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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...
This is generally a regular practice in the manufacturing sector which is also followed by the assessee from year to year. The CENVAT credit receivables which could not be set off has been rightly claimed by the assessee as deduction.
Ashok Kumar Tyagi Vs ACIT (ITAT Delhi) ITAT held that the addition of agricultural income as income from other sources was not based on any incriminating/seized material found as a result of search. Even, the disallowance of loss claimed against house property income is also not with reference to any seized material. It is a […]
Smt. Sarita Kashyap Vs PCIT (ITAT Delhi) A scrutiny of the assessment order would clearly reveal that it is not a case where the Assessing Officer has passed the order mechanically without any inquiry and proper application of mind. Whereas, learned PCIT has considered the assessment order erroneous and prejudicial to the interest of Revenue […]
Beena Shammi Chaudhari Vs ITO (ITAT Pune) `A registered document shall operate from the time from which it would have commenced to operate if no registration thereof had been required or made, and not from the time of its registration‟. A document is first executed and then submitted for registration, if required. Normally, it takes […]
Malla Foundation Vs CIT (Exemption) (ITAT Bangalore) The CIT(E) has refused to grant approval u/s 80G of the Act primarily for the reason that the assessee has not produced the necessary proof as regards the activities of the assessee-trust and in absence of the same it is not possible to verify the genuineness of the […]
ITAT held that, the said amendment to Section 39(1)(va) and Section 43B effected by Finance Act 2021 is having prospective effect. Since, the said amendment is having prospective effect and not being retrospective one the same cannot be applied to the present case.
Late Shri Saifulla Abubakar Inamdar Legal Heir Vs ITO (ITAT Pune) Firstly, it is relevant to mention that the assessee did not take up the issue of Inami land before the AO. It was for the first time that the assessee raised this issue before the ld. CIT(A) contending that in the absence of any […]
Sandeep Modi Vs DCIT (ITAT Kolkata) It is noted that the assessee has taken a life insurance policy in AY 2012-13 of the SBI of sum assured to the tune of Rs.10,88,000/- (along with credit bonus of 3.25%) by paying single premium of Rs.10,00,000/-. And in this year (AY 2017-18), the assessee received the LIC […]
Omprakash Pandey Vs ITO (ITAT Bangalore) The assessee is aged about 71 years. The appeal before the CIT(A) was filed on 15.10.2020 electronically. Due to Covid-19 pandemic, the Hon’ble Supreme Court had directed exclusion of period from 15.03.2020. If this period is excluded, the delay has to be explained only between 15.11.2019 and 14.03.2020. The […]
Mattapalli Ram Kumar Vs ACIT (ITAT Vishakhapatanam) It is undisputed fact that the assessee had received compensation of Rs.1,33,88,000/- under compulsory acquisition of land under RFCTLARR Act. The Ld. Counsel for the assessee has heavily relied on the Circular 36/2015 dated 25.10.2016 issued by the CBDT, wherein, it was mentioned that income tax shall not […]
