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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...
Hon’ble Supreme Court held that certificate under Section 65B (4) of The Indian Evidence Act, 1872 is a condition precedent to the admissibility of evidence by way of electronic record as S. 65B (4) of The Indian Evidence Act, 1872 is a mandatory.
Where additions have been deleted by Tribunal in quantum proceedings, penalty under section 271(1c) levied by AO not sustainable
Akash Education & Development Trust Vs Addl. CIT (ITAT Bangalore) In the present case, the assessee is a registered society u/s. 12AA of the Act and its income is exempt u/s. 11 of the Act. The assessee in the stage of establishment of educational institution has undertaken the construction activity of building for the purpose […]
Suppression of material facts, intentional suggestion of falsehood and non-application of mind goes to show that, this is a malicious prosecution initiated by the Income Tax authorities by abusing the power. When the malafide is patently manifested, the petitioners need not be forced to undergo the ordeal of trial, which has no legs to stand.
DCIT Vs Shoreline Hotels Pvt. Ltd. (ITAT Mumbai) In these cases, the AO reopened the assessment order passed u/s 143(3) of the Act, on the basis of information received from the DGIT (Inv.) Mumbai to the effect that during the previous year the assessee had obtained fake purchase bills from bogus parties who used to […]
Bharat Heavy Electricals Ltd. Vs PCIT (Delhi High Court) High Court is of the view that it is highly unlikely that the petitioner i.e. Bharat Heavy Electricals Ltd. (BHEL) would be engaged in input tax credit fraud as alleged by the Respondents. Accordingly, till further orders, no action shall be taken in pursuance to the impugned […]
In this case AO has considered the full value consideration U/s 50C as against the actual sale consideration declared by the assessee. The increased of value by the AO in the full value consideration does not amount either concealment of particulars of income or furnishing inaccurate particulars of income.
Harshit Foundation Sehmalpur Jalalpur Jaunpur Vs CIT Faizabad (Supreme Court) The only question which is posed for consideration before the High Court was whether on non-deciding the application for registration under Section 12AA (2) of the Income Tax Act, 1961 (‘the Act’) within a period of six months, there shall be deemed registration or not. […]
Orbit Dealmark (P) Ltd. Vs ITO (ITAT Kolkata) The Registry has informed that this appeal is time barred by 1535 days. On going through the condonation application along with the affidavit, and after hearing both the parties, we find that this delay is accountable for three reasons. Firstly, Sri Naresh Kumar Chhaparia, Director of M/s […]
Kal Airways Private Limited Vs DCIT (ITAT Chennai) The Registry has noted inordinate delay of 1217 days in the appeal. The condonation of the same has been sought by the assessee on the strength of affidavit of Shri K.Sundar for assessee company. It has been submitted that delay has occurred due to frequent covid surge […]
