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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...
Vineetkumar Raghavjibhai Bhalodia vs. ITO (ITAT Rajkot)- HUF is a relative inasmuch as HUF is a collective name given to group consisting of individuals, all of whom are relatives under Explanation to Proviso to section 56(2) of the Act. The ld.AR submitted that the term individual would include a group of individuals, hence, an HUF would be covered by the term individual.
Atul G. Puranik Vs. ITO (ITAT Mumbai) – Where the assessee acquired rights in plot in exchange of plot owned by his father, then the market value of the land so received on the date of acquisition will be the cost of acquisition of such land.
Indian Railway Finance Corpn Ltd Vs Addl.CIT (ITAT Delhi) – Whether the lease equalisation charges which represented the recovery of fair value of leased assets are rightly added to the net income as per the profit and loss account while computing the book profits u/s 115JB – Whether the bond issue charges are revenue in nature – Whether the assessee is entitled to depreciation on the assets which were in its possession and it cannot be denied merely on the ground that the registration formalities were pending – Assessee’s appeal allowed.
CIT v Volpak Securities Ltd. (Gujrat High Court)- With respect to the portion of penalty, which the CIT [A] confirmed, the same was deleted by the Tribunal observing that the assessee was liable to make payment of Rs. 1,53,000/ on 23rd June 1997 in respect of mark-to-market settlement for which purpose Rs. 1,50,000/ was accepted from Shri Ashok Patel, Director in cash. However, since some funds were available in the books on that date, only Rs. 75,000/ was deposited in the Bank on 23rd June 1997 and the balance, after meeting certain other payments, was returned to the Director.
Terming the $2.6 billion tax liability on the company as ‘inequitable’, UK-based Vodafone today questioned the Indian authorities for not raising the tax claim on the party (Hutchison) which made profit by selling its stake. Vodafone exuded confidence that there was no tax payable on its deal for buying majority stake of Hutchison in Indian telecom firm Hutchison-Essar for over $11 billion in 2007.
Finance Minister Pranab Mukherjee today said the government is negotiating changes in a tax treaty with Mauritius, the country which accounts for the maximum foreign investment in India. So far as Mauritius is concerned, we are having discussions with them for amendment of the avoidance of double taxation agreement. Talks are going on, Mukherjee told PTI when asked whether the government is looking at the possibility of imposing levies on inflows from tax havens.
ITO Vs. Vijay Bharat Roadlines Pvt. Ltd. (ITAT Delhi) -Whether the assessee was not liable to deduct tax at source as per the provisions of section 194C(2) of the Act , for the payment of freight charges amounting to 1,32,58,651/- made to the lorry owners and consequently, the provisions of section 40(a)(ia) of the Act were not applicable to such payments. Held, Yes the payments in question were made to lorry/truck owners who merely placed the vehicles at the disposal of the assessee and never involved themselves in the work to be carried out by the assessee for FCI.
DCIT Vs M/s Sapient Corporation Pvt Ltd. (ITAT Delhi) – It is by now well-settled that if the expenditure incurred by the taxpayer is of revenue nature, the same is entirely deductible even if there accrues an advantage of enduring nature in favour of the taxpayer as a result of the said expenditure. This is because going by the very nature of the expenditure being revenue, it operates in the revenue field leaving the capital field untouched.
Rambagh Palace Hotels Pvt Ltd Vs ITO (ITAT Delhi) – In this case ld CIT(A) had adjudicated upon on all the issues. Therefore, the assessment order has merged in the order of CIT(A). Hence, ld. CIT was debarred to assume jurisdiction u/s 263 of the Act. The assessment cannot be treated as erroneous in so far as prejudicial to the interest of revenue merely on the basis of a complaint and that too for the purpose of making roving enquiries.
DCIT Vs M/s Mcleod Russel India Ltd (ITAT Kolkata) – Whether FBT is payable even in the absence of any taxable income – Whether provision of section 115-O & 115WA are pari-materia and hence FBT is leviable only to the extent of those expenses which are directly relatable to the Income taxable under the Income Tax Act – Whether when only 40% income of a tea company is chargeable to tax, even FBT liability arises on only 40% of expenses. – Revenue’s appeal allowed.
