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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...
Prakash Mithalal Oswal Vs ITO (ITAT Pune) It is found that the reported income and the assessed income of the assessee remain same except for minor disallowance of expenses. The AO has imposed penalty only with reference to the amount of Rs.50.00 lakh and odd which was suo motu declared by the assessee in the […]
ITAT held that Assessee has vested right to claim Foreign Tax Credit (FTC) under the tax treaty, the same cannot be disallowed for mere delay in compliance of a procedural provision, that is ‘delay in filing Form No.67’.
Impugned Section 271(c) penalty has arisen in consequence to the lower authorities action disallowing the assessee’s section 54F deduction claim. And in assessee’s quantum appeal ITAT has already deleted the foregoing 54F disallowance and therefore, penalty in issue herein has no legs to stands as a necessary corollary.
High Court held that IBC law overrides Income Tax law. The assessment proceedings initiated by the Income Tax Department for the assessment year which is covered by the date of resolution plan approved by the NCLT is not permissible as per IBC and hence, notices issued during the said period are liable to quashed.
It is settled position of law that merely because credit was outstanding for long time not lead to conclusion that sundry creditors are not payable
Madanthyar Primary Agricultural Credit Co-operative Society Vs DCIT (ITAT Bangalore) The notices in question were issued during the covid period and the Assessee’s contention that it could not respond to the notices in view of the pandemic situation has to be accepted as a reasonable cause. Facts- As there was delay in filing TDS statement, […]
ITO Vs Mohammedarif Ibrahimbhai Shaikh (ITAT Ahmedabad) Held that non-issuance of proper show cause can be fatal to the proceeding under the Income Tax Act. AO clearly failed in issuing the appropriate show-cause notice thereby clearly vitiated the principle of natural justice Facts- The assessee is engaged in the business of trading in and export […]
Turner Broadcasting System Asia Pacific Inc. Vs DCIT (ITAT Delhi) Conclusion: TDS credit can be claimed in the country in which the related income was offered to tax. Held: Assessee derived revenue from the grant of exclusive rights to Turner International India Private Limited (TIIPL’) in India to sell advertising on the products and to distribute […]
ACIT Vs Amardeep Singh Bedi (ITAT Delhi) No disallowance is called for, on belated payment of employees’ contribution to ESI and PF in case the assessee deposited the said contribution before due date for filing of return of income under Income Tax Act Facts- The appeal is preferred by the revenue against CIT(A) order deleting […]
Smt.Chandrakala Shashidhar Vs ITO (ITAT Bangalore) Held that assessee would be entitled to the benefit u/s 54F of the I.T.Act once it is demonstrated that the consideration received on transfer has been invested either in purchasing a residential house or in construction of a residential house even though the transactions are not complete in all […]
