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Income Tax : Analyzing if increased TDS thresholds and reduced rates enhance taxpayer liquidity or just shift tax payments to advance tax. Read...
Income Tax : Overview of Income Tax Sections 69A, 69B, on unexplained income, investments, and expenditures. Key cases and interpretations incl...
Income Tax : Recent changes in India's income tax structure, particularly the introduction of rebates, have led to some confusion among taxpaye...
Income Tax : India abolishes Angel Tax from FY 2025-26, boosting startup funding and foreign investment. Learn its impact on valuations, FDI, a...
Income Tax : जानिए आयकर अधिनियम में सैलरी और लीगल पर्सन की आय प...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : Aadhunik Infrastructure Development Pvt. Ltd. Vs DCIT (ITAT Pune) The Income Tax Appellate Tribunal (ITAT), Pune Bench “A,” ha...
Income Tax : ITAT Nagpur rules in ITO Vs N. Kumar Housing, addressing ₹5.2 crore addition under Sections 41(1) and 68. Liability cessation an...
Income Tax : ITAT Pune rules in Ramchandra Jadhavrao vs. ACIT that no penalty under Section 271(1)(c) applies if income is declared in return p...
Income Tax : Rajasthan High Court quashes reassessment notice for AY 2015-16 citing limitation expiry. Case analysis and implications for Secti...
Income Tax : ITAT Delhi held that accumulation under section 11(1)(a) of the Income Tax Act is to be allowed at 15% of gross receipts. Accordin...
Income Tax : Details of the Lok Sabha Select Committee's sittings on March 6-7, 2025, to examine the Income-Tax Bill, 2025, with oral evidence ...
Income Tax : CBDT updates income tax rules and forms for business and securitization trusts. Notification 17/2025 amends Rules 12CA & 12CC, imp...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
Balaji Janakiraman Vs ACIT (OSD) (ITAT Chennai) In the case of Smt. NS. Lakshmi, the assessee had taken a sum of Rs.20 lakhs through bank, and out of Rs.20 lakhs, the AO has accepted a sum of Rs.6 lakhs as genuine, and the remaining amount of Rs.14 lakhs has been added as unexplained credit. The […]
ITAT held that expenses incurred for pre- operative nature cannot be set-off against the interest income. Held that, expenditure incurred by a company during the setting up of new business and its commencement can be allowed as deduction.
ITAT Mumbai held that approved sanctioned scheme of amalgamation is binding on the authorities and the same cannot be permitted to be challenged in a collateral proceeding.
ITAT Pune held that that the authorities under the Act are required to assist the assessee in the assessment proceedings by giving effect on the correct position of law even if the assessee makes wrong claim. Hence assessee is entitled to claim the same as exempted u/s. 10(37) of the Act instead of deduction u/s 54B of the Income Tax Act.
ITAT Chennai held that as per the ratio of decision of jurisdictional High Court in CIT V/s Gumanmal it is held that deduction u/s 54 of the Income Tax Act is available in respect of more than one property
ITAT Delhi held that mere reflection of unexplained cash in the books of accounts without any supportive documents is not valid ground for deletion of the addition by CIT(A). Accordingly addition towards unexplained cash sustainable
ITAT Allahabad held that facts brought to the notice of this Tribunal are relevant and very crucial for deciding the issue under consideration. Since the facts were not produced before earlier authorities impugned order is recalled
Whether forfeiture of gratuity, under Payment of Gratuity Act, 1972, is automatic on dismissal from service, is issue for consideration in this case.
Calcutta High Court held that Income Tax authorities can initiate afresh proceedings if the previous proceeding were invalid as per law.
Stalco Consultancy & Systems Private Limited Vs PCIT (Orissa High Court) HC relied on the Supreme Court judgment in Union of India v. Ashish Agarwal and quashed notices under Section 148 of the Act which were issued prior to 1st April, 2021 but beyond the period of six years after the expiry of the relevant […]
