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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...
DCIT Vs K. Dhandapani and Co. Ltd. (ITAT Chennai) ITAT Chennai held that assessee rightly proved that the land sold is agricultural land and agricultural activity was carried out on the same. Hence, the agricultural land is not assessable to capital gains. Facts- The only issue in this appeal of Revenue is as regards to […]
ITAT Bangalore held that HUF was disrupted / partitioned as on the date of assessment order and hence the assessment order in the status of HUF is invalid.
ITAT Bangalore held that the deposit of gold jewellery by family members of a partner in the partnership firm would be treated as the stock in trade of the firm as agreement between the firm and the partners provides that the jewellery given by the partner can be used by the firm and sold by the firm.
Vidisha Singhal Vs ITO (Delhi High Court) AO admits that the impugned order passed under Section 148A(d) of the Act is riddled with mistakes. He further admits that in the notice issued under Section 148A(b) of the Act, the details of the transactions allegedly carried out by the petitioner were not correct. He states that […]
ITAT Mumbai held that Honble jurisdictional High Court order in case of CIT v Gem & Jewellery Export Promotion Council has held that none of the conditions attached to the grant affected the voluntary nature of the contribution and accordingly they would be exempt under section 12 of the Act and it is settled law that decision of Hon’ble jurisdictional High Court is binding upon subordinate Tribunal and courts.
Jamna Devi Vs ITO (Rajasthan High Court) The matter comes up for consideration of the application (CMCC No.97/2022) preferred under Section 5 of the Limitation Act on behalf of the appellant-assessee with a prayer to condone the delay of 1060 days caused in filing the present income tax appeal. Learned counsel for the appellant-assessee has […]
ITAT Bangalore held that order passed under section 263 of the Income Tax Act is invalid as the same does not have any Document Identification Number.
ITAT Mumbai held that depreciation cannot be disallowed as application of income under section 11(6) of the Income Tax Act when the assessee has not claimed purchase of asset as application of income in any of the previous years.
Neeraj Kumar Vs ITO (ITAT Delhi) From the penalty order, we observe that the Assessing Officer nowhere stated that the notices issued u/s 142(1) of the Act were served on the assessee. In the entire penalty order we observe that the notices said to have been issued by the AO but it is not the […]
ITAT Chennai held that if TDS is deducted by applying wrong provisions or at lower rates, the sum paid cannot be disallowed attracting provisions of section 40(a)(ia) of the Income Tax Act.
