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Income Tax : The Income Tax Department has issued comprehensive FAQs explaining what constitutes a benami property and benami transaction under...
Income Tax : The Income Tax Department has issued detailed FAQs explaining registration, audit, return filing, investment norms, and tax exempt...
Income Tax : The Income Tax Department explains when interest is payable for delayed return filing, advance tax defaults, deferment of instalme...
Income Tax : ITAT Jaipur held that proceedings under Section 153C are invalid where the Assessing Officer merely reproduces information from th...
Income Tax : The Income Tax Department explains how CPC processes returns under Section 143(1) by correcting apparent errors and incorrect clai...
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 : The Tribunal affirmed the CIT(A)'s order annulling assessments because the search was not conducted in the assessee's name. It als...
Income Tax : The ITAT held that the Supreme Court’s COVID-19 limitation extension did not apply to statutory timelines for completing income-...
Income Tax : The ITAT Raipur held that estimated gross profit addition on unrecorded sales cannot be sustained when the Assessing Officer has n...
Income Tax : The Karnataka High Court set aside the impugned order after finding that the entire tax demand had been recovered despite an inter...
Income Tax : The ITAT Mumbai held that the assessee's convertible debentures lacked the liability component required for classification as Comp...
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...
ITAT Chennai held that expenditure of Bio-technology Research & Development cannot be disallowed simply on the allegation that expenditure was incurred before the commencement of a new line of business as such matching concept not application in the present case.
The ITAT deleted the adjustment in respect of international transaction of Payment of Interest on Fully Convertible Debentures by upholding the contentions that LIBOR was not applicable as there was no lending/borrowing in foreign currency and assessee had issued rupee dominated debentures.
Merely, because the assessee’s PAN number was mentioned as he was the Director of one of the company, the purchase cannot be said to be made by him when the purchase has been shown in the P&L account by the said company itself as well as part of the closing stock of the said company, namely, Iscon Procon Pvt. Ltd.
Kalaignar TV Pvt. Ltd. Vs ACIT (ITAT Chennai) The assessee has claimed legal expenses and travelling & conveyance expenses before the Assessing Officer. The Assessing Officer mainly disallowed the expenditure claimed by the assessee on the ground that the legal proceedings was undertaken in respect of the charges framed against the Directors and shareholders of […]
Co-browsing, also known as collaborative browsing, allows the Helpdesk agents to collaborate with the taxpayer’s browser in real-time, just at the click of a button. Agents can view and securely co navigate the Taxpayer’s browser screen and guide them interactively to deliver real-time and personalized support.
Manish Goel Vs ITO (ITAT Kolkata) ITAT find that in the case of Swati Bajaj (supra), the facts before the Hon’ble Jurisdictional High Court, were that the assessee has claimed exempt income under section 10(38) of the Act at Rs.28,23,500/- from sale of equity shares of a listed company namely Surabhi Chemicals & Investment Limited. […]
CSR expense disallowance is restricted to expenses incurred by assessee under statutory obligation u/s.135 of companies Act 2013 and it doesn’t apply to expenditure incurred in discharge of corporate social responsibility (CSR) on voluntarily basis.
It has come on record that the department has itself accepted interest paid to the lender banks @ 14.75% in case of secured loans are against unsecured loans availed from Shri Grewal. That itself suggests that the impugned interest rate @ 10% is not excessive so as to attract the impugned disallowance/addition.
CIT Vs Hazira LNG Pvt Ltd (Gujarat High Court) CIT(A) recorded a finding that earning of the assessee from foreign exchange fluctuations was not in connection with its business activity. The finding was in the realm of appreciation of facts and material, therefore, is factual in nature. Such a finding came to be affirmed by […]
CBDT notifies sovereign wealth fund, namely, Public Investment Fund vide Notification No. 125/2022-Income Tax | Dated: 16th November, 2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 125/2022-Income Tax | Dated: 16th November, 2022 S.O. 5345(E).—In exercise of powers conferred by sub-clause (vi) of clause (b) of Explanation 1 […]
