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Income Tax : The article explains how ESOP taxation in unlisted companies occurs at both exercise and buyback stages. It highlights perquisite ...
Income Tax : The FAQs explain the revised CBDT guidelines on compounding offences under the Income-tax Act effective from 17 October 2024. They...
Income Tax : Learn the eligibility, investment conditions, exemption limits, timelines, and withdrawal provisions for capital gains exemptions ...
Income Tax : This FAQ serves as a reference for the Income-tax Act provisions relating to cash receipts, loans, repayments, and electronic paym...
Income Tax : This FAQ covers all ten notified ICDS, explaining their scope, applicability, disclosures, and treatment of various tax-related tr...
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 ITAT Mumbai held that sales tax and similar State Government incentives were capital receipts because the schemes were intende...
Income Tax : The ITAT Visakhapatnam held that the Commissioner cannot invoke Section 263 where the Assessing Officer has already conducted inqu...
Income Tax : The ITAT Visakhapatnam held that deduction under Section 80P cannot be allowed where the assessee failed to file a valid return of...
Income Tax : The Tribunal directed the Assessing Officer to grant Foreign Tax Credit, observing that delayed filing of Form No. 67 is only a pr...
Income Tax : The ITAT Jaipur held that reassessment under Section 147 was invalid because the Assessing Officer merely relied on Investigation ...
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...
Rashmi Infrastructure Developers Ltd. Vs DCIT (ITAT Mumbai) In this case ld. AO however completely ignored all the submissions of the assessee and merely relied on the rejection order of the ITSC and proceeded to tax the on money receipts independently without granting any deduction for expenses incurred against those on money receipts. We find […]
Sheth Developers Private Limited Vs DCIT (ITAT Mumbai) It is not in dispute that the unsold flats lying in the balance sheet with the assessee were held as stock in trade by the assessee. It is not in dispute that the sale of flats shall be assessable as business income in the hands of the […]
PCIT Vs Emarsso Exports Pvt. Ltd. (Bombay High Court) The learned Counsel for the Appellant-Revenue present in Court states that Advocate who filed the appeals is no longer on the panel of the Department and they seek time to take instructions as to who will be assigned with the matter and to file vakalatnama. 2. […]
Income Tax Department carried out search and seizure operations on 30.06.2022 on a group engaged in business of coal transportation and other allied activities. The premises of a senior government officer was also covered in the search action. In all, the search operation covered more than 30 premises spread over Raipur, Bhilai, Raigarh, Korba, Bilaspur, Surajpur […]
CBDT issues Corrigendum Notification No. 78/2022-Income Tax, Dated: 04.07.2022 to rectify mistakes in Notification No. 60/2022-Income Tax | Dated: 10th June, 2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM New Delhi, the 4th July, 2022 Notification No. 78/2022-Income Tax S.O. 3044(E).—In the notification of the Government of India, Ministry of Finance, […]
Reassessment was not justified as AO can exercise power to re-open, provided there was tangible material to come to the conclusion that there was escapement of income from assessment.
ITAT Delhi quashes assessment order against Ankit Gupta, ruling it void ab initio. Challenge to jurisdiction sustained. Key issue on Section 153C.
Greenply Industries Limited Vs ACIT (ITAT Kolkata) ITAT find that the excise duty exemption has been admittedly the capital receipt and the finding of the ld. CIT(Appeals) that the excise duty exemption is not liable to be taxed under the normal provisions of the Income Tax Act being not in dispute for us, the alleged […]
ITO Vs Ashif Mehbbobelahi Rushnaiwala (ITAT Ahmedabad) CIT(A) deleted the penalty levied on the disallowance of exemption u/s 54F of the Act noting that the assessee had furnished all particulars relating to the claim of exemption by way of investment in residential properties, that the claim was made under the boanfide belief that all investment […]
Bangalore International Airport Ltd. Vs DCIT (ITAT Bangalore) Assessee submitted that Professional or Legal Service expenditure was incurred wholly in connection with entering into various agreements. Most of the expenditure was towards availing of professional and legal services during pre-operative period i.e. before commencement of the commercial operation. In our considered opinion, this expenditure is […]
