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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...
Bagadia Properties Private Limited Vs ITO (ITAT Bangalore) It cannot be always presumed that the loans given to subsidiary companies are for business purposes. It is required to be proved that the subsidiary company has used the interest free loans for some business purposes. Facts- The assessee is undertaking the business of real estate development […]
Shaheed Bhagat Singh Educational Society Vs CIT(Exemption) (ITAT Amritsar) It is not obligatory for the assessee for maintain dissolution clause which will not be the issue for rejection of registration u/s 12A of the Act. Accordingly the registration U/s 12A could not be denied to the assessee-society for non maintain the dissolution clause. Facts- The […]
ACIT Vs Sanjay Agrawal (ITAT Raipur) Insignificant mistakes in the accounts cannot justify rejection of books of accounts of the assessee under Sec. 145(3) of the Act. Facts- The case of the assessee was selected for scrutiny assessment u/s. 143(2). Accordingly, A.O directed the assessee to substantiate its claim for deduction of expenses under the […]
Suvidha Fashions Vs ITO (ITAT Surat) The repairs of small modification carried out at the premises are small scale repair which cannot be classified with capital expenditure. Facts- The appellant is a partnership firm engaged in the business of embroidery job work. During assessment, AO noted that assessee has shown purchases of GPO cloth of […]
DCIT Vs Credit Suisse (Singapore) Ltd. (ITAT Mumbai) The assessee conducts portfolio investments in Indian securities in its capacity as SEBI registered FII/FPI, conclusion of the learned CIT(A) that the offshore distribution commission income is in th nature of ‘business income’ of the assessee does not require any interference. Facts- The assessee is a company […]
Dy.CIT Vs Sembcorp Energy India Limited (ITAT Hyderabad) Applicability of section 56(2)(viib) is only in a case where the shares are issued at a premium by a company in which public are not substantially interested. Facts- During the course of assessment proceedings, it was craved before AO that price at which the shares were issued […]
Zeeshan Azizmohmed Shaikh Vs ITO (ITAT Mumbai) Both SEBI and BSE corroborated the fact that Kailash Auto Finance Ltd was not a genuine company – LTCG exemption u/s 10(38) denied – addition u/s 68 sustained Facts- The assessee is an individual and is engaged in the business of trading in paper. The assessee filed its […]
Arcil CPS 002 XIII Trust Vs ITO (ITAT Mumbai) Assessee trust is a Revocable Trust and contribution by beneficiaries is a revocable transfer. Hence, the income shall be taxed in the hands of the beneficiaries. Facts- The assessee is an AOP in the nature of trust in the business of securitization of debts and processing […]
J & K Tourism Development Corporation Ltd. Vs ACIT (ITAT Amritsar) No disallowance can be made that the payment to the employee’s contribution to PF and ESI paid by the assessee before the due date of filing of return of income u/s. 139(1). Accordingly, we hold that no disallowance can be made in the assessment […]
Paramount Probuild Pvt. Ltd. Vs DCIT (ITAT Delhi) Held that when there is no incriminating material was unearthed during the course of search in respect of an issue, then no addition in respect of such an issue can be made in the assessment u/s 153A & 153C of the Act. Facts- The assessee Company is […]
