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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...
ITO Vs Nithyasudha Combines (ITAT Chennai) The next point for consideration is whether the unexplained partners’ capital is assessable in the hands of the assessee or not in terms of section 68 of the Act. Section 68 of the Act can be invoked only when there is a credit in the books of account maintained by the […]
Marriott International Inc Vs DCIT (ITAT Mumbai) The only issue involved in this appeal is that income of royalty arising out of the above trademark of ‘brand’ Marriott’ is taxable in the hands of the assessee or not. Now, assessee has given a registration certificate dated 21st august, 2006 and covers above assessment years. No […]
Goldman Sachs Services Pvt. Ltd. Vs DCIT (ITAT Bangalore) Admittedly, the assessee deducted tax at source u/s.192 of the Act, on the 100% salary paid to the seconded employees, and paid the same to the credit of the Central Government. The assessee only reimbursed part of the salary cost of the seconded employee to overseas […]
KRBL Ltd. Vs DCIT (ITAT Delhi) During the course of assessment proceedings, the appellant submitted that the cash purchases were made by it from Mandi Samitis located across UP from farmers and hence did not fall under the ambit of the provisions of section 40A(3) of the Act, as the same were covered by Rule […]
DCIT Vs IFCI (ITAT Delhi) Issue- On the facts and circumstances of the case, the Ld. CIT (A) has erred in deleting the disallowance made on depreciation of finance leased assets amounting to Rs. 1,31,63,444/- holding that it is one of the business of assessee. Held- Depreciation of finance least assets is related to the […]
M. M. Engineers and Consultants Vs PCIT (ITAT Cuttack) At the outset, a perusal of the balance sheet clearly shows that there is nothing in the balance sheet of the assessee under the term ‘sundry creditors’. We are alive to the fact that this is a limited scrutiny assessment, which is done under CASS. In […]
Keshav Saran Vs ACIT (ITAT Delhi) In the present case, the assessee has actually filed the return of income and the Assessing Officer in the satisfaction note noted that the assessee has not filed return of income. Thus, we safely presume that the Assessing Officer has initiated reassessment proceedings by mentioning wrong and incorrect facts […]
It is well settled proposition of law that the apprehension, howsoever strong, cannot substitute material evidences. A.O. was not justified in treating part of liabilities as unproved on presumptions, surmises and conjectures
Sri Channamallikarjuna Trust Committee Gangavathi Vs CIT (Exemption) (ITAT Bangalore) Sec. 80G applies only to charitable trusts or institutions. It does not apply to religious trusts or institutions whereas scheme of exemption u/s 12A applies to both charitable as well as religious trusts. Section 80G of the Income Tax Act’1961 provides deduction while computing the […]
Pranav Saran Vs ACIT (ITAT Delhi) There are divergent views on this taxability of interest on the enhanced compensation awarded u/s 28 of the Land Acquisition Act wherein the Hon’ble Punjab & Haryana High Court has consistently taking a view that it is an income to be treated under the head ‘income from other sources’. […]
