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Income Tax : Income may become tax-free under the new tax regime because of the standard deduction and Section 87A rebate, but ITR filing may s...
Income Tax : This article explains the key situations where filing an Income Tax Return is compulsory, even if income is below the basic exempt...
Income Tax : Learn about the income tax benefits available to resident senior and very senior citizens, including higher exemption limits, dedu...
Income Tax : Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures...
Income Tax : This guide explains the taxation of capital gains, computation methods, capital assets, and transfer provisions under the Income-t...
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 : ITAT Pune held that the reassessment proceedings were invalid because the notice under Section 148 was approved by the Principal C...
Income Tax : ITAT held that interest earned by a co-operative credit society from deposits with a co-operative bank remained attributable to it...
Income Tax : Bangalore ITAT held that allegations of capitation fee collections could not justify denial of exemption under Sections 11 and 12 ...
Income Tax : ITAT Pune held that reassessment proceedings were invalid because the approval under Section 151 was granted by the Principal Comm...
Income Tax : ITAT Delhi held that Section 56(2)(viib) could not be invoked where shares were allotted at a premium to a 100% holding company. T...
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...
Conditions for Relaxations in Return Filing for Senior Citizens 1. He is of 75 years or more during the year. 2. He is Resident in India. 3. He has only pension income and can derive bank interest from same bank in which pension is received. Therefore if he receives bank interest from any other bank then he cannot enjoy this relaxation.
DCIT Vs Jainam Investments (ITAT MUMBAI) Under this issue the revenue has challenged the deletion of disallowance of Rs.4,71,19,785/- on of sale shares of M/s. Mahavir Advanced Remedies. The Ld. Representative of the revenue has argued that the CIT(A) has wrongly deleted the disallowance of Rs.4,71,19,785/-, therefore, the finding of the CIT(A) is not justifiable, […]
Bhalchandra Trading P. Ltd. Vs DCIT (ITAT Mumbai) It is not in dispute that assessee had indeed received on-money for sale of flats to the tune of Rs. 2,20,00,000/- during the year under consideration. It is not in dispute that the assessee had incurred certain business expenses out of such on-money which are kept outside […]
Intangible asset means an asset that is not in physical nature but have monetary value. Eg – Patents, Copyrights, Brand name, Tradenames, Goodwill and Software. As per Para21 of INDAS 38 Intangible Assets, Notified by MCA: An intangible asset should be recognized only when following conditions are satisfied i.e. a. future economic benefits will be […]
Gyan Mata Radha Satyam Kriyayog Ashram Research Institute Vs ITO (ITAT Allahabad) On the one hand, the Assessing Officer has given the date of compliances in the above table whereas the penalty was imposed on the ground that the above notices were not complied by the assessee. Further, the Assessing Officer has also stated that […]
Even though for whatever reason/over-sight the assessee had not disclosed the loan as liability in the balance sheet and since the incurring of interest on it has been disallowed being personal in nature and the source of loan is from Vijaya Bank as noted by the AO, the loan amount of Rs.2,33,950/- cannot be taxed as it is a liability and not income, so, I am inclined to direct the deletion of Rs. 2,33,950/-.
Armatic Engineering (P) Ltd. Vs DCIT (ITAT Bangalore) Regarding the issue of applicability of section 50C of the Act, the assessee objected for adopting value of 50C as per guidance value, at the time of assessment, a letter requesting for reference to the valuation itself was also made by letter dated 19.03.2015 addressed to the […]
Addition of amount representing 15% of sale proceeds deducted by the Monetary committee from e-auction sale of mineral stock belonging to assessee and which was contributed to Special Purpose Vehicle, as per the direction given by Hon’ble Supreme Court was justified as the same constituted trading receipts in the hands of assessee, but at the same time it was allowable as deduction u/s 37(1).
ITO Vs Shri Ganesh Cement Pvt. Ltd. (ITAT Kolkata) In this case assessee company has shown receipt of fresh subscription to its share capital of Rs. 50.30 crores during the relevant assessment year (AY 2012-13). According to AO for the purpose of proper verification and examination into the existence, and creditworthiness of the share subscribers […]
Income Tax Department initiated search under section 132 of the Income-tax Act, 1961 today in the case of a Gurugram based real estate Company, its promoters, directors and other group companies, covering a total of 20 premises. The said Company is in the business of government contracts specialising in construction of roads, highways, bridges and runways. The group is in the business of real estate development and residential complexes.
