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Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sada...
Income Tax : ITAT Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...
Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...
Income Tax : ITAT Pune confirms CIT's order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. A...
Income Tax : ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexp...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
ITAT Delhi held that assessment order framed in the name of a non-existing entity is non-est and liable to be quashed. Accordingly, initiation of proceedings u/s 263 based on such assessment order is liable to be set aside.
ITAT Delhi held that in view of provision of 47(v) of the Act the transaction of transfer of land from subsidiary to holding company is not covered u/s. 45 of the Act. Accordingly, when the transaction does not falls within ambit of section 45, then any claim of long term capital loss/profit cannot be allowed.
Circular No. 11 of 2023 issued by the Government of India Ministry of Finance provides corrigenda to Circular No. 10 of 2023. The corrigenda rectify certain references in the circular related to section 206C of the Income Tax Act.
The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes has issued Notification No. 47/2023, bringing further amendments to the Income Tax Act 1961. These amendments have been made in exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act. The notification replaces a specific row […]
Stay informed about the importance of linking your PAN to Aadhaar to avoid legal complications and financial restrictions. Learn the process, understand the penalties for non-compliance, and check your status today
In the case of Late Sh. Ashok Kumar Goel Vs National Faceless Appeal Centre (NFAC), the issue of extending another opportunity to the assessee in ex-parte proceedings is examined. This article provides an analysis of whether a reasonable opportunity should be given to the assessee, even when an adjournment petition is rejected. The possibility of extending the opportunity of hearing in set-aside proceedings is also discussed. Read the full text of the order by ITAT Amritsar and the conclusion reached in this case.
In the case of Raghuraj Laminates Pvt Ltd vs. ITO, the ITAT Delhi has quashed the reassessment order passed without issuing a valid notice under Section 148 of the Income Tax Act. The order was deemed illegal, bad in law, and without jurisdiction.
ITAT Chennai held that provisions of section 73 doesnot apply in view of specific exclusions of the arbitrage/jobbing transactions from the purview of speculative transaction u/s 43(5) of the Income Tax Act.
ITAT Delhi held that addition towards unexplained jewellery unsustainable as panchnama clearly mentions the fact that ownership of jewellery belongs to various people.
Read the full text of the judgment in the case of Ashok Kumar Sinha vs ACIT, where the Delhi High Court sets aside the assessment order and notices issued under the Income Tax Act, directing a re-examination of the material provided by the petitioner and a fresh assessment by the Assessing Officer.
