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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...
As per available information, Indian Pharmaceutical exporters are facing intense competition in international markets from China, particularly in Bulk drugs sector. Competition in formulations is also increasing gradually from China. India is also facing competition from Brazilian companies in Latin American Countries. Exports of India, China and Brazil for the last three years are given below:-
NC Notification No. 199/2011 – 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, and approves the eligible projects or schemes specified to be carried on by the said institutions and the estimated cost thereof as mentioned in column (3) of the said Table, and also specifies in the column (4) of the Table the maximum amount of such cost which may be allowed as deduction under the said section 35AC for the period of approval, namely:-
Guy Carpenter & Co. Ltd., Vs. ADIT (ITAT Delhi) – In the present case, the New India Insurance Co. or other Insurance Company in India, who avails the services of the assessee as a broker in the process of the re-insurance of the risk is left with no technical knowledge, experience, skill, know-how or processes so as to bring the services rendered by the assessee within the ambit of Article 13(4)(c) of the Treaty.
ITO Vs Sino Securities Pvt. Ltd. (ITAT Mumbai) – After hearing both the parties, we find that the issue is covered against the Revenue and in favour of the assessee by the decision of Mumbai “C” Bench of the Tribunal in ITA no.5538/Mum./2009, for assessment year 2006- 07, in ACIT v/s M/s. Omniscient Securities P. Ltd., order dated 16thMarch 2011, wherein the Tribunal, vide Para-10, dismissed the ground raised by the Revenue, which reads as follows:-
Re- Perfetti Van Melle Holding B.V., Netherlands (AAR) – Applicant seeks advance ruling on the following questions:- 1. On the facts and circumstances of the case whether the payment to be made by Perfetti Van Melle India Private Limited (‘Perfetti India’) for the cost to be allocated by Perfetti Van Melle Holding BV (‘the Applicant’) will not be taxable in India in the hands of the Applicant as per the provisions of the Double Taxation Avoidance Agreement (‘DTAA’) entered into between India and The Netherlands?
Re Poonawalla Aviation Private Limited (AAR) – Clause 7 speaks of India limiting its taxation at source on interest dealt with in Article 12 of the Convention by providing a lower rate or by providing a scope more restricted than the rate or scope provided for in the Convention, the same rate or scope shall also apply to the Convention in question. A question of lowering of rates is not involved here. What is contended is that the scope of taxation of interest has been further restricted by taking out of the purview of taxation, even loans or credits insured by Banque Francaise du Commerce Exteriur or COFACE. Going strictly by the other treaties relied on the restriction is only on taxing the interest income insured by Banque Francaise.
The CAG has pulled up the Income Tax Department for not recovering tax arrears worth over Rs 4,500 crore from various entities due to a lack of coordination between two of its wings. The government auditor, in its latest report tabled in Parliament, said it found several cases where the Assessing Officers (AOs) did not communicate updated information relating to demands to Tax Recovery Officers (TROs).
Manishkumar & Co. Vs. ITO( ITAT Ahmedabad)- The first ground relates to addition of Rs.13,77,000/- made u/s 68 by the AO. During the assessment proceedings the assessee was asked by the AO to prove the identity of the lender, genuineness of the transaction and creditworthiness of the lender in respect of the loan of Rs.13,77,000/- shown in the name of Shri Madanlal J. Panjabi. The assessee was only able to furnish the death certificate of Madanlal J. Panjabi. No other evidence including that from the legal heir of Mr. Panjabi was submitted The AO therefore, made the addition of Rs.13,77,000/- u/s 68 of the Act. Before ld. CIT(A) also no details could be submitted by the assessee. The ld. CIT(A), therefore, confirmed the action of the AO. Further aggrieved, now the assessee is in appeal before us.
ITAT held that the payment received for supplying the ‘Repair Technical Documents’ are treated as ‘Fees for Technical Services’ (FTS) under the Income-tax Act,1961 (the Act). The Tribunal further observed that the technical materials supplied by the taxpayer would not lose the characteristics of ‘Service’, simply because they were supplied in the form of bound manuals, more particularly when it is tailor made for the specific requirements of a person.
It is contended by learned counsel for the Revenue that the Tribunal is a fact finding authority and should have adjudicated the matter on merits. We are of the view that the issue raised by the Revenue is not at all substantial and the amount in dispute is quite insignificant, considering that the case is one of a block assessment. There is no justification for the Income Tax Department to go on burdening the Tribunal, the Court with every case right up to the end. Apart from burdening the Tribunal and Courts, it also causes avoidable expenses to the Assessee. It is common knowledge that the Assessee has to pay for legal fees and merely because the Income Tax Department has got unlimited resources, there is no justification that every case should be dragged on. Under the circumstances, we are of the view that the Tribunal was justified in refusing to entertain the appeal because of the insignificant amount involved in the matter. No substantial question of law arises. We, therefore, dismiss this appeal. Held by Bombay High Court in the case of CIT v. Manish Bhambri
