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Income Tax : Resident taxpayers holding foreign assets or financial interests may be required to file returns and disclose such assets regardle...
Income Tax : The Income Tax Act, 2025 preserves the key deduction previously available under Section 80P through Section 149. Most tax incentiv...
Income Tax : ITAT Bangalore held that exemption under Section 54F cannot be denied merely because the sale deed was registered after two years....
Income Tax : Income tax notices are often issued for verification, mismatches, or compliance checks and do not always indicate wrongdoing. Unde...
Income Tax : The law permits taxpayers to adopt the stamp duty value on the agreement date instead of the registration date where prescribed co...
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 updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...
Income Tax : The Tribunal held that a penalty notice must clearly state the specific limb of Section 270A being invoked. Absence of such specif...
Income Tax : The ITAT Jaipur held that deduction under Section 54F cannot be denied merely due to delay in completing construction when the ass...
Income Tax : The Tribunal held that generalized investigation reports cannot substitute for concrete evidence against an assessee. Since the tr...
Income Tax : The High Court set aside the Single Judge’s order and remitted the matter for fresh consideration following the Supreme Court’...
Income Tax : The Tribunal sent the matter back to the Commissioner (Appeals) for fresh adjudication after the assessee challenged the validity ...
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...
Income Tax : CBDT has granted scientific research approval to a biotechnology institution under the Income-tax Act, 2025. Eligible donations ma...
Income Tax : CBDT has granted approval to a higher educational institution for scientific research under the Income-tax Act, 2025. Eligible don...
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 :-
