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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...
We have uploaded below a Budget booklet cum Direct Tax Ready Reckoner prepared by Lucknow CA Club which Budget Changes along with handy day to day use information. The book contains the following updates :- Finance Ministers of India from 1947 to 2013 Highlights-Service Tax Highlights- Income Tax /Wealth Tax Section wise Major Changes Other […]
Here, the only question, which false for our determination, is as to whether the Additional Director had the authority under section 132 (1) of the Act to issue warrant of search and seizure. In view of the amendment brought by Finance (No. 2) Act, 2009, this point need not detain us much. Finance (No. 2) Act, 2009 has specifically inserted the words “Additional Director” in section 132 (1) of the Act with effect from 01.06.1994, besides other authorities.
Admittedly, it is the case of the petitioner that the assessment orders passed on remand are the subject matter of appeals before the Commissioner (Appeals) or the Tribunal, as the case may be. It is, therefore, for the petitioner to work out its remedy in the said forum including appropriate interlocutory orders as against tax and interest. The writ petition filed challenging the letter demanding payment of arrears is, per se, not maintainable for the abovesaid reason. The petitioner, having availed the statutory remedy, has to seek indulgence in the appeals said to have been filed.
In the present case, the Fly Ash Handling System, even though classified under plant and machinery as a general item, is still qualified as a different class under the heading ‘Air pollution control equipment’ entitled for higher amount of depreciation. Therefore, the special category, under which air pollution control equipment is placed, applies to the Fly Ash Handing System installed by the assessee. Its eligibility for higher amount of depreciation will not be shadowed by the general rate provided for plant and machinery.
The petitioner trust, in this case, is also being deprived of a sum of Rs. 8,93,773 for which it cannot be blamed at all : it had no liability whatsoever to pay this amount to the Revenue. Yet, the Revenue has refused to refund the same by taking some hypertechnical view of the matter. If the petitioner-trust is being deprived of a sum of Rs. 8,93,773 which legitimately belongs to it due to perverse view taken by the Revenue, is it still rational to say that no genuine hardship is being caused to it ?
Mere pendency of the public interest litigation would not extinguish the liability of assessee to pay tax on the income received. The amount received by the assessee is not in pursuance to any interim order of the court wherein, the interim order merges with the final order and such payment is contingent depending upon the final verdict in the litigation. In this case, ultimately when the Government Order is set aside, if the assessee repays the money, he is eligible for adjustment of tax paid for the income received or for refund of the said amount. On the pretext that the third party has filed the public interest litigation for the relevant assessment year, he cannot avoid payment of tax on the said revenue receipt. In the event of assessee losing the battle, he will be bound to refund the amount of Rs. 2,06,33,600/- to the Government. If he were to pay tax under the Act, when once that amount is returned, he would be entitled for refund of the said tax or adjustment of tax in future, but that does not enable him to withhold payment of tax on the pretext of pending litigation. In that view of the matter, the approach of the Tribunal is not proper.
Oil and natural gas and its exploration are a field of specialized technical knowledge and not for the use of public at large. A specific training is required in the field. The information obtained by the assessee are also of technical nature. Therefore, the contention of the assessee that it contains general information is without any justification.
CA Mohit Agarwal Who are the Eligible Investor ? – who opened a demat account as a ‘first holder’ after November 23, 2012. – Opened a demat account prior to this date but never bought any shares or traded in the Futures and Options (F&O) segment. – still qualifies if his name appeared second in […]
The Income Tax Act was amended by Finance (No.2) Act, 2004 w.e.f. 15.12.1972 inserting Section 142A authorising the Assessing Officer for the purposes of making an assessment or reassessment under the Act, where an estimate of the value of any investment referred to in Section 69 or Section 69B or the value of any bullion, jewellery or other valuable articles referred to in Section 69A or Section 69B is required to be made, to refer the matter to Valuation Officer to make an estimate of such value and report the same to him.
In the assessment order there is no finding of the Assessing Officer that the assessee was guilty of concealing the income which he could have recorded as provided under Section 271(1) which says that if the Assessing Officer or the Commissioner (Appeals) or the Commissioner, in course of any proceeding under the Act, is satisfied that any person has concealed particulars of his income or furnished inaccurate particulars of such income, then he may direct that such person shall pay, by way of penalty. T
