print

With the direct tax collection growing at a slower pace of 9 per cent this fiscal so far, the government is likely to miss the revenue mop up target for the 2011-12. According to the data released by the finance ministry, the net direct tax mop-up during the April-January period rose 9.28 per cent to Rs 3.46 lakh crore mainly on account higher realisation of personal income tax and corporate tax.

Direct Tax Collection Deficit – CBDT chief writes to top I-T officials

February 9, 2012 1132 Views 0 comment Print

Terming the set revenue target of Rs 5.32 lakh crore as “non-negotiable”, CBDT Chairman Laxman Das has written to top Income Tax officials in the country asking them to take up the ‘challenge’ of filling the deficit. With the direct tax collection growing at a slower pace of 9% this financial year so far, the government is likely to miss the revenue mop up target for the 2011-12.

No penalty on Sania Mirza as income not offered to tax was due to bona fide mistake

February 9, 2012 7180 Views 0 comment Print

The admitted position is that the amount of Rs.30,63,310/- was shown by her in the return. That being the position, it cannot be said that there was any concealment. There is no dispute about the fact that the amount was correctly mentioned and therefore, there is also nothing inaccurate in the particulars furnished by her.

Correction in OLTAS / Income Tax / TDS / Direct Tax Challan, Type of Correction and Period for correction

February 9, 2012 23264 Views 5 comments Print

Correction in OLTAS challan i.e. in Challan No. ITNS 280 related to payment of Income tax and Corporation tax, ITNS 281 for depositing Tax Deducted at Source / Tax Collected at Source (TDS/TCS) from corporates or non-corporates , ITNS 282 for payment of Hotel Receipts Tax, Estate Duty, Wealth Tax, Gift-tax, Expenditure Tax and Other direct taxes and ITNS 283 or payment of Banking Cash Transaction Tax and Fringe Benefits Tax.

Depreciation allowed on intangible assets acquired on or after 1st April, 1998 – Expenditure on acquiring database cannot be claimed as revenue expenditure

February 9, 2012 1263 Views 0 comment Print

ACIT Vs American Express Services India Ltd. (ITAT Mumbai)- We find that it is not in dispute that the transaction between the assessee and American Express Bank, inter alia, including for purchase of Acquired Business Database were subjected to transfer pricing scrutiny and, the Transfer Pricing Officer vide order dated 15.2.2005 has accepted the transaction without making any adjustment to the arms length price. In this view of the matter and as held by Hon’ble Delhi High Court in the case of CIT vs. Oracle India Pvt Ltd (243 CTR 103), when the price fixed is acceptable as arms length price by Transfer Pricing Officer (TPO) under section 92 of the Act, it cannot be open to the Assessing Officer to disturb that price so paid as unreasonable.

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