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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...
The ITAT Chennai in the case of M/s AVM Films Studios held that entire lease rental received in first year of assignment of film rights with a condition that the same is not refundable in any circumstances is taxable in that year itself and cannot be spread over the period of lease.
Many NGOs and Charitable Organizations in India have expressed desire to support relief and rehabilitation work for the benefit of earthquake affected people in Nepal. While participation of such NGOs and Charitable Organizations in relief operations is encouraged, it is also necessary to ensure that the funds utilized for the purpose are not misused and are channelized in the desirable manner only. These NGOs are also seeking approval from Central Board of Direct Taxes (CBDT) to exempt from tax the funds applied by them outside India (i.e., Nepal) u/s 1 1(1)(c) of the Income tax Act, 1961(‘Act’).
A.O. was not convinced by the explanation furnished by the assessee with regard to share capital received from six applicants and a sum of Rs.24 lacs was added u/s 68 of the Act. Appeal filed with CIT was rejected on the ground of assessee inability to explain the identity
Held that it is settled law that there is no bar for grant of such a relief if the Court is of the opinion that the circumstances and the ends of justice so warrant. Since the petitioner has already been granted conditional stay by the Tribunal in respect of the said appeal and that the Tribunal is in the midst of hearing of appeal
Assessee had given the loan to the associate enterprise in U.S.D. and in such a situation when the transaction was in foreign currency, and the transaction was an international transactions, then the transaction would have to be looked upon by applying the commercial principles in regard to international transactions.
The award was not for any services rendered but in the nature of testimonial and expression of recognition by an institution of eminence of a person in the field of Journalism. The testimonial paid to any professional or any person as a token of esteem and regard for his ability or qualities
Revenue contended that Tribunal has no authority to extend the period of stay beyond a period of 365 days from the initial date of grant of stay in view of third proviso to section 254(2A). As 365 days would expire on 30.03.2015
A reading of the agreement between STL and the assessee clarifies that a specific amount, i.e., Rs. 9 Crores was paid by the assessee to the transferor who owned commercial rights towards the network and the facilities.
Applicability of TDS to be determined having regard to the agreement between the contracting parties and not by particular assumption of the deductee about the nature of transaction
The various authorities of the Supreme Court in Malabar Industrial Co. Ltd. v. CIT 243 ITR 83 has highlighted that the power under Section 263 cannot be invoked to correct a mere error of an AO, based upon an incorrect assumption of fact.
