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Income Tax : Most income tax notices involve minor mismatches or routine verification and can be resolved by submitting clarifications or docum...
Income Tax : Explains how gratuity exemptions differ for government, private, and Gratuity Act–covered employees. Key takeaway: exemption is ...
Income Tax : Explains how Section 87A rebate applies only below fixed income limits, while the standard deduction continues to reduce taxable s...
Income Tax : Discover how identifying errors in Assessing Officer jurisdiction, notice issuance, and approval under Sections 148/148A can secur...
Income Tax : Explains the tax treatment and mandatory ITR disclosures for foreign ESOPs, highlighting the need to report shares annually and av...
Income Tax : West Bengal’s ITR filings rose to 52.99 lakh in AY 2024-25, with significant increases in middle- and higher-income brackets. Th...
Income Tax : The CBDT has initiated its second NUDGE campaign, sending reminders to taxpayers with undisclosed foreign assets to ensure accurat...
Income Tax : The C&AG’s audits ensure proper assessment, collection, and allocation of direct taxes, identifying evasion risks and improving ...
Income Tax : The CBI arrests ITAT officials and an advocate in Jaipur for bribery, seizing over Rs. 1 crore and exposing an organized network s...
Income Tax : Delhi ITAT cancels ₹22 crore tax addition based solely on WhatsApp chats from another phone, reaffirming privacy protections and...
Income Tax : The Tribunal held that the assessee proved substantial upgrades to a semi-constructed house using bills and contractor records. It...
Income Tax : The Tribunal held that the assessment was void because jurisdiction shifted between officers without a mandatory transfer order. I...
Income Tax : The Tribunal held that the AO cannot expand a limited scrutiny into full scrutiny without written approval from the Principal CIT....
Income Tax : The Tribunal held that freight amounts collected and passed on to airlines are mere reimbursements, not income. Only the assesseeâ...
Income Tax : Madras High Court held that payment made for International Private Leased Circuits [IPLC] doesn’t constitute royalty within the ...
Income Tax : Government initiatives under PMLA and Black Money Act target undisclosed crypto income, enhancing monitoring, enforcement, and com...
Income Tax : CBDT notifies a State Pollution Control Board as exempt under Section 10(46A), effective AY 2024-25. The decision confirms tax-fre...
Income Tax : A statutory authority has been formally notified for exemption under Section 10(46A) with effect from AY 2024-25. The approval is ...
Income Tax : CBDT notifies tax exemption for a development authority under Section 10(46A), effective from AY 2024-25. The ruling confirms retr...
Income Tax : The government notified a historic temple as eligible under Section 80G due to its cultural significance. Deductions apply only fo...
In exercise of the powers conferred by sub-clause (iv) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Bharatiya Bhasha Parishad, Calcutta, for the purpose of the said sub-clause for the assessment years 1990-91 to 1992-93 subject to the following conditions, namely
It is hereby notified for general information that the institution mentioned below has been approved by the Secretary, Department of Science & Technology, New Delhi, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961, read with rule 6(iv) of the Income-tax Rules, 1962, under the category of “Association” in the area of other natural and applied sciences, subject to the following conditions :—
In a civil suit the respondent obtained a decree against his employer the appellant company for a sum which included com- pensation for wrongful termination of his service, arrears of salary, interest and costs of the suit, and then applied for execution of the decree.
Y. Narayana Chetty Vs. ITO (Supreme Court) The notice prescribed by section 148 cannot be regarded as a mere procedural requirement. It is only if the said notice is served on the assessee that the ITO would be justified in taking proceedings against the assessee. If no notice is issued or if the notice issued is shown to be invalid, then the proceedings taken by the ITO would be illegal and void – Y. Narayana Chetty v. ITO [1959] 35 ITR 388 (SC); CIT v. Thayaballi Mulla Jeevaji Kapasi [1967] 66 ITR 147 (SC); CIT v. Kurban Hussain Ibrahimji Mithiborwala [1971] 82 ITR 821 (SC).
Held, that the Income-tax Officer was justified in exercising his powers under s. 35 and rectifying the mistake. As a result of, the legal fiction about the retrospective operation of the Amendment Act, the subsequently inserted proviso must be read as.
The question arising for consideration both in the reference under section 66(2) of the Indian Income-tax Act as well as in W.P. No. 925 of 1955 are identical and relate to the proper rule to be applied for determining the amortisation of films for computing the income, profits and gains of the assessee which is carrying on business as a film distributor. The assessee in the Reference Case No. 27 of 1955 is the petitioner in the writ petition.
In pursuance of the direction of this Court under Section 66(2), Indian Income-tax Act, 1922, in Miscellaneous Civil Case No. 143 of 1950, the Income-tax Appellate Tribunal, Bombay, has submitted the statement of case on the following question of law : “Whether on the material on record the Appellate Tribunal could reasonably come to a finding that the sum of Rs. 8,500 was an income undisclosed sources ?”
An assessment under section 23(3) of the Act cannot be made only on bare suspcion. An assessment so made without disclosing to the assessee the information supplied by the departmental representative and without giving any opportunity to the assessee to rebut the information so supplied and declining to take into consideration all materials which the assesses wanted to produce in support of his case constitutes a violation of the fundamental rules of justice and calls for the powers under Art. 136 of the Constitution.
CIT v. S Sen & Others (Orissa High Court) 17 ITR 355 (Orissa) The proceeding arises out of two application consolidated because of the facts being identical, by the Commissioner of Income-tax/Excess profits Tax, Bihar and Orissa, under Section 66(1) of the Income-tax Act read with Section 21 of the Excess profits tax Act for the stating a case and a case stated for the opinion of this Court on the following three question of law :-
