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Income Tax : Understand whether director remuneration is taxed as salary or business income. Learn about tax implications, employer-employee re...
Income Tax : Explore major income tax updates for FY 2025-26, including revised tax slabs, TDS/TCS rules, rebates, and benefits for startups. S...
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 : 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...
Gupta Synthetics Ltd Vs DCIT (ITAT Mumbai) It was observed that the assessee had entered into a sale deed dated 13/03/2012 with Numech Synthetics P Ltd for sale of land at Dadra in UT Dadra and Nagar Haveli for a sale consideration of Rs.70 lakhs. A registered agreement dated 13/03/2012 was executed. The assessee contends […]
ITAT find that since registration is restored by ITAT, the assessee is entitled for claiming deduction U/s. 11 in impugned assessment year
Late Smt. Bhanuben Dhanji Shah Vs DCIT (ITAT Mumbai) The brief facts of the case pertaining to the issue, as emanating from the record, are: During the course of assessment proceedings, the assessee was asked to submit proof with regard to cost of improvement claim of Rs.81,775, with supporting bills, date of incurring such expenditure, […]
In our opinion, the assessee is having no explanation with regard to generation of scraps and sale of the same. In our opinion, it is only a make-believe story so as to account the unaccounted cash generation by assessee. In view of this, we do not find any merit in the argument of the learned Counsel for the assessee.
Court is of the view that the recovery of the annual report and the share certificate of the Petitioner from premises of Minda Group cannot be considered to be incriminating documents.
The arm’s length range is an everchanging range as different transfer pricing methods yield a different range of figures which may all be workable. With regard to this, the arm’s length principle can only generate a comparison of the set of conditions that would have been approved between independent enterprises.
ITAT Mumbai held that mere RBI recognition of debt instrument as additional tier/ capital doesn’t change the nature of perpetual debt instrument. Hence, interest expenses on perpetual bonds, allowable as deduction under Section 36(1)(iii) of the Income Tax Act, 1961
ITAT Bangalore Held that declared additional income offered to tax as business income is sustainable when the only source of income is business income. Hence, the provisions of section 115BBE cannot be invoked to tax the income as ‘deemed income’.
Fee u/s. 234E for filing TDS returns belatedly could not be levied prior to 01/06/2015 as there was no machinery provision of sec. 200A .
Where assessee-firm claimed to have received unsecured loans during relevant years, however, it could not prove genuineness of unsecured loan taken and underneath sources for making these investments, addition made by Assessing Officer under section 68 was justified
