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Income Tax : The article explains how the Finance Acts, 2025 and 2026 have reshaped the Updated Return regime under Section 139(8A). It highlig...
Income Tax : The Supreme Court has remitted reassessment cases for fresh consideration after the retrospective insertion of Section 147A, leavi...
Income Tax : Learn the most frequent errors taxpayers make while filing Income Tax Returns for AY 2026-27 and how avoiding them can prevent not...
Income Tax : The article explains how the interaction of Section 87A, marginal relief, and Health & Education Cess can leave taxpayers earning ...
Income Tax : Learn who can apply for an advance ruling, applicable fees, withdrawal rules, and its binding effect under the Income-tax Act. The...
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 Court rejected the challenge to the search conducted under Section 132 and upheld the legality of the search proceedings. It, ...
Income Tax : The Tribunal held that the reassessment was invalid because the Income Tax Officer lacked pecuniary jurisdiction where the returne...
Income Tax : The Tribunal held that the assessment was invalid because the Assessing Officer having jurisdiction failed to issue the mandatory ...
Income Tax : The ITAT Kolkata held that the reassessment was invalid because the ACIT lacked pecuniary jurisdiction and completed the assessmen...
Income Tax : The ITAT Kolkata held that the assessments were invalid because the ACIT was not shown to have jurisdiction under CBDT Instruction...
Income Tax : CBDT has approved a scientific research institution under the Income-tax Act, 2025 for tax years 2026-27 to 2030-31. The notificat...
Income Tax : CBDT has approved the University of Hyderabad for scientific research under Section 45 of the Income-tax Act, 2025. The approval i...
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...
In the present appeals, the only question that arises for consideration is as to whether the respondents-assessees who have received some amount of enhanced compensation as also interest thereon under an interim order passed by the High Court in pending appeals relating to land acquisition matter are liable to be assessed for income tax in the year in which it has been received or not.
The present appeal arises out of the order dated 23rd February, 2007 in ITA No.236/2007 passed by the Delhi High Court whereby the High Court has held that no substantial question of law arose for its consideration and it was merely a matter decided on the evidence on record.
The Petitioner seeks the quashing of a notice dated 20th March, 2015 issued under Section 148 of the Income Tax Act (Act) by the Assistant Commissioner of Income Tax (hereinafter Assessing Officer AO) and the order dated 1st February, 2016 passed by the AO disposing of the objections filed by the Petitioner to the said notice.
Provision of section 50C(1) of the Act are not applicable to section 54F for the purpose of determining the meaning of full value of consideration.
The only limitation prescribed by section 54 is that construction of new house ought to have been completed within a period of three years and said section does not prescribe any condition vis-a-vis the commencement of construction, therefore, assessee was entitled to deduction under section 54 even in respect of amount invested prior to the date of transfer of original asset.
The present writ petitions have been filed by NDTV Ltd. (hereinafter, NDTV) against the notice proposing reassessment proceedings initiated by the Commissioner of Income Tax (hereinafter, espondent or CIT or Revenue) under section 147/148 of the Income Tax Act, 1961 (hereinafter, Act) and the order of provisional attachment of Petitioner’s assets under section 281B of the Act.
In this connection the region wise jurisdiction of companies, against whom insolvency proceedings have been initiated under The Insolvency Bankruptcy Code 2016 (IBC 2016 in short) as available under the icon Public Announcement in the website of Insolvency and Bankruptcy Board Of India (IBBI in short), has been identified from the PAN Directory and is enclosed herewith.
It has now been decided by the Board that an all-India target of adding 1.25 crore new income-tax return filers may be set for FY 2016-17 to concentrate efforts of the Department to this critical key result area.
The assessees are already overburdened with too many procedures to be followed. In case there is any shortage of tax they are paying interest U/s. 234B and 234C of the act. The Provision is similar to the earlier period where the assessees were supposed to file Form 29. This system was replaced …as such removed by the then Finance MINISTER MR. V. P SINGH making it easier and procedure free in terms of Payment of Advance tax and the interest thereon which covers the lapses on the part of the assessee and the benefit going to the Ministry of Finance.
Assessee is a partnership firm stated to be engaged in the business of manufacturing and selling of tobacco products. Assessee electronically filed its return of income for assessment year 2007-08 on 31-10-2007 declaring total income of Rs. 15,20,628.
