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Income Tax : Explore the concept of agricultural income under Income Tax Act 1961, including definitions, exemptions, and conditions for income...
Income Tax : IT Dept scrutinizes political donations ₹5L+ for tax fraud. Learn about Section 80GGC/80GGB, penalties, and steps to ensure comp...
Income Tax : Why does tax evasion still thrive despite all the efforts to stop it? And more importantly, what can be done to fix it? This blog ...
Income Tax : Through tax laws on Virtual Digital Assets (VDAs) like cryptocurrencies and Non-Fungible Tokens (NFTs), India has initiated the pr...
Income Tax : Explore evolution of tax laws from ancient times to the modern era, highlighting key changes, global trends, and challenges shapin...
Income Tax : Comprehensive list of 30 banks available at the e-Filing Portal's e-Pay Tax service. Find out the new and migrated banks, along wi...
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 : ITAT Pune remands the appeal of Mula Parisar Serva Seva Sangh regarding TDS refund claim for 2018-19, citing past precedents....
Income Tax : ITAT Chennai sets aside CIT(E)’s rejection of 80G registration for SKNNSM Society, citing inadequate time for response. Case sen...
Income Tax : ITAT directed AO to verify Factory Premises rental income and compute taxability under section 57, allowing proportionate expense...
Income Tax : Delhi High Court directs NFAC to expedite pending appeals, expressing concern over prolonged delays in taxpayer cases, including a...
Income Tax : Delhi ITAT rules Section 56(2)(viib) of the IT Act does not apply to transactions between holding and subsidiary companies, quashi...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...
Income Tax : Delhi Building and Other Construction Workers Welfare Board receives tax exemption on cess, fees, and interest income under Sectio...
Manoj Singhal Vs PCIT (ITAT Delhi) On going through the details, we find that the deduction claimed u/s 54F was Rs.6,12,10,100/- whereas the deduction eligible was Rs.6,11,19,500/-. Thus, there is a computational difference of Rs.90,600/- in the claim of deduction u/s 54F which could have been rectified u/s. 154. The provisions of section 263 need […]
The Appointments Committee of the Cabinet has approved the appointment of the following officers as Members, Central Board of Direct Taxes (CBDT): (i) Ms. Anu J. Singh, IRS (IT:85034) (ii) Shri J.B. Mohapatra, IRS (IT:85031) (iii) Anuja Sarangi, IRS(IT:85053)
The principles of natural justice are based on the following rules: 1. Rule Against Bias — No one should be a judge in his own cause. 2. Justice should not only be done, but manifestly and undoubtedly be seen to be done. 3. The Rule Of Fair Hearing – Hear the Other Side 4. No […]
Giving is not just about making a Donation. It is about making a Difference. Swipe Right to know how you can save up on your taxes by making a donation. Section 80G of the Income Tax Act, provides for Deduction in respect of donations to certain funds, charitable institutions, etc. All assesses are eligible to […]
Ritnand Balved Education Foundation (Umbrella Organization of Amity Group of Institutions) Vs National Faceless Assessment Centre & Ors. (Delhi High Court) 1. In our view, since the statute itself makes the provision for grant of personal hearing, the respondents/revenue cannot veer away from the same. 2. The impugned assessment order as well as the impugned […]
Smt. Bachupally Laxmi (alias Routhu Laxmi) Vs ITO (ITAT Hyderabad) For the purpose of computation of LTCG arising out of the development agreement cum GPA, the Assessing Officer has accepted that the assessee has acquired the flats as on 9.11.2009 and therefore, in the year 2012 when the assessee has sold the flat, the holding […]
Devgiri Exports Vs ITO (Rajasthan High Court) FULL TEXT OF THE JUDGMENT/ORDER OF RAJASTHAN HIGH COURT Learned counsel relies on judgements passed by the High Court of Delhi, Madras and Bombay to submit that the faceless assessment done under section 144B of Income Tax Act, 1961 has been examined by the High Court without insisting […]
Goldman Sachs (India) Finance Private Limited Vs DCIT (ITAT Mumbai) We are of the considered opinion that in this regard if the assessee is not called upon to pay any tax on book profit as taxes on normal computation are higher even after the aforesaid exercise of increase of the book profit by the amount […]
International Air Transport Association (Canada) Vs ACIT (ITAT Mumbai) At this stage, we may herein observe that as in the present case before us, in the case of Delmas France (supra) also there was no finding of the lower authorities that the transactions between the principal and agent were done in arm’s length conditions. Under […]
ACIT Vs Yashovardhan Tyagi (ITAT Delhi) he issue in the present ground is with respect to the addition of Rs.20,00,000/- made u/s 69A of the Act. AO made the addition u/s 69A of the Act and treated the amount of Rs.20,00,000/- from M/s. Eagle Home Entertainments Pvt. Ltd. to be as not recorded in the […]
