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Income Tax : The article clarifies that the CBDT's 4 June 2026 instruction governs six categories of compulsory manual scrutiny and is distinct...
Income Tax : The article explains how India's Place of Effective Management (POEM) rules may treat a foreign company as an Indian tax resident ...
Income Tax : From 1 April 2026, TDS and TCS compliance shifts to new form numbers and section references under the Income-tax Act, 2025. Busine...
Income Tax : Understand who must undergo a tax audit under Section 44AB, the applicable turnover limits, audit forms, filing procedure, due dat...
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 : 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 Tribunal ruled that a clerical mistake in the DRP's order could not justify sustaining a ₹10 lakh addition. It held that the...
Income Tax : The ITAT Mumbai held that reassessment proceedings initiated on the basis of information arising from a search in the case of a th...
Income Tax : The Tribunal ruled that although CSR expenditure is not allowable under Section 37, eligible donations made to recognised institut...
Income Tax : The Tribunal held that penalty under Section 271D could not be levied because the Assessing Officer failed to record satisfaction ...
Income Tax : The Tribunal held that penalties under Sections 271D and 271E could not be sustained because the Assessing Officer failed to recor...
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...
CIT(A) has rightly quashed the assessment because the very foundation for issuance of notice under section 148 is the approval from the competent authority, i.e. Commissioner of Income Tax, and in the absence of such, such notice is void ab initio.
Hitech Outsourcing Services Vs CIT (Gujarat High Court) We have noticed that the Assessing Officer in teh original assessment proceedings had examined the assessee’s claim of deduction under section 10B of the Act. It is not as if such claim went unnoticed or unscrutinized. He wanted to be specific about the assessee’s claim for deduction […]
CIT Vs Society for Indian Automobile Manufactures (Delhi High Court) Ministry had sanctioned Rs.1,474.10 lacs ( including cost of land) for setting up Model Inspection & Certification Centres. The respondent/assessee was to execute this project for and on behalf of the Ministry. The amount received was in form of a financial sanction and not a […]
Once there was compliance to TDS provisions, even if there was short deduction of TDS or TDS had been deducted under different sections, there was no scope for AO to disallow expenditure under section 40(a)(ia) as provisions under section 40(a)(ia) is applicable only when there is no TDS deduction.
Deegee Software (P) Ltd. Vs ITO (ITAT Mumbai) As long as the ‘annual value’ of a property can be determined under 23, there would be no embargo, as regards claim of ‘interest on borrowed capital’ under section 24(b). Though a restriction as regards the quantum of deduction, is provided in the first proviso of section […]
Transaction charges paid to National Multi Commodity Exchange of India (NMCE) was clearly in the course of commodity business and thus, assessee was entitled to claim such expenditure as ‘business expenditure’.
TDS is abbreviated for tax deducted at source which was introduced to collect taxes at source from where the income is generated. The government uses TDS as a tool to collect tax in order to minimise tax evasion by taxing the income at the time it is generated rather than at a later date
When dumb documents like loose sheets of papers are recovered and revenue wants to make use of it, onus rests on the Revenue to collect cogent evidence to corroborate the noting therein. As AO failed to do so, addition made under section 153C was deleted.
The only change in facts is that there are divergent statements by way of affidavits from two Chartered Accountants, one in favour of the assessee and one is against the assessee. Except this the assessee has not brought out any records to prove its bonafide attempts made in filing appeal against the order passed by the AO.
Nivea India Pvt. Ltd Vs ACIT (ITAT Mumbai) TPO had not brought on record the fact that AMP expenses incurred by assessee were not for its own business. The sole basis on which adjustment, under the head AMP expenditure, was made was that expenditure incurred by assessee was significantly higher than that of its comparable […]
