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Income Tax : Bombay High Court rules on tax evasion by Buniyad Chemicals, addressing unexplained credits, money laundering, and regulatory acti...
Income Tax : Understand the New Income Tax Bill 2025, key policy changes, structural revisions, and interpretation methods. Learn how these upd...
Income Tax : Article explores effectiveness and influence of Bilateral Investment Treaties (BITs) on FDI flows with particular emphasis within ...
Income Tax : Learn about deductions allowed under Section 57 of the Income Tax Act, 1961, for income from other sources, including family pensi...
Income Tax : This blog explores the implications of this tax policy, the distinction between games of skill and chance, the applicability of Ta...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : ITAT Ahmedabad dismisses ITO's appeal against Sun Gold Capital Ltd due to low tax effect under CBDT Circular 09/2024. Key issues i...
Income Tax : Analysis of ITAT Ahmedabad's ruling in Rakesh Saxena Vs PCIT. The tribunal upheld the revision order, treating VRS benefits as tax...
Income Tax : Madras High Court quashes assessment order citing lack of proper notice and violation of natural justice for a non-resident taxpay...
Income Tax : Bombay HC quashed Trent Ltd.’s tax refund adjustment under Section 245 of the IT Act, citing a violation of natural justice. Rev...
Income Tax : ITAT Pune dismisses revenue appeal, upholding CIT(A)'s decision that a tax reassessment based on a cancelled PAN was invalid....
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
HC find no substance in AO’s reason to believe that income chargeable to tax has escaped assessment in as much as there is no mention of any tangible material that led to his conclusion. The entire process is triggered on a change of opinion as to the calculation of tax payable by the assessee.
Baldev Kumar Vs ITO (ITAT Delhi) On perusal of the assessment order, it appears that the assessee has deposited cash amount to Rs.19,49,553/- in the savings bank account in Financial Year 2011-12 relevant to Assessment Year 2012-13 in question. The Assessing Officer attempted to make inquiry on the source of such cash deposits but however […]
Interstate purchase of capital goods by assessee shall not affect benefit under Section 15(1) of Karnataka Value Added Tax Act, 2003: HC
Presumption that Petitioner beneficiary of accommodation entries based on statement of third party was disproved. Consequently, onus would be on AO to provide reasons to disbelieve bank statements and supporting documents for reopening the assessment.
CBDT notifies Food Safety and Standards Authority of India under Section 10(46) of Income Tax Act, 1961 vide Notification No. 26/2023-Income Tax Dated: 10th May, 2023 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 26/2023-Income Tax | Dated : 10th May, 2023 S.O. 2155(E).—In exercise of the powers conferred by […]
CBDT notifies Pune Metropolitan Region Development Authority under Section 10(46) of Income Tax Act, 1961 vide Notification No. 25/2023-Income Tax Dated: 10th May, 2023. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 25/2023-Income Tax | Dated : 10th May, 2023 S.O. 2154(E).—In exercise of the powers conferred by clause (46) […]
ITAT Delhi held that proviso to Section 147 of the Income Tax Act gets applicable as reopening of assessment is initiated after four years of original assessment. Accordingly, re-opening of assessment based on mere change of opinion is unsustainable.
Supreme Court held that ITAT accepted the rectification deed reducing the amount from Rs. 15,94,06,500/ to Rs. 5,24,27,354/ without questioning the factum of refund of differential amount. Accordingly, matter remanded back for fresh consideration.
ITAT Delhi held that the amounts advanced for business transaction between the parties would not fall within the definition of deemed dividend under section 2(22)(e) of the Act.
Meena Nayyar Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, held that no additions can be made de hors any incriminating material for assessment under Section 153A of the Income Tax Act. The aforesaid observation was made by the Delhi ITAT, when appeals […]
