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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...
Held that the Revenue has failed to comply to the direction of the Bench in furnishing any report from the AO as to in what manner, the investigation carried out by the Directorate of Investigation, Kolkata and report of SEBI has any link with the transactions carried out by the assessee, we allow the claim of Long Term Capital Gain on account of sale of shares of M/s Esteem Bio Organic Food Processing Ltd. and consequently the exemption claimed u/s 10(38) of the Act.
It was held that there cannot be situation where two Assessing Officer would have simultaneous jurisdiction over the assessee. Accordingly, it was held that the Tribunal had rightly held that the issuance of notice under Section 148 (1) of the said Act by the non-jurisdictional Assessing Officer was without jurisdiction.
Hactom Agro Pvt Ltd. Vs National E Assessment Centre & ors (Bombay High Court) Hon’ble Bombay High Court quashed and set aside the assessment order passed in violation of the scheme under Section 144C of the Income Tax Act, 1961. The High Court observed that assessing officer exceeded the jurisdiction in passing the assessment order […]
Held that the carry forward of business loss cannot be denied to the assessee merely on the ground that the statutory audit/tax audit was not completed within the prescribed period.
Section 195 of the Act governs the TDS deduction on payments to non residents. It states that any person responsible for making payment outside India to a company or a non company is required to deduct TDS at the time of payment or credit, whichever is earlier at the rates in force. Let us understand […]
Central Government hereby approves ‘Sri Shankara Cancer Foundation, Bangalore (PAN: AAHTS5593F)’under the category of ‘University, College or other institution’for Scientific Research for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with rules 5C and 5E of the Income-tax Rules, 1962.
HDFC Bank Ltd. Vs ACIT (Bombay High Court) Bombay high court exposing serious flaw in reopening under section 148 in HDFC case (significance of tangible material for formulation of valid belief , fatal impact of difference in the reasons recorded on file and reasons placed for statutory approval under section 151 etc. “30. The position […]
Nandita Sikka Vs Income Tax Officer (Delhi High Court) Learned counsel for the petitioner states that the impugned notice has been issued without approval of the competent authority as per Section 151 of the Act. He states that the approval has not only been obtained from an incompetent authority but has also been obtained after […]
Tata Capital Financial Services Limited Vs ACIT (Bombay High Court) Bombay High court (HC) lays guidelines on reopening cases for assessing officer (AO) for strict compliance Bombay high court coming down heavily on income tax department in section 148 reopening cases where revenue is held not transparent with tax payers in sharing of requested information […]
Mangalore Refinery and Petrochemicals Limited Vs DCIT (Bombay High Court) Lastly, it would be contextually relevant to note that the rejection of the objections to the reopening also suffers from a familiar error, which the notices for reopening usually manifest. The Assessing Officer in the impugned order recorded that though the details of the expenses were […]
