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Income Tax : The revised ITR forms for AY 2026-27 introduce new tax slabs, expanded ITR eligibility, and enhanced disclosure requirements. Unde...
Income Tax : The article argues that the daily backup requirement under Rule 46(8) applies only to books maintained in electronic mode, not mer...
Income Tax : Judicial authorities have held that Foreign Tax Credit is a substantive right and cannot be denied merely due to procedural delays...
Income Tax : This guide explains how unexplained cash credits under Section 68 and related provisions can attract steep taxation under Section ...
Income Tax : The document outlines how MAT and AMT ensure that companies and eligible non-corporate taxpayers pay a minimum level of income tax...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Delhi ITAT sustained the addition arising from the sale of listed shares after finding discrepancies in purchase records, incl...
Income Tax : ITAT Lucknow held that derivative losses incurred by a spouse using funds gifted by the assessee can be clubbed and set off under ...
Income Tax : While recognising that earlier judgments had invalidated JAO-issued notices, the Court avoided passing orders that would make the ...
Income Tax : The Delhi ITAT held that where purchases are reflected in accepted sales and closing stock, the entire purchase amount cannot be d...
Income Tax : The Delhi ITAT held that repeated non-compliance with statutory notices transformed the reassessment into a best judgment assessme...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
ITAT Mumbai quashes penalties under Section 271(1)(c) for three assessees due to defective notices and debatable issues in light of Bombay High Court precedents.
Revenue cannot compel Assessee to spread upfront fees and brokerage fees for issuing non-convertible debentures over two years for which non-convertible debentures were issued
Bombay High Court dismisses petition challenging case transfer of Laxminath Investment to Delhi under Section 127(2), citing valid reasons and procedural compliance.
ITAT Mumbai upholds CIT(A)’s decision favoring Jay Bharat Mehta, rejecting unexplained cash credit addition and affirming Section 54F deduction eligibility.
Bombay High Court invalidates reopening notice and assessment order against Jayant Avinash Dave, citing procedural lapses and unreasonable decision-making.
Learn about recent GST and TCS updates impacting travel agents and tour operators, including increased TCS on foreign remittances and compliance actions required.
Summary: An Income Tax Clearance Certificate (ITCC) is required under Section 230 of the Income Tax Act, 1961, for non-residents earning income in India before leaving the country. This certificate ensures that the individual has cleared all tax dues on their income earned during their stay. Non-residents visiting India for employment, business, or professional purposes […]
The Sections by which the assessees are suffering too much due to high pitched assessments passed by NFAC are from 68 to 69D and 115 BBE. Many orders are struck down by the High Courts through writs and majority of the orders are appealed against and are cancelled by the Commissioner of Income Tax (Appeals)/Income Tax Appellate Tribunal. The brief contents of the relevant sections are given below:
Bombay High Court held that once it is established that there is no cheating involved under the IPC then there is no proceeds of crime involved u/s. 2(1)(u) of PMLA and therefore there is no Money Laundering involved under Section 3 of PMLA in the present case.
ITAT Mumbai held that addition towards section 68 of the Income Tax Act deleted as assessee discharged initial onus by proving identity, creditworthiness and genuineness of transaction. Accordingly, appeal allowed.
