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Income Tax : Learn about income tax exemptions for universities, hospitals, and educational institutions under Section 10 of the Income Tax Act...
Income Tax : Learn how to calculate and pay advance tax in India. Understand eligibility, due dates, and online/offline payment methods....
Income Tax : Learn about income tax exemptions for universities, hospitals, and educational institutions under Section 10 of the Income Tax Act...
Income Tax : Explore the challenges and solutions in tax collection with the rise of digital payments, cryptocurrencies, and e-commerce in toda...
Income Tax : Learn how YouTube & Instagram earnings are taxed in India. Understand income tax slabs, TDS, GST rules, deductions, and compliance...
Income Tax : AIFTP urges swift disposal of 5,49,042 income-tax appeals pending with NFAC/CIT(A), some for over 5 years, to alleviate taxpayers'...
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 : ITAT Jaipur ruled on addition of ₹1.75 crore as unexplained credit in ITO Vs Kedia Builders. The tribunal highlighted compliance...
Income Tax : ITAT Mumbai rules in favor of assessee in Poonam Ramesh Sahajwani vs ITO case, applying Section 56(2)(vii)(b) to consider stamp du...
Income Tax : ITAT Mumbai held that as per section 36(1)(va) delayed payment of PF & ESIC has to be treated as income of the assessee. Hence, al...
Income Tax : ITAT Chennai held that PCIT cannot term order passed by AO as erroneous and prejudicial to the interest of revenue merely for non-...
Income Tax : Bombay High Court held that once search action u/s. 132 of the Income Tax Act is the foundation of the case, assessment could be i...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
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...
Transcend MT Services Pvt. Ltd. Vs DCIT (ITAT Delhi) Assessee has also argued for exclusion of Infosys BPO Ltd, which is having the turnover more than 31.29 times, and TCS E serve Ltd having turnover of 62 times larger than the assessee does. Therefore, for the reasons given by us for exclusion of I gate […]
The Income Tax Department started a search and survey action on 18/11/2020 in the case of a leading cattle feed producer in Northern India. The search and survey actions are being carried out at 16 locations in Kanpur, Gorakhpur, Noida, Delhi and Ludhiana.
DCIT Vs Shamrock Pharmachemi Pvt.Ltd. (ITAT Mumbai) We find that assessee is engaged in the business of trading activity of import and export of pharmaceutical ingredients, chemicals and intermediates. We find that the assessee debited a sum of Rs. 4,18,50,792/- in its profit and loss account towards export commission paid to overseas agents, who arrange […]
ACIT Vs Chinsha Property Pvt Ltd. (ITAT Mumbai) Since the company was engaged in the business of real estate, property in Tulsiwadi was acquired for redevelopment. Hence, commercial expediency/business purpose assessee had invested ₹.11.25 Crores in the project. Therefore, interest cannot be disallowed. Ld. DR submitted that Assessing Officer disallowed the interest observing that assessee […]
Nama Properties Ltd. Vs DCIT (ITAT Hyderabad) In the decisions relied upon by the learned Counsel for the assessee it was held that the genuineness of the trade payables or creditors has to be examined in the year in which they originate and that unless the liability becomes unenforceable or is written off by the […]
The issue under consideration is whether the CIT(Appeals) was justified in denying the benefit of deduction to assessee u/s. 54 of the Income Tax Act, 1961?
The issue under consideration is whether the CIT(A) is correct in confirming the addition made by AO for non-genuine and bogus purchases by applying profit rate at the rate of 12.5% of the bogus purchases?
Reliance Industries Ltd. Vs ACIT (ITAT Mumbai) The issue under consideration is whether deletion of addition of sales tax incentive/ subsidy as capital in nature is justified in law? In the present case, the assessee in this case is engaged in the business of oil and gas exploration, refining of crude oil, manufacturing of and […]
The issue under consideration is whether the interest income on FDR’s pledged for security purposes in obtaining the contract business comes within the ambit of business income?
Network Synthetics Pvt. Ltd Vs DCIT (ITAT Mumbai) It is observed that the assessee has discharged its initial onus to prove the identity, genuineness of the transaction and creditworthiness of the parties by filing all these documents. The Tribunal in assessee’s group cases while deleting the additions made u/s. 68 of the Act observed as […]
