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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 : Bombay High Court quashed income tax reassessment proceedings after holding that the PAN was not transferred to the competent juri...
Income Tax : The Calcutta High Court upheld the ITAT's decision quashing the assessment after finding that the notice under Section 143(2) was ...
Income Tax : The Ahmedabad ITAT held that adjustments under Section 143(1)(a) cannot be sustained without evidence of prior intimation to the a...
Income Tax : The Court held that although filing the audit report along with the return is directory, complete failure to furnish the report is...
Income Tax : The Supreme Court held that filing Form 3AA during assessment proceedings constituted sufficient compliance, even though it was no...
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...
The entitlement to shares pursuant to an award made under the provisions of the Arbitration and Conciliation Act, 1996, is in consequence of lawful means other than by a transfer in accordance with the Articles of Association of the Company.
Demat account is essential a commercial activity done on a day to day basis and it is not expected that a private trust would bring the Gods and Goddesses in the matter of share trading business. In our view, the Respondent No. 2 has rightly rejected the prayer of the Petitioner holding that such account cannot be operated in view of the circular of the SEBI which is annexed at page 23 annexure “C”.
The connotations of expression `particulars of income’ do not extend to the issues of interpretation of law and as such making a claim, which is found to be unacceptable in law, cannot be treated as furnishing of inaccurate particulars of income
Merely because the property was given on leave or licence for a specific purpose of running restaurant or it was given along with furniture, fixtures as well as other equipments required for running of restaurant, the same, could not change the character of rental income which is “income from house property” and the same would not become business income
We find that the A.O., CIT (A) as well as the Tribunal has only interpreted the provisions of sec. 80-IA(9) and Sec. 80HHC in a different way. As held by their Lordship, in the case of Reliance Petroproducts Ltd (supra) that merely because the assessee has made some legal claim which has not been accepted by the A.O. that will not amount to furnishing of inaccurate particulars of income of the assessee. In our opinion, there is no justification to support the A.O. for levy of the penalty on the claim of the assessee u/s 80HHC, which was not accepted. We, accordingly, delete the entire penalty by cancelling the penalty order passed by the A.O.
The Assessee owned the property at No. 6, 4th floor, `Sahas’, Veer Savarkar Marg, Prabhadevi, Mumbai-400 025. According to the Assessee the aforesaid property had all facilities of being used as a business centre. The Assessee had entered into an agreement dated 10-10-1995 (titled “Agreement for Security Deposit”) whereby the Assessee permitted M/s.
The Petitioner has an industrial unit in the district of Raigad which is a notified backward area. The Government of Maharashtra issued a package scheme of incentives in 1993 by which a scheme for the deferral of sales tax dues was announced. The Petitioner had during the period 1 May 1999 and 31 March 2000 collected an amount of Rs.1,79,68,846/ towards sales tax. Under the scheme the amount was payable in five annual installments commencing from April 2
The Memorandum explaining the provisions of the Finance Bill of 2001 by which sub-section (7) of section 94 was inserted, would make it clear that the requirements that are spelt out in clauses (a),(b) and (c) were intended to be cumulative.
Where an assessment has been made under sub-section (3) of section 143 for the relevant assessment year, no action can be taken after the expiry of four years from the end of the relevant assessment year unless inter alia there has been a failure of the assessee to disclose fully and truly all material facts necessary for his assessment for that assessment year.
Though the issue raised in these connected appeals filed by the Revenue stands decided in favour of the assessees by Division Bench judgment of this court in SOUTH INDIAN BANK LTD. V. COMMISSIONER OF INCOME-TAX reported in 262 ITR 579, the department while arguing these appeals before a Division Bench of this court canvassed against the correctness of the said judgment and the Division Bench on being prima facie satisfied, referred the matter for decision by Full Bench and hence the matter is before us.
