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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 High Court held that failure to pass the order giving effect within the time prescribed under Section 153 resulted in abatemen...
Income Tax : The Madras High Court held that unexplained trade credits falling under Section 68 cannot qualify for deduction under Section 80-I...
Income Tax : The Tribunal restricted the Section 14A disallowance to exempt income and deleted additions relating to bad debts, tea and coffee ...
Income Tax : The ITAT held that the CPC could not make adjustments under Section 143(1) without first issuing the mandatory intimation to the a...
Income Tax : The ITAT Mumbai held that Fees for Technical Services were taxable at 10% under section 115A(1)(b) since the RBI's automatic appro...
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...
ITAT Ahmedabad held in case of ITO vs. M/s Tirupati Enterprises held that the revenue has to be recognized only at the time when substantial risk and reward are transferred to the buyer by the seller. Since the construction was incomplete, the property was not ready for sale.
In the case of ACIT vs. Smarneev Fashions Pvt. Ltd, ITAT Ahmedabad held that merely because there is a fall in gross profit or there is a NIL closing stock at the end of the year the books of accounts cannot be rejected.
The Ambassador of Ecuador to India, H.E. Mr. Mentor Villagomez met Ms. Rita Teotia, Commerce Secretary, Government of India on 9th October, 2015 and discussed measures to enhance bilateral trade and investment relations between both the countries. During the year 2014-15, the bilateral trade between the two countries stood at US $ 1290.77 million.
To win pending cases in tax laws. Indian Govt. has carried out retrospective amendment in tax laws from very inception of tax laws i.e. 1962. The retrospective amendment should be carried out when the cases are pending in Courts. When assessee takes advantages of loopholes in tax laws and win the cases in lower courts […]
Kerala High Court in the case of M/s Kerala Sponge Iron Ltd. vs. CIT held that once the income has been assessed u/s 68 as unexplained cash credit it cannot be treated as business income because it is not an income classifiable under any heads of income as per Sec 14.
There have been some reports in the media yesterday and today that the Income tax Department has issued fresh demand notice to Nokia India. These reports are erroneous. An assessment order was passed in the case of Nokia India Pvt Ltd for Assessment Year 2010-11 in August 2015. The tax demand raised by this order was primarily based on issues arising from earlier orders.
Delhi High Court Held In the case of I.P. Support Services India (P) Ltd vs CIT that AO cannot invoke Section 14A read with Rule 8D (2) without recording his satisfaction and noted that the recording of satisfaction as to why the voluntary disallowance made by the assessee was unreasonable
ITAT Jaipur held In the case of ITO vs. Tara Chand Jain that the right in land cannot be equated with the land or building. Therefore, it is concluded that section 50C is applicable to transfer of capital asset only in respect of land or building or both and is not applicable to right in land. In the present case
ITAT Chennai held In the case of M/s. M.R.M. Plantations P. Ltd. vs. DCIT that u/s 57 only expenditure incurred in connection with earning of income was allowable as deduction. The assessee admitted that the entire income is by way of interest from the bank deposits.
The Hon’ble Punjab & Haryana High Court in the case of M/s Council for Citrus and Agri Juicing in Punjab Vs. CIT(TDS) held that the money lent by the public sector undertaking from the corpus fund created out of govt. sanctioned funds could not be deemed as loans advanced by the govt.
