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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 ITAT held that where transactions with the Indian associated enterprise are at arm's length, additional profit attribution to ...
Income Tax : The ITAT held that the incorrect payment date mentioned in the Tax Audit Report was an obvious typographical mistake and not evide...
Income Tax : The Tribunal ruled that application software purchased independently from computer hardware is still covered under the specific de...
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 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...
PCIT Vs M/s. Sakthi Sugers Ltd. (Madras High Court) Issue- Whether the Appellate Tribunal is right in allowing the rental income of the assessee as ‘business income’ instead of ‘income from house property‘ when the principal object of the assessee company is not letting out of properties ? When this matter came up for hearing on 08.12.2017, we posed a […]
Prabhat Agarwal Vs DCIT (Delhi High Court) In this case revenue played a subterfuge, in trying to cover up its omission, and in ante dating the record, in the attempt to establish that such reasons existed, and this court’s interference was not called for. In these circumstances, this court hereby directs the Chief Commissioner concerned […]
Where assessee had independently acquired multiple flats, which, however, were joined together and used by the assessee as a single residential unit, the claim for exemption under section 54 in respect of total investment made towards acquisition of the said flats could not be denied.
DCIT Vs M/s. B S. Infosolution Pvt. Ltd (ITAT Delhi) ITAT Held that No prudent person with some commercial prudence would pay a hefty premium of Rs. 190/- on a book value of Rs. 82/-, hold it for one year, and then sell the same shares at book value. Further Though the premium is justified […]
Due to high rates charged by Banks many people these days prefer taking Loans from NBFC’s. TDS u/s 194A is attracted to such interest expense against NBFC loan @ 10% if interest payable is > INR. 5,000/-. The confusion which always mints is Whether TDS deducted on Processing Fees too..?? Definition of Interest u/s 2(28A) – […]
CIT Vs M/S C. C. Chokshi And Co. (Supreme Court of India) The Registry has listed these matters on the ground that the tax effect is less than Rs. 1 Crore and, therefore, as per the Circular of the CBDT, these are not pressed by the Income tax Department and are to be dismissed on […]
DCIT Vs M/s Divya Shakti Trading Services Ltd. (ITAT Delhi) In this case assessee has purchased and sold scrips multiple times, on various dates alleged to have been held as investment within small duration. The magnitude of purchases on each date has been very large in respect of all these shares. Thus in our considered opinion frequency and volume […]
If the view taken by the AO was a plausible view and if it results in loss of revenue, it could not be treated as prejudicial to the interests of the Revenue for the purpose of invoking the power under section 263.
Janak Kanakbhai Trivedi Vs ITO (Gujarat High Court) It is the case of the appellant that the impugned ancestral property was actually acquired by the HUF of the appellant and that actually by mistake the appellant has given his individual PAN number at the time of execution of the sale deed. It has been argued […]
By virtue of JDA, assessee was parting with a portion of its land and in consideration thereof, was receiving built-up area on the land retained by it which was a transfer within the meaning of section 2(47)(v) however, AO was directed to re-compute the capital gain again by considering only elements which were necessary for the construction of the building as the cost of construction, and not the entire expenditure of the builder, including the compensation agreed to be paid to K and also the finance charges etc., which were not relevant for computing the cost of the construction.
