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Income Tax : Compare GST and Income Tax search and seizure processes, highlighting key differences in scope, authority, and taxpayer rights. Le...
Income Tax : Krishna, as in March the end of the financial year approaches, many people start thinking about how to save more tax. After all, a...
Income Tax : Understand eTDS return corrections, the six-year revision limit, and challenges in claiming TDS credit. Learn how tax adjustments ...
Income Tax : Explore our analysis on including Company Secretaries as Accountants under the Income-Tax Bill 2025. Benefits include improved com...
Income Tax : While tax avoidance is legal and involves strategic tax planning, tax evasion is illegal and constitutes fraudulent activities to ...
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 : ITAT Pune held that delay in filing audit report in Form 10CCB due to technical problem is justifiable and hence denial of claim u...
Income Tax : ITAT Jaipur held that amount of sundry debtor recorded in books of account are not any money, bullion, jewellery or other valuable...
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 : 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...
ITAT Mumbai held that apart from the purchase and sale deeds of conveyance and 7/12 extracts from land revenue records, no other evidence has been brought on record by the assessee of having cultivated the land or carrying any agricultural activity. Accordingly, the same is treated as ‘capital asset’.
DCIT Vs Mahalaxmi Realtors (ITAT Pune) ITAT held that findings in the assessment proceedings cannot be regarded as conclusive for the purpose of the penalty proceedings. It is also well settled that the criteria and yardstick for the purpose of imposing penalty u/s 271(1)(c) are different than those applied for making or confirming the addition. […]
DCIT Vs L & T Access Distribution Services Ltd. (ITAT Mumbai) On the one hand, it is argued by the Ld. A.R. for the assessee before the Ld. CIT(A) that the expenditure of Rs.13.30 crores is for the purpose of setting up of the business of the assessee, but at the same time argued that […]
By conjoint reading of section 279(2) and clauses 7(v) and 8. (iii), it is explicit that the Income Tax Authorities have the power to compound the offence either before or after the institution of the proceedings but certainly not after the conviction.
Kamlesh Keswani Vs ACIT (Delhi High Court) HC held that petitioner is entitled to claim exemption under Section 54 of the Act on these admitted facts, as the conditions stipulated in Section 54 stand fulfilled. The New Property would be treated as the property purchased by the petitioner in his name and merely because he […]
ITAT Jaipur held that equalization levy not applicable as role of the assessee is merely conduit between the entity carrying out the advertisement and Google. The ultimate benefit of such advertisement is not desired by the assessee.
Understand Section 44B of the Income Tax Act, 1961 with amendments. Learn about the tax implications for non-resident individuals engaged in shipping business.
Court is of the view that every Assessment Year is a separate unit which is governed by its own peculiar facts and difference of opinion between the parties, as to the appropriateness of one or the other methods to calculate arm’s length price, cannot per se be a ground for interference
DCIT Vs Prabhat Agri Biotech Limited (ITAT Hyderabad) It is a fact that the assessee supplies seeds to its distributors located in the states of Kerala, Andhra Pradesh and Karnataka and after the season is complete the sales distributors identify the stock of seeds of various varieties which are not sold by the end of […]
Loans been taken by Assessee from a sister concern in cash to make payments to labourers at site. This was held to be a reasonable explanation
