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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...
Expense incurred on temporary partition is a revenue expense eligible for depreciation in the respective year if the asset is put to use for business. The amount has been incurred towards temporary structure during the previous year. No deferred revenue expenditure claim is allowable unless specifically provided under the Act.
ITAT held that depreciation eligible on goodwill which has arisen pursuant to business acquisition made by the assessee
The first proviso to section 143(1)(a) make it very clear that no such adjustment shall be made unless an intimation is given to the assessee of such adjustment either in writing or in electronic mode.
Tribunal held that human interaction is a necessary factor for the applicability of section 194J and in present case Assessee has to intervene and coordinate and liaise with Government Authorities for allotment of land by Government. Hence, provisions of section 194C is not applicable.
CBDT issued Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961 vide Circular No. 12 of 2022-Income Tax | Dated 16th, June, 2022. F. No. 370142/27/2022-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes), New Delhi ********* Circular No. 12 of 2022-Income Tax […]
Gowtham Residential Junior College Vs ACIT (ITAT Visakhapatnam) The Ld.DR submitted that the assessee has declared income by way of rent received to the tune of Rs.2,06,66,410/- and treated the same as business income for the current year. The assessee has claimed expenses to the tune of Rs.88,51,069/- involving bank charges, repairs and maintenance, interest […]
Asessee claimed depreciation/amortization on Goodwill on the ground that it is a right in the nature of know-how, patents, copyrights, trademarks, licenses, franchises or any other business or commercial rights of similar nature being intangible assets.
Progressive Poultry Farm Vs ITO (ITAT Visakhapatnam) As per provision of 36(1)(iii) of the Income Tax Act, 1961, if any amounts are used for non-business purposes by the assessee, the same are to be disallowed. Since in this case, the partners have made drawings from the assessee firm and used for non business purposes, the […]
Jindal Exports And Imports Private Limited Vs DCIT (Delhi High Court) Impugned assessment orders are liable to be set aside as the Petitioner was not given adequate opportunity to file response to the said show cause notice-cum-draft assessment orders. Consequently, as there has been a violation of principle of natural justice, the impugned assessment orders […]
Superintendent of Jails Vs ITO (ITAT Visakhapatnam) It is noted that the TDS quarterly returns were filed belatedly after 1/6/2015 ie., the date of insertion of section 200A by Finance Act, 2015 w.e.f 1/6/2015. Therefore, on merits, we have no hesitation to come to a conclusion that the late fees levied by the Ld.AO is […]
