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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 : 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 : 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...
DCIT Vs Archean Chemical Industries Pvt.Ltd. (ITAT Chennai) 13. The provisions of section 56(2)(viib) has been inserted to the statute by the Finance Act, 2012 w.e.f. 01.04.2013 and as per said provisions, where a company, not being a company in which public are substantially interested, receives in any previous year, from any person being a […]
It was the submission that assessee has acquired multiple units and, therefore, the assessee is not entitled to claim of exemption u/s. 54F
Kalubhai Ranchhodbhai Dhakecha Vs ITO (ITAT Ahmedabad) A perusal of the assessment order however reveals that there is nothing mentioned in the order that the opening balance was found unsubstantiated. The assessment order only finds a mention of the fact regarding the quantum of opening cash balance 9,06,927/- which included 4,03,585/- agricultural income and 2,78,391/- […]
ITAT held that revenue should also be careful when filing the appeals against the order of the appellate authorities. Not all orders of the appellate authorities are erroneous; a little care in filing these appeals would go a long way.
In the present case before us, the delay is for few hours which could be condoned as there is a reason that there is malfunctioning / virus attack in the computer system and consequent data loss which is beyond the control of the assessee.
ACIT Vs Kalinga Mining Corporation (ITAT Cuttack) We are not going into merits of the appeals. Only because an opportunity of hearing as prescribed u/s.250(1) of the Act has not been provided by the ld. CIT(A) to the AO and there is a clear violation of principle of natural justice in respect of opportunity to […]
Expenditure incurred would be allowable as deduction, notwithstanding the fact that no business income was earned by the assessee.
Understanding the complexities of valuation under Section 194R. Learn about the challenges and implications of tax deduction at source (TDS) in non-cash transactions.
Mohammad Bhai Esufali & Sons Vs ITO (ITAT Pune) The only dispute is about wastage/evaporation claimed by the assessee at 1.23%/0.89%. These figures have emerged from the tabulation made in the impugned order on page 4, where the assessee gave a comparative analysis showing that the wastage/shortage in the immediately preceding year was higher at […]
Vasanthan Mukundan Peedikakkandy Vs ACIT (ITAT Pune) At the outset, we note that this appeal was filed with a delay of 931 days before the CIT(A). An affidavit filed explaining the said delay which is reproduced by the CIT(A) in impugned order at page Nos.11 to 13. On perusal of the same, we note that […]
