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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...
DCIT Vs PVP Ventures Ltd (ITAT Chennai) It is to be noted here that the assessee is already into the real estate business through its subsidiaries and also has taken over and merged an entity BREAD who owns a large chunk of land in an extent of Ac.70. Such a large project takes time to […]
Unique Estates Development Co. Ltd. Vs. DCIT (ITAT Mumbai) INCOME FROM UNSOLD FLATS SHALL BE TREATED AS BUSINESS INCOME OF THE DEVELOPER AND NO INCOME FROM HOUSE PROPERTY ON THE BASIS OF ANNUAL LETTING VALUE OR NOTIONAL VALUE OF RENT. FACT OF THE CASE 1. the assessee company is engaged in the business of development […]
Summary -The Union Budget 2019 has introduced Section 194N for tax deduction at source (TDS) on cash withdrawals exceeding Rs 1 crore. -The Budget 2020 has reduced the threshold limit for TDS to Rs 20 lakh for taxpayers who have not filed their income tax returns for past three years. -Why is Section 194N- To […]
Any notices served by the Income Tax department u/s 143(2) (Scrutiny) or u/s 144 (Best Judgement Assessment) or u/s 147 (Income Escaping Assessment) or in combination, the hearing and settlement was conducted on an offline mode. The Assessee to whom such a notice was served, was asked to present himself in person or by a […]
Taxation of House Property in India is governed by Income Tax Act,1961. Owning a house one day, everybody dreams of this, saves towards this and hopes to achieve this. However, owning a house property is not without responsibilities. Paying house property taxes annually is one of them.
Shree Sudhakar Pandey Vs ACIT (ITAT Allahabad) No separate deduction like depreciation will be allowed when the net profit is made on estimate basis after the rejection of books of accounts. ITAT held that held that no separate claim of depreciation is allowable in case of estimation of net profit of the assessee then the […]
Dharanidhar Ghosh Vs Union of India (Calcutta High Court) In this matter, petitioner has challenged the impugned order dated 28th January, 2022 passed by the respondent Commissioner of Customs in the case of the petitioner imposing several punishments including Punishment No.V, imposing a penalty of Rs.1 crore under Section 112 (b) of the Customs Act […]
Sheela Devi (wife- legal heir of Vas Dev (deceased) Vs PCIT (ITAT Delhi) We have heard the rival submissions and perused the material placed before us and case laws cited. Firstly, we consider it expedient to address ourselves on legality of show cause notice and consequent revisional order passed under Section 263 of the Act. […]
Shri Yogesh Jhingan Vs DCIT (Central) (ITAT Indore) Since the addition in the instant appeal crops out of the issue referred above pertaining to A.Y. 2008-09, we will have to examine the correctness of the claim made by the assessee u/s 54F of the Act for A.Y. 2008-09. As far as sale of land is […]
Karnataka State Industrial And Infrastructure Development Corporation Ltd. Vs DCIT (Karnataka High Court) This appeal under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’, for short) has been preferred by the assessee. The subject matter of the appeal pertains to the Assessment Year 2008-09. The appeal was admitted by […]
