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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...
Trading of currency derivatives are covered by definition of ‘derivatives’ and excluded from the ambits of speculative transactions defined under Section 43(5) of Income Tax Act, 1961.
ACIT Vs Rinder India Pvt. Ltd (ITAT Pune) We note that the assessee company is engaged in the business of manufacturing of automobiles signaling lights and other electrical items. The assessee filed its return of income declaring a total income of Rs.2,56,73,220/- and the AO determined the same at Rs.4,31,12,090/- inter alia making disallowance of […]
Assessee claimed that recipient has included the receipts in their return of income in regard to these expenses on which assessee has not deducted TDS
HP Ex Servicemen Corporation Vs ACIT (ITAT Chandigarh) Issue– Ld. CIT(A) not granted the credit of TDS of Rs. 1,90,76,546/- (duly reflected in Form no. 26AS) by stating that the assessee had not offered the freight receipts as income for the relevant year under consideration ignoring the fact that the assessee had shown the net […]
S. R. Ashok Associates Private Limited Vs ACIT (Delhi High Court) Present writ petition has been filed challenging the notice issued under Section 148 of the Income Tax Act, 1961 (for short ‘Act’) as well as the order passed under Section 148A(d) of the Act dated 31st March, 2022 for the Assessment Year 2018-19. Learned […]
The assessee was required to prove identity of creditors, genuineness of transaction and creditworthiness of creditors. The assessee grossly failed to do so. Therefore, in the absence of the supporting evidences regarding claim of unsecured loans, we do not see any infirmity in the finding of authorities below.
Aten Capital Private Limited Vs ACIT (Delhi High Court) Since the impugned order under Section 148A(d) has been passed on 5th April, 2022 i.e. after receipt of the detailed reply of the petitioner dated 4th April, 2022, the Assessing Officer should have considered the same as it was available on record. By not considering the […]
ITO Vs Laxmipat Surana (ITAT Kolkata) The revenue’s grievance is that the Ld. CIT(A) erred in deleting the disallowance made u/s. 43B of the Act for unpaid bank interest on secured loans of Rs. 3,55,54,116/-. We find that so far as amount of bank interest payable on the secured loans is concerned, there is no […]
Office Order No. 127 of 2022[ Assignment of additional charge(s) to officers in the grade of Pr.CCsIT/Pr.DGsIT/CcsIT/DGsIT] F.No. A-22012/1/2021-Ad.VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi The 22nd June, 2022 OFFICE ORDER NO. 127 OF 2022 The following officers in the grade of Pr. CCsIT […]
ITAT held that even if the Company has been struck off from the register of Companies, an appeal filed by it against the revenue department does not become ineffective or infructuous and is maintainable.
