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Income Tax : Tax Audit Form 26 now requires reporting of both quantity and value of principal stock, purchases, and sales. The key takeaway is ...
Income Tax : This article examines whether educational institutions with receipts up to Rs. 5 crore must obtain RNPO registration to claim exem...
Income Tax : This article explains why ELSS redemption gains are taxable despite offering tax deductions at the time of investment. It highligh...
Income Tax : Learn how the increased Rs. 1.25 lakh exemption and 12.5% LTCG tax rate apply to listed shares and equity mutual funds. The guide ...
Income Tax : The Income Tax Department explains how the e-Verification Scheme addresses mismatches between reported financial transactions and ...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
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 : ITAT Delhi held that cash deposits arising from recorded and accepted cash sales cannot be added as unexplained cash credits under...
Income Tax : ITAT Mumbai held that Compulsorily Convertible Debentures cannot be equated with call options and that no option premium arose fro...
Income Tax : ITAT Bangalore held that RBI's classification of compulsorily convertible debentures as equity for FDI purposes cannot determine t...
Income Tax : ITAT Delhi held that no disallowance under Rule 8D(2)(ii) could be made where investments yielding exempt income were financed fro...
Income Tax : ITAT Mumbai held that Compulsorily Convertible Debentures retain their character as debt until conversion into equity. It deleted ...
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...
PCIT Vs Padma Kumar Jain (Jharkhand High Court) Section 263 revision initiated by CIT second time to cancelling non existing original assessment order isn’t tenable: PCIT v. Padma Kumar Jain – [2022] (Jharkhand) A search and seizure operation was conducted by the Assessing Officer (AO) in the business and residential premises of the assessee-individual. After […]
Understand the intricacies of gold wastage in ornament creation and its tax implications in the case of P.R. Gold and Silver Craft v. DCIT. Delve into the Chennai Tribunals ruling on treating gold wastage as making charges and the applicability of TDS under Section 194C. Gain insights for your business.
Marvelore Mining & Allied Industries Pvt. Ltd. Vs ITO (ITAT Surat) Sec. 41(1) can’t be invoked for liability against purchase of defective machinery that was never put to use: Marvelore Mining & Allied Industries (P.) Ltd. v. ITO – [2023] (Surat-Trib.) Assessee was a private limited company. It was engaged in the business of Calcium […]
Explore the Calcutta High Court’s decision in PCIT v. Soorajmul Nagarmull, emphasizing the allowance of time-barred appeals involving substantial questions of law. Gain insights into the case and its implications.
Section 273B of the Act, squarely applies and since assessee has a reasonable cause for not getting books of account audited, he should not be visited by penalty u/s 271B
Unable to file ITR for FY 2022-23? Learn why and get insights on when to file, updated ITR forms, and the importance of timely income tax return submissions for accountability and financial transactions. Stay informed for a smooth tax-filing process.
PCIT (Exemption) Vs Bishandayal Jewellers (Orissa High Court) Before the CIT(A), the Assessee claimed that the Assessing Officer (AO) had not given copies of the seized materials extracted from the hard disk and the pen drive. The CIT( A) called for a remand report from the AO. By the time, the remand report could be […]
If sales are not disputed, entire alleged bogus purchases cannot be disallowed and only the gross profit on the alleged purchases to be disallowed. No penalty under section 271(1)(c) is leviable on estimated additions.
Yes, the season for filing income tax returns is coming closure. Don’t wait for Form-16 and utilise your Sundays in accumulating the documents required for filing return of income.
ITAT held that if a Penalty notice is vague then penalty proceedings initiated under section 271(1)(c) on that basis were vitiate
