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Income Tax : The Income-tax Act, 2025 continues the old specified professions framework without addressing longstanding classification issues. ...
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 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 Tribunal held that an incomplete document recovered from an employee's laptop could not justify an addition under Section 69 w...
Income Tax : The ITAT held that once registration under Section 12AB was ultimately granted on the basis of the original application, the doctr...
Income Tax : The ITAT Chennai ruled that funds received by a Chartered Accountant for remitting clients' taxes could not be treated as unexplai...
Income Tax : ITAT Mumbai held that appellate forums can entertain additional claims even without a revised return. The matter was remanded to t...
Income Tax : The Telangana High Court held that recovery proceedings under Section 226(3) cannot automatically extend to a daughter's bank acco...
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...
Notification No. 6-Income Tax In exercise of the powers conferred by sub-clause (vii) of clause ( 15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the bond with the following particulars for the purpose of the said sub-clause
INSTRUCTION NO. 1/2008, DATED 9-1-2008 Your attention is drawn to the guidelines for selection of cases under scrutiny for the F. Y. 2007-08 under which claim of refund of Rs. 5 lakhs or above is one of the criteria for compulsory scrutiny. Such cases were to be selected for scrutiny by CASS in all the networked stations and manually in non-networked stations.
While a co-operative society is treated under the Income-tax Act, 1961, as an assessee for extending certain concessions in computing taxable income, the income of a co-operative society is not exempt in its entirety. The Act has classified co-operative societies on the basis of various activities carried out by them.
It was incumbent on the Assessing Officer to show in the reasons recorded by him that any income escaped assessment due to error or omission on the part of the assessee in not disclosing all material facts relevant for assessment of this year. The assessment order does not show any error or omission on the part of the assessee in disclosing all material facts. So the Tribunal held that the CIT(A) was right in cancelling the re-assessment.
In a move that will bring cheers to tax payers, Supreme Court has ruled that those aggrieved by a blatantly erroneous or prejudiced order by the Income-Tax Appellate Tribunal (ITAT) can take the matter back to the Tribunal and get the error rectified. The apex court issued such an order in a case involving Honda Siel.
ACIT vs Mahalaxmi Chemical Works The notice under s.148 was issued for the reason that interest paid was not allowable since funds taken on interest were not used for business purpose.During reassessment said interest was not disallowed, accepting the assessee’s explanation. The reassessment for that reason could not be held to be invalid since there was prima facie reason to believe at the time of issue of notice under s.148 that income had escaped assessment.
The controversial double tax avoidance treaty between India and Mauritius is likely to survive despite pressure from the income-tax authorities. The pact may be reworked, but not scrapped, thanks to the lobbying by a high-level delegation headed by Mauritius Prime Minister Navinchandra Ramgoolam.
The Tribunal observed that the loss incurred by the assessee is on account of the loan advances to BFL from which the assessee company had earned interest. It was the surplus fund of the assessee which was utilized for advancing loan with the intention of earning interest, but assessee is not a money lender. It is common in the commercial practice that if surplus money is available then the business invests the same for earning interest instead of keeping it idle. The said investment would be capital in nature as surplus funds are invested with a view to earn interest. The assessee is also not a dealer in securities and investments. ‘ A So the loss sustained by the assessee in respect of the loan advanced to BFL is in the nature of capital loss and is not allowable u/s.28 of the Act also.
THE New Year has just set in, and things have started going awry for the CBDT. In fact the CBDT’s ‘time chakra’ had entered the adversarial zone some time late last year when the Delhi High Court had begun to take note of its frivolous appeals. It did warn the income tax authorities and also asked for detailed procedure and screening methodoligies adopted by the Board before an appeal is filed before the High Courts.
The assessment for AY 90-91 was reopened on the ground to verify whether the income from warehousing charges should be treated as income from business or income from house property. Ultimately after investigating the case in detail, the Assessing Officer himself arrived at a conclusion that charges on account of warehousing are business receipts and the reassessment was completed accordingly. Now, for these years under consideration the department had taken a different view, which in our considered opinion,
