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Income Tax : Understand the concept of an assessee under the Income Tax Act, its classifications, roles, responsibilities, and available tax be...
Income Tax : Simplified penalty timelines under Section 275 effective April 2025, including changes in penalty powers, omissions, and clarifica...
Income Tax : Stay on top of important compliance deadlines including GST, ESI, PF, SEBI, and Income Tax filings, with detailed due dates and fo...
Income Tax : Confused about the TDS rate on rent under Section 194-IB for FY 2024-25? Learn when to apply 5% or 2% based on the Union Budget 20...
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 : Learn about advance tax, who needs to pay it, due dates, payment methods, penalties, and exceptions. Understand advance tax instal...
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 : The writ petitioner impugns the order dated 27 March 2018 in terms of which the respondent has come to reject applications filed b...
Income Tax : Delhi High Court held that reopening of an assessment under section 147 of the Income Tax Act merely on the basis of communication...
Income Tax : ITAT Raipur held that dismissal of appeal by CIT(A) without disposing off on merits, merely on account of non-prosecution is unjus...
Income Tax : ITAT Delhi deleted additions made on alleged bogus purchases by Rama Hygienic Products Pvt. Ltd., citing lack of evidence and reli...
Income Tax : Delhi High Court held that provision of section 292B doesn’t include passing of order u/s. 148 overlooking error apparent on the...
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 Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Shriram Retail Holdings Pvt. Ltd. Vs DCIT (ITAT Chennai) Forfeiture of convertible warrant would result into extinguishment of the right of the assessee to obtain a share. A share in a company is nothing but share in the ownership of the company. While the right of the assessee to share in the ownership of the […]
Rashmi Motors Vs PCIT (Orissa High Court) 1. This matter is taken up by video conferencing mode. 2. It appears that a Division Bench of Allahabad High Court has in its judgment dated 30th September, 2021 in Writ Tax No.524 of 2021 (Ashok Kumar Agarwal v. Union of India) accepted the pleas challenging reassessment notice […]
Orissa HC quashes notice under Section 148 of IT Act, citing lack of approval and time bar. Full text of judgment included.
Where a response was sought by the Assessing Officer to the show cause notice, giving less than 24 hours, it has been held to be arbitrary resulting in palpable injustice. Thus, without going into merits or demerits of the case, it would be suffice in restoring the proceedins to the Assessing Officer to provide reasonable opportunity of hearing to the petitioner with liberty to file additional reply, annulling the assessment order.
Alice Realties Pvt. Ltd. Vs State of Maharashtra (Bombay High Court) 1. Rule. Respondents waive service. By consent, Rule is made returnable forthwith, and the petition is taken up for hearing and final disposal. 2. There is an Affidavit in Reply dated 31st December 2021 of one Nilesh B Suryawanshi, Resident Executive Engineer of the […]
V.K. Natha co-operative Vs ACIT (ITAT Mumbai) Ld. Counsel of the assessee submitted that the issue involved in these appeals related to treatment of interest received by co-operative societies from other co-operative societies including cooperative bank under section 80P(2)(d). He submitted that the issue is squarely covered in favour of the assessee by the decision […]
Vide Notification No. 12/2022 – Income Tax | Dated: 27th January, 2022 CBDT notifies Tax Exemption to ‘West Bengal Electricity Regulatory Commission’, Kolkata, a Commission constituted by the State Government of West Bengal, in respect of the specified income under section 10(46) of Income Tax Act, 1961. CBDT corrects its mistake in Notification Numbering MINISTRY […]
Court has held that beyond a period of 4 years, retrospective amendment u/s 115JB of the Act could not be a ground for reassessment. Such legal proposition requires no authority of law.
I.T.O. Vs Bhagchand Jain (ITAT Jaipur) Disallowance of depreciation on vehicles is also not warranted with the facts and merits of the case as depreciation being a statutory allowance and hence cannot be restricted on the basis of personal use as has been held by Coordinate Bench of this Tribunal in ITA no. 373/JP/2002 in […]
Vijay D. Patel Vs CIT (ITAT Ahmedabad) It is clear that post amendment to section 271(1)(c) w.e.f. 1-4-2002 authorizing the commissioner also initiate penalty u/s 271(1)(c), the CIT still cannot direct the Assessing Officer to initiate penalty proceedings while exercising his revisionary power u/s. 263 of the act. The decision of the Jurisdictional High Court […]
