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Income Tax : Plan your finances before March 31 with this year-end tax checklist. Learn about old vs. new tax regimes, investments, deductions,...
Income Tax : Delhi HC ruled WGF Financial Services can't claim bad debt deduction under Sec. 36(1)(vii) as furnishing guarantees wasn't its reg...
Income Tax : Switzerland halts the unilateral application of the MFN clause under its tax treaty with India from 2025, following the Indian Sup...
Income Tax : Explore 151 FAQs on Finance Bill 2025, covering tax provisions, IFSC benefits, TDS/TCS, transfer pricing, and more for informed fi...
Income Tax : Compare GST and Income Tax search and seizure processes, highlighting key differences in scope, authority, and taxpayer rights. Le...
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 Mumbai rules on Nickunj Eximp case: Disputes over bogus purchases, demonetization cash deposits, and assessment procedures....
Income Tax : The Delhi High Court quashed a tax reassessment notice issued to Indus Towers Ltd. for AY 2009-10, citing procedural lapses and mi...
Income Tax : ITAT Mumbai condones a 314-day delay in Atlantic Bio Medical Pvt. Ltd.'s appeal, citing a bona fide mistake in tax filing and a ri...
Income Tax : Gujarat High Court rules that a jurisdictional assessing officer cannot override the faceless assessment scheme under Section 151A...
Income Tax : ITAT Bangalore held that that mens rea is not an essential condition for imposing penalties under civil acts. Penalty u/s. 270A of...
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...
सामान्यत ये चलन व्यापक स्तर पर देखा जाता है कि व्यापारी या उद्योगपति अपनी बैंक लिमिट जारी रखने के लिए या बढ़वाने के लिए या बैंकों से अधिक वित्तीय सुविधा प्राप्त करने के लिए बढ़ा चढ़ाकर स्टाक दिखाते हैं जितना रिकॉर्ड में नहीं होता है और ऐसा करने में प्रायः यह भी देखा जाता है कि बैंकर्स, सीए और कर सलाहकार भी सहायता करते हैं.
S.R.Trust Vs PCIT (Madras High Court) ITAT held that procedure of cancellation of the registration already enjoyed either under 12A regime or 12AA regime in the case of the petitioner, in view of the new regime having been introduced, shall take place only after disposing the application made by the trust or institution, under the […]
Asha Saini Vs ITO (ITAT Delhi) It is not a case of the Assessing Officer that the assessee was the ultimate beneficiary of the amounts deposited in the bank account. Hand-writing expert report dated 2.12.2017 and copy of FIR available at assessee’s paper book clearly reveals that the hand-writing expert clearly opined that the disputed and […]
Vikram Kalra Vs ACIT (ITAT Delhi) It is the case of the assessee that the provisions of Section 54F are beneficial in nature and the Courts have always accorded liberal interpretation and a small delay of few days have been condoned for the eligibility purposes. Even otherwise, in these circumstances, the imposition of penalty on […]
Indian Bank Employees Cooperative Credit Society Limited Vs ITO (ITAT Mumbai) Brief facts are that the assessee is The Indian Bank Employees Cooperative Credit Society Limited. On perusal of the profit and loss account and the computation of income, the Assessing Officer observed that the assessee has offered net income from business and profession at […]
Pravin Talakshibhai Kotak Vs PCIT (Gujarat High Court) HC held that Principal Commissioner shall look into all documents which are on record and take an appropriate call as regards the attachment of the property-in-question. FULL TEXT OF THE JUDGMENT/ORDER OF GUJARAT HIGH COURT By this writ application under Article 226 of the Constitution of India, […]
Provision for obsolete stock be allowed as deduction subject to satisfying himself that valuation is done based on principle that at cost or market price or net realizable value, whichever is less.
ITAT held that non mentioning of relevant limb or non striking off of irrelevant limb in penalty notice is a substantive defect in imitation of proceedings itself and consequent penalty levied on the basis of such defective notice can not be sustained.
Amidst the OECD’s inclusionary efforts, many issues remain unresolved, particularly when it comes to the transfer of intangibles for the specific purpose of business restructurings. Cross-border transfers of intangibles are frequently made with the final goal of changing corporate structures, such as when a company is entirely comprised of this type of assets (IP company).
AO did not make any addition with regard to URD purchases, which were considered to be bogus or inflation of expenses, in the respective years. Without making addition of alleged bogus/inflated expenses, the A.O. could not disallow depreciation
