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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...
ITO V/s. Tropicana Beverages Company (ITAT Delhi)- When it is established that the machinery on which depreciation has been claimed by the assessee, had been provided by the assessee to Dynamix for the purpose of manufacturing the product of the assessee, necessarily the machinery was used for the purpose of the business of the assessee. That being so, ‘used for the purposes of the business’ in section 32 of the Act is applicable to the assessee.
DCIT, Kolkata Vs Sushma Devi Agarwal (ITAT Kolkata)- Assessee has failed to establish that disclosure of additional income in the revised return by way of declaring G. P. rate at 15% as against 6.93% shown in return filed u/s. 153A of the Act was voluntary and in good faith to buy peace with the department. On the other hand, the assessee filed the revised return only after the concealment was detected by the AO and he confronted the assessee with the same. In such circumstances, penalty u/s. 271(1)(c) of the Act of Ps.14,61,678/- for concealment of income has rightly been levied by the A.O.
The Supreme Court on Tuesday decided to hear the Centre’s plea seeking recall of its order for setting up a Special Investigation Team (SIT) comprising its retired judges to take over the probe into all black money cases. A three-judge bench headed by Justice Altamas Kabir posted the recall application of the Centre for Wednesday for hearing.
CIT Vs K. Raheja Corporation Pvt. Ltd. (Bombay High Court)- Counsel for the Revenue could not point as to how interest on borrowed funds to the extent of Rs.2.79 crores was attributable to earning dividend income which are exempt under Section 10(33) of the Act (as it then stood). Therefore, in the facts of the present case, in the absence of any material or basis to hold that the interest expenditure directly or indirectly was attributable for earning the dividend income, the decision of the Income Tax Appellate Tribunal in deleting the disallowance of interest made under Section 14A of the Act cannot be faulted.
ACIT Vs M/s Yug Corporation (ITAT Ahemdabad)- The learned Counsel for the assessee referred to the terms of the development agreements and the agreement to sell (copies filed on record) with both the societies, according to which the responsibilities of the assessee have been analyzed in such manner that planning, sanction of plan, work of construction, development of the property, engagement of labourers etc. have to be done by the assessee. It was also provided that the assessee would receive the entire sale consideration of the housing units and the assessee shall be entitled to accept the payments from the members/buyers.
Bhuwania Steel & Metal Pvt. Ltd. Vs ITO (ITAT Mumbai)- On investigation of the assessee’s purchases, it was noticed that the same were from Shri Shivkaran Goel who admitted before the Customs authorities as well as AO that he had not supplied any goods to the assessee, with which flanges liners with 55% tin could be manufactured.
Mid-Day Multimedia Ltd Vs Dy. CIT (ITAT Mumbai)- The provisions of rule 8D of the Rules which have been notified with effect from March 24, 2008, would apply with effect from assessment year 2008-09. Even prior to assessment year 2008-09, when rule 8D was not applicable, the AO had to enforce the provisions of sub-section (1) of section 14A. For that purpose, the AO is duty bound to determine the expenditure which has been incurred in relation to income which does not form part of the total income under the Act. The AO must adopt a reasonable basis or method consistent with all the relevant facts and circumstances after furnishing a reasonable opportunity to the assessee to place all germane material on the record.
Pidilite Industries Limited Vs DCIT (ITAT Mumbai) – Section 80-IA(5) provides that notwithstanding anything contained in provision of this Act, the profits and gains of an eligible business to which the provisions of sub-section (1) apply, shall for the purposes of determining the quantum of deduction under that sub-section for the assessment year immediately succeeding the initial assessment year or any subsequent assessment year, be computed as if such eligible business were the only source of income of the assessee during the previous year relevant to the initial assessment year and to every subsequent assessment year up to and including the assessment year for which the determination is to be made. It is noticed that by virtue of sub-section (5), section 80-IA has become a stand alone provision.
Bhoruka Engineering Inds. Ltd. Vs DCIT (ITAT Bangalore)- The whole transaction has been arranged in a sequential manner with M/s. Bhoruka Steel Ltd selling its landed property to BFSL for a nominal value of Rs. 3.75 crores ; BFSL never before doing any business other than financial services purchases the land for Rs. 3.75 crores ; immediately thereafter the assessee company and its entire group holding 98.73% of shares in BFSL selling the share holding to DLFCDL for a consideration of Rs. 89,28,36,500/- without attracting any levy of taxation.
Siem Offshore Inc.Versus Commissioner concerned Director of Income-tax, Advance Ruling Authority- The payment for hire of vessels provided by the Applicant to Trans ocean would be covered under the definition of ‘plant’ as defined under section 44BB of the Act. Accordingly, consideration received for supply of vessels on hire used for offshore drilling activities and marine operations would be covered within the purview of section 44BB of the Act.
