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Income Tax : The Supreme Court dismissed the Revenue's review petitions and reiterated that payments for off-the-shelf software do not constitu...
Income Tax : A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to ...
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 : 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 Department argued that Section 292BC validated the approval despite alleged deficiencies, but the Tribunal rejected this conte...
Income Tax : The High Court set aside the Order-in-Original after noting the petitioner's grievance that submitted documents were not considere...
Income Tax : The Chennai ITAT restored the matter to the CIT(A), holding that the appellate authority failed to examine a prior Tribunal decisi...
Income Tax : The Chandigarh ITAT ruled that interest received on enhanced compensation is taxable under Section 56(2)(viii), holding that post-...
Income Tax : The Delhi ITAT held that Fees for Technical Services cannot be taxed under Article 22 of the India-Thailand DTAA merely because th...
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...
Since the Stock Exchange membership card which is sold in auction is property covered by the description “capital asset” under section 2(14) of the I.T Act, it’s sale by stock Exchange amount to transfer” within the meaning of Section 2(47) of the I.T. Act.
Tribunal was correct in deleting the addition made by the Assessing Officer on the ground that the assessee had deposited employers’ as well as employees’ contribution towards PF/ESI after the due date, as prescribed under the relevant Act/Rules, but before date of filing return.
Sub section (1) of Section 73 provides that the loss in respect of a speculation business can be set off only against the profits and gains of another speculation business. Sub section (2) of Section 73 enables an assessee to carry forward the loss arising out of a speculation business which has not been set off e their wholly or partly under the provisions of sub section (1)
The applicant is a company incorporated in Russia and also is tax resident of that country. It is one of the leading companies in the field of power project construction and export of electric power and is further engaged in the business of construction and commissioning of power project. In response to the tender floated by the National Thermal Po
Settlement Commission has jurisdiction over assessee only when it decides to proceed with the application and admits application under section 245D(1). In respect of demand raised in the assessment made before the admission of application for settlement under section 245D(1), the Assessing Officer is entitled to levy the interest under section 220(2) till the date of admission under section 245D(1).
We have-considered the rival submissions and perused the material on record. So far as facts are concerned, the undisputed facts are that assessees inherited in the co-ownership a Bunglow No.2, Faizabad Road, Opposite to IT College, Lucknow. This was sold by these assessees vide sale deed dated 20.11.2003. Apparent consideration is declared at Rs. 1,20,00,000/ – whereas valuation as per SVA is Rs.2,48,19,410/ -. The assessees objected to the proposal of the
We have considered the rival submissions and perused the material on record. In our considered view, the claim of the revenue that notices were sent through Courier and the Courier had served it within a week on the assessee is not sustainable because the revenue has to produce the copy of the acknowledgement in token of service of the notice.
The transportation of passengers, mails or cargo etc. by the assessee in the international traffic by the aircraft as owner/ charterer/ lessee would fall within the scope of Article 8 of the Indo-US Tax Treaty and therefore, profits attributed to the same cannot be taxed in India; further, the profits from inland transportation directly connected with such transportation would also not be taxable in India.
At least seven people were injured when a major fire broke out in the Income Tax Office (ITO) in New Delhi on Friday, Apr 2.According to officials, the blaze broke out in the fourth floor of the D-shape building at 11.15 am when some labourers were engaged in wood work.
Cuttack bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of R.R. Caryying Corpn. v. ACIT [2009] 126 TTJ 240 (Cuttack) held that only the embedded portion of the profits is to be considered as taxable and not the entire amount in the case of discrepancies between the sales or receipt amount as per books of accounts and the amount shown in TDS certificate, for taxability purpose.
