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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...
Further, there is lack of communication between the tax advisors and the Board of Directors due to which the appeal could not be filed before this Tribunal within stipulated time. He stated that this appeal was filed with a delay of 423 days when a call received from the office of Tax Recovery Officer regarding tax arrears and made enquiries with tax counsel, came to know that the appeal against the order of CIT(A) is required to be filed.
Maya Rathi Vs ITO (Rajasthan High Court) We find that the validity of first proviso to Section 148 of Income Tax Act, 1961 has been assailed on the ground that the explanation ‘income chargeable to tax has escaped assessment’, has been restricted in its meaning under the explanation-1 to that provisions. Learned counsel for the […]
Balram Shitaldas Ahuja Vs ITO (ITAT Pune) The assessee’s sole substantive grievance contested during the course of hearing challenges correctness of both the lower authorities action disallowing its mortgage expenditure of Rs.55 lakhs as cost of acquisition with the corresponding indexation. Distinction between the mortgage created by the previous owner which is discharged by the […]
Uttam Enterprises Pvt. Ltd. Vs ACIT (ITAT Delhi) Assessee had filed its return of income under Section 139(1) on 13.09.2013. Thus, as per proviso to Section 143(2) of the Act, as it existed prior to its amendment by Finance Act, 2016 w.e.f. 01.06.2016, no notice under Section 143(2) of the Act shall be served on […]
ACIT Vs GP Global Energy Pvt. Ltd. (ITAT Delhi) In so far as bench marking the international transactions using customs data is concerned we sustain the order of the Ld. CIT(Appeals) as the Ld. CIT(A) observed that the Chennai Bench of the Tribunal in the case of Coastal Energy Pvt. Ltd. Vs. ACIT (supra) held […]
EY Global Services Ltd. Vs ACIT (ITAT Delhi) ITAT finds itself in agreement with the submissions made by the ld. DR for the Revenue. AO has only followed the ruling of AAR in assessee’s own case and as per the provisions of section 245S of the Act, ruling of Hon’ble AAR is binding upon the […]
South West Pinnacle Exploration Ltd. Vs ACIT (ITAT Delhi) Rectification under section 154 of the Act can only be made when glaring mistake of fact or law has been committed by the officer passing the order becomes apparent from the record. Rectification is not possible if the question is debatable. Moreover, the point which was […]
If very initiation of penalty proceedings on a defective notice is invalid and it do not warrant imposition of penalty u/s.271(1)(c) of the Act on the assessee.
GSR Ventures Private Limited Vs DCIT (ITAT Hyderabad) Once any TDS is effected in accordance with the provisions of the Act and paid to the Central Government, such an amount shall be treated as a payment of tax on behalf of the person from whose income the deduction was made, and, therefore, a credit of […]
Jagran Prakashan Limited Vs Assessing Officer (Allahabad High Court) Undisputedly, in view of the decision of the Supreme Court as regularly followed by this Court by way of procedural principle, the Court does not directly entertain the challenge to re-assessment proceeding before disposal of the objection filed by the assessee to the initiation of such […]
