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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...
Select Holiday Resorts Pvt. Ltd. [52 DTR 14] – Section 79 (Section) which contains provisions restricting carry forward of past year losses under the Income Tax Laws (ITL) ruled that the Section has no applicability to a case of amalgamation of 98% shareholder company with the Taxpayer where the amalgamated and the amalgamating companies are held by the same set of shareholders with whom control of the taxpayer continues to remain. The ITAT further held that since the amalgamating company ceased to exist post amalgamation, a change in shareholding upon amalgamation can be regarded as a change arising in a situation akin to death of a shareholder which is specifically excluded from applicability of the Section.
The Finance Bill, 2011 contains some international tax proposals that are focused on anti-tax avoidance, transfer pricing (TP), tax enforcement and provisions to encourage Indian companies to repatriate profits back from their foreign subsidiaries. The Finance Minister also reinforced the intent of the Government of India (GOI) to enact the Direct Taxes Code, 2011 (DTC) with effect from 1 April 2012. Here we have highlighted the key international tax provisions contained in the Finance Bill, 2011.
CIT V. Govind Nagar Sugar Ltd. (ITA No. 164 of 2008) (Del)- Taxpayer filed its return of income for the assessment year 2001-02 on 31 March 2003 declaring a loss. The due date of filing the return of loss in terms of provisions of section 139(3) of the Income Tax Act,1 961 (the Act) was 31 October 2001. In the assessment order, the Assessing Officer (the AO) did not allow the carry forward of unabsorbed loss including the unabsorbed depreciation. The Commissioner (Appeals) confirmed the AO’s order and held that the taxpayer was not allowed to carry forward the losses by virtue of section 80 of the Act. On appeal, the Income Tax Appellate Tribunal (the Tribunal) allowed the carry forward of unabsorbed depreciation for the assessment years 2000-0 1 and 2001-02. Aggrieved by the order of the Tribunal, the tax authorities filed an appeal before the High Court.
Mahindra Satyam today said it will submit to tax authorities about Rs 617 crore demanded by I-T Department under the foreign tax credit liability. “The company shall submit a banker’s cheque for Rs 350 crore and an unconditional bank guarantee for Rs 267 crore, upon which the Additional Commissioner of Income Tax shall withdraw the garnishee orders issued and defreeze the company bank accounts,” Satyam Computer Services (now Mahindra Satyam) informed the Bombay Stock Exchange.
Vide Order No. 54 of 2001 dated 31.3.2011, the CBDT has announced the promotion of Commissioners & Directors of Income-tax as Chief Commissioners and the posting & transfer of the Chief Commissioners & Director Generals of Income-tax. Copy of order is attached below for your reference. Order No. 54 of 2001 related to Promotion, Posting & Transfer Of Chief Commissioners of Income-tax & DGs
INSTRUCTION No. 5/2011 [F.No. 225/61/2011-IT(A-II)], dated 30-3-2011- The Hon’ble Supreme Court has made the following observations in an order dated 12-8-2010 in the case of CIT, Delhi v. Bharti Cellular Ltd. [2010] 193 Taxman 97 (SC): “We are directing CBDT to issue directions to all its Officers, that in such cases, the Department need not proceed only by the contracts placed before the officers. With the emergence of our country as one of the BRIC countries and with the technological advancement matters such as present one will keep on recurring and hence time has come when Department should examine technical experts so that the matters could be disposed of expeditiously and further it would enable the appellate Forums, including this Court, to decide legal issues based on the factual foundation. We do not know the constraints of the Department but time has come when the Department should understand that when the case involves revenue running into crores, technical evidence would help the Tribunals and courts to decide matters expeditiously based on factual foundation.”
ORDER NO. 3/FT&TR/2011 [F. NO. 500/15/2011-FTD-I], DATED 31-3-2011. In partial modification of Order No. 1/FT&TR/2011, dated 12th January, 2011 and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income-tax/Director of Income-tax as Members of DRP at the places given below, who shall perform such duties in addition to their regular duties with effect from 1-4-2011 and until further order:–
ORDER NO. 58 OF 2011- The following postings and transfers of officers in the grade of Commissioners/Directors of Income Tax are hereby ordered with immediate effect and until further orders:-‘
Notification No. 17/2011 – Income Tax [F.NO. 203/16/2009/IT (A-II)], DATED 1-4-2011 – Income-tax : Section 35(1)(ii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved scientific research associations/institutions- It is hereby notified for general information that the organization Physical Research Laboratory, Ahmedabad, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5D of the Income-tax Rules, 1962 (said Rules) with effect from 1-4-2003 to 31-3-2008 in the category of ‘scientific research association’ subject to the following conditions, namely:–
Five crore commemorative coins of Rs 5 denomination, unveiled recently to celebrate 150 years of taxation, will be minted for public distribution soon. The coins, released by Finance Minister Pranab Mukherjee on February 26, will be put in public domain and will be a collector’s item. These will have no extra price, a senior Finance Ministry official said. The special coin was unveiled along with a coin in the denomination of Rs 150 on the occasion of completion of 150 years of taxation and also of the Income Tax department from 1860 to 2010.
