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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...
Learn how to report stock market capital loss in ITR 2 and take advantage of tax relief options. Set off losses against gains and carry them forward for future use.
The Income Tax Department carried out search & seizure operations on 06.10.2021 on a major Pharmaceutical group based out of Hyderabad. This Pharmaceutical group is engaged in the business of manufacturing of intermediates, Active Pharmaceutical Ingredients (APIs) and formulations.
Union of India and 4 Ors. Vs Keshari Industries (Gauhati High Court) Order passed following the Supreme Court decision cannot be termed as erroneous simply because subsequently the said decision of the Supreme Court is held to be per incurium by a larger bench FULL TEXT OF THE JUDGMENT/ORDER OF GAUHATI HIGH COURT All these […]
State Bank of Patiala Vs ITO (ITAT Amritsar) Admittedly the issue pertaining to exemption of I.K. Gujral Punjab Technical University Jalandhar, it is pending adjudication before the Hon’ble High Court of Punjab and Haryana. Nonetheless the certificate was issued by the chartered accountant of I.K. Gujral Punjab Technical University Jalandhar, certifying that the assessee is […]
It was held that transfer of shares of a company to a firm or a company, instead of an individual or an HUF, without consideration or at a price lower than the fair market value does not attract Section 56(2)(vii) of the Income Tax Act.
Respondent was not in a position to defend and justify the action of the Respondent of passing the impugned assessment order in disregard to the aforesaid circular of the CBDT and also the action of the Respondent concerned in passing the impugned assessment order without getting any instruction from the DRP within the time stipulated under the statute.
There is a great need and importance of thorough checking of Form 26AS before filing Income Tax Return, as it is an Annual tax statement which provide the details of tax paid, tax deducted or collected at source as the case may be of the respected assesse. Assesse has to mandatorily disclose the corresponding income […]
Office Order No. 270 of 2021 Following transfer/postings of the officers in the grade of Commissioners of Income Tax/Directors of Income Tax, are hereby ordered with immediate effect and until further orders:
The AO reopened the assessment of the Assessee after it was observed that the Assessee had not reflected or explained his investment in a hotel project during a survey operation. Thereafter, the Assessee filed an application before the CIT(A) challenging the validity of reopening of assessment, which was subsequently rejected and disposed of by the CIT(A) on the ground that the AO had correctly followed the procedure as contemplated in the IT Act and there was no infirmity in the action of the AO regarding reopening, all of which has been in accordance with law.
Genuine issue of Shares to Shareholders not to be considered under Anti-Abuse Provisions of Income Tax Act, 1961 In Income Tax Officer v. Shri Rajeev Ratanlal Tulshyan [I.T.A. No.5748/Mum/2017 A.Y. 2014-15 dated October 01, 2021] [along with cross objection filed by Shri Rajeev Ratanlal Tulshyan (the Respondent)], the Income Tax Officer (the Appellant) filed an […]
