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Income Tax : Understand every reporting requirement under Form 3CD as amended by the Finance Act, 2026. This guide explains clause-wise disclos...
Income Tax : Section 50AA overrides the normal holding period rules and deems gains from specified assets as short-term capital gains, even if ...
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 : 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 : Receipts earned by a German resident individual from rendering managerial, consultancy and business development services outside I...
Income Tax : The Tribunal ruled that proceedings initiated under the old Section 153C framework after the Finance Act, 2021 amendments were leg...
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 : 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...
Notification No. 27/2012-Income Tax Whereas an Agreement and the Protocol between the Government of the Republic of India and the Government of the Republic of Estonia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income was signed at Tallinn, Estonia, on 19th day of September, 2011;
Tribunal decision in the case of ITO Vs Gyani Exports as reported in 94 TTJ 557 wherein, it was held that gain from foreign exchange fluctuation as eligible for deduction u/s 80HHC. No contrary decision was brought to our notice by Ld. D.R. and hence, on this issue also, we decline to interfere in the order of Ld. CIT(A).
It has not been disputed that the four sellers of the agricultural lands were neither examined nor their statements recorded, nor sec. 50C was invoked against them. Under these circumstances, the addition on the basis of a presumption which according to I.T. Act can only be raised against seller, cannot be made in the hands of the purchaser. Besides, we find merit in the argument of learned counsel for the assessee that provisions of sec. 142A cannot be applied against a transaction which is stock in trade. Order of CIT(A) is upheld as being on just and proper observation.
Amended section 10B as well as section 10A, 10AA, 10BA were introduced in the Act with a specific purpose. All these sections can be classified as ‘special provisions’ with regard to allowable deductions in certain areas. Said sections contain an in-built mechanism for computing the profits arising out of the business activities of the units/undertakings. It is a fact that above sections, including section 10B talk about ‘deductions’, but it is also a fact that still they are part of Chapter III i.e., the chapter that deals with income which do not form part of total income.
The issue as to whether there was concealment of particulars of income on the part of the assessee so as to attract penalty under section 271(1)(c) depends on the acceptability of the explanation of the assessee that the mistake in this regard was inadvertent due to his ignorance of Indian Income-tax law, hence there was bona fide reason for the same.
It is not a case where the Assessing Officer has brought any material on record to indicate that the revenue was aware of the non-genuineness of the gift received by the assessee. Except vague observations that there was a fake gift racket nothing specific has been pointed out in the case of the assessee. In fact action of the Assessing Officer on the ground that assessee has concealed income is contradictory in terms for the simple reason that the Investigation Wing appears to have passed on the information, in the year 2002, to the Assessing Officer that a sum of Rs. 5 lakhs was taken by assessee in the form of a gift from ‘B’, the record indicates a gift of Rs. 1 lakh only.
e-filing is compulsory for the A.Y. 2012-13 onwards, for an individual or a Hindu Undivided Family if the total income exceeded Rs. 10 lakh. However, digital signature is not mandatory. Taxpayers, can also transmit the data in the return electronically, and thereafter submit verification of the return in Form ITR-V. Filing of Income Tax returns electronically under Digital Signature is mandatory for all company required to furnish the return in Form ITR-6 or for a firm, an individual or HUF, whose accounts are required to be audited.
In the first round of the proceedings under Section 179 of the said Act, the Commissioner of Income Tax by order dated 5th November, 2007 set aside the order dated 25th January, 2007 of the Income Tax Officer. However whist setting aside the order, the Commissioner of Income Tax directed the Income Tax officer that before any order under Section 179 of the said Act is passed against the petitioner, the Assessing Officer must give a specific finding to the effect that efforts made to recover the tax dues from the said company had failed and that the petitioner should be heard before any order is passed under Section 179 of the Income Tax Act.
Where the capital asset became the property of the assessee by succession, inheritance or devaluation, the cost of acquisition of asset shall be deemed to be the cost for which the previous owner of the property acquired it, as increased by the cost of any improvement of the assets incurred or borne by the previous owner or the assessee, as the case may be. In the case before us, the assessee became owner of property by inheritance.
Agility Logistics (P.) Ltd. V/s. DCIT (ITAT Mumbai) Mere addition on account of transfer pricing adjustment cannot automatically lead to levy of penalty u/s. 271(1)(c)
