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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...
No. R-I/UID/2010/pt/ 27938 The schemes of the EPFO involving transfer of benefits to the beneficiaries namely Pension, withdrawal of Provident Fund, premature withdrawal of Pension, Payment related to EDLI have been identified by Government for implementation of Direct Cash Transfers from 1StJanuary, 2013 in 43 pilot districts (list enclosed) and in all districts thereafter.
A literal reading of sec. 195A implies that the income should be increased at the rates in force for the financial years and not the rates at which the tax is to be withheld by the assessee. The Hon’ble Apex Court in the case of GE India Technology (cited Supra) has held that the meaning and effect has to be given to the expression used in the section and while interpreting a section, one has to give weightage to every word used in that section.
The Union Finance Minister, Shri P. Chidambaram said that the Government is fully committed to provide best possible facilities to the tax payers for better tax compliance and revenue augmentation. He said that our focus is always to have a reasonably stable tax regime which is in the interest of both the tax payers as […]
At time when query was raised under the head ‘Selling & Distribution Expenditure’, had there been insistence that TDS was required to be deducted and the amount specified to the tune of Rs. 22,70,869 was not required to be allowed as Trade Incentive without deducting TDS, the same ought to have been reflected somewhere in the computation of income and that would have bearing on the computation itself.
Normally where a transaction is undertaken by a person who is a businessman, the question as to whether investment in shares is an income from the line of business could be taken as adventure in the nature of trade and it should not pose a problem, since such transactions would be either incidental or ancillary to the business, although the transactions undertaken may not have a direct bearing to the business already undertaken by the assessee.
Coming to the applicability of most appropriate method, both the parties have agreed that TNMM Method should be most appropriate method for benchmarking the ALP. The contention of learned CITDR is that before the TPO, even though this plea of applicability of TNMM Method was taken by the assessee by way of corroborated method, has neither considered the same nor examined it properly.
The assessee, a chamber of commerce and industry, in the course of pursuing its objects rendered several services, such as, certification, committee room services, secretarial services and facilities, energy audit, etc. to its members and non-members for a fee. It was registered under section 12A. From the assessment year 1996-97 up to the assessment year 2005-06, it was granted exemption under section 11.
In the instant case, while referring to the proviso in the newly inserted provisions of section 201(3) introduced by the Finance (No. 2) Act, 2009 with effect from 1-4-2010, the Assessing Officer concluded that he was competent to pass such orders for the aforesaid financial years at any time on or before 31-3-2011 while the Commissioner (Appeals), following the decisions of the jurisdictional High Court in CIT v. NHK Japan Broadcasting Corpn. [2008] 305 ITR 137and CIT v. Hutchison Essar Telecom Ltd. [2010] 323 ITR 230 (Delhi) held that the order dated 27-4-2010 passed by the Assessing Officer was barred by limitation.
As regards the method to be adopted for comparability analysis, the contention of the revenue that CUP is the most appropriate method in the facts and circumstances of the case especially when internal comparables are available for the comparability analysis, has to be accepted. Therefore, there is no infirmity in the action of the Assessing Officer/TPO in adopting CUP method for comparability analysis instead of TNMM applied by the assessee.
In the instant case, the assessee-trust is carrying on various activities in the nature of trade, commerce or business and rendering its services for the purpose of trade, commerce and business, because it is charging huge fees on account of various facts. No doubt, the assessee has given some explanation for charging fees by stating that it is charging fees as per rules framed by the Punjab Local Bodies Govt., which is clearly the admission by it that it is doing activities not for charitable purpose but for business purpose only.
