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Latest Articles


Income Tax Provisions applicable to business entities

Income Tax : Learn how business and professional income is computed under the Income-tax Act after the Finance Act, 2026. This guide explains t...

June 29, 2026 3090 Views 0 comment Print

Time limit for issuing different income-tax notices & completion of assessment

Income Tax : Understand the statutory time limits for issuing income-tax notices and completing assessments under the Income-tax Act. The guide...

June 29, 2026 41166 Views 0 comment Print

Rectification, Assessment and Appeal under Income Act, 1961

Income Tax : Learn the updated provisions governing rectification, assessments, reassessments, and appeals under the Income-tax Act. This guide...

June 29, 2026 13638 Views 0 comment Print

Clause wise Items reportable in Income Tax Audit Report (Form 3CA/3CB/3CD)

Income Tax : Understand every reporting requirement under Form 3CD as amended by the Finance Act, 2026. This guide explains clause-wise disclos...

June 29, 2026 38202 Views 0 comment Print

Section 50AA: Why Long-Held Assets Can Still Be Taxed as Short-Term Gains

Income Tax : Section 50AA overrides the normal holding period rules and deems gains from specified assets as short-term capital gains, even if ...

June 29, 2026 456 Views 0 comment Print


Latest News


Advance Tax Collections Grow 15.30% due to Higher Corporate Tax Payments

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...

June 19, 2026 258 Views 0 comment Print

Income Tax Superintendent Caught by CBI in Bribery Case Linked to PAN Deletion

Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...

June 6, 2026 6241 Views 0 comment Print

ITAT Prioritizes Old Appeals as Rising Pendency Requires Urgent Disposal Measures

Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...

June 5, 2026 306 Views 0 comment Print

Request for Rationalisation and Merger of TDS Return Codes 1023 & 1024

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...

June 4, 2026 1950 Views 0 comment Print

Reduce CASS 2026 Scrutiny Cases Due to New Income Tax Act Transition Challenges: ITGOA

Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...

May 21, 2026 4014 Views 1 comment Print


Latest Judiciary


Agricultural Land Taxable as Capital Asset as It Fell Within Statutory Distance from Municipality

Income Tax : ITAT held that agricultural land within the prescribed municipal distance is a capital asset and restricted the on-money addition ...

June 29, 2026 42 Views 0 comment Print

NCLAT Allows Joint Compounding Applications as Companies Act Has No Express Bar

Income Tax : NCLAT held that a single application covering multiple years and company officers is maintainable in the absence of any statutory ...

June 29, 2026 48 Views 0 comment Print

ITAT Grants Section 87A Rebate on Special Rate STCG Tax as Total Income Qualified

Income Tax : ITAT held that Section 87A rebate cannot be denied on tax payable under Section 111A where the assessee qualifies under the prescr...

June 29, 2026 60 Views 0 comment Print

ITAT Restricts Bogus Purchase Addition as AO Applied Unrelated Gross Profit Rate

Income Tax : ITAT Delhi held that applying the gross profit rate of a different assessment year was excessive. It reduced the addition to 1% GP...

June 29, 2026 60 Views 0 comment Print

No Tax in India on German Tax Resident’s Professional Service Receipts Under DTAA: ITAT Mumbai

Income Tax : Receipts earned by a German resident individual from rendering managerial, consultancy and business development services outside I...

June 29, 2026 141 Views 0 comment Print


Latest Notifications


CBDT Grants Five-Year Scientific Research Recognition to Public Health Foundation

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...

June 27, 2026 225 Views 0 comment Print

CBDT Approved University of Hyderabad for Scientific Research Tax Benefits

Income Tax : CBDT has approved the University of Hyderabad for scientific research under Section 45 of the Income-tax Act, 2025. The approval i...

June 27, 2026 117 Views 0 comment Print

CBDT Issues Complete Income Tax Scrutiny Guidelines for FY 2026-27

Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...

June 7, 2026 50805 Views 1 comment Print

Income-Tax (Amendment) Commencement Ordinance, 2026

Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...

June 6, 2026 918 Views 0 comment Print

CBDT Notifies Infrastructure Sub-Sectors as Eligible Businesses Under Income Tax Act 2025

Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...

June 2, 2026 717 Views 0 comment Print


Enhanced Leased rental to acquire asset of enduring nature is capital expenditure

July 16, 2012 1170 Views 0 comment Print

1. That part of the enhancement of lease rent, which is attributable to Mehta Charitable Trust surrendering its right to purchase khair wood in favour of the assessee company constitutes revenue expenditure. 2. That part of the enhancement of lease rent, which is attributable to improvement and modernization of plant and machinery carried out by the Trust in the year 1989-90, constitutes revenue expenditure. 3. The enhancement in lease rent, if any, which is attributable to normal appreciation, if any, in line with the lease rentals prevailing in the market constitutes revenue expenditure.

Share transferred by promoters before listing not eligible for exemption U/s. 10(38)

July 16, 2012 3901 Views 0 comment Print

Yet another issue involved in this appeal is as to whether the capital gain tax, in this case, would be leviable at the normal rate of 20% or at the rate of 10%. Admittedly, capital gain tax at the rate of 10% was payable only in case of ‘listed securities’. Since, these shares had been transferred to the applicants in the public offer, by 5.1.2006 before they were actually listed on the stock exchanges on 6.1.2006, they were not ‘listed securities’ at the time of sale by the appellant and consequently, the transaction would not be eligible for payment of capital gain tax at the lower rate of 10%.

WT – Property subject to ULCA restrictions cannot be valued at market value

July 16, 2012 1254 Views 0 comment Print

Land in question was declared surplus land under the Urban Land [Ceiling & Regulation] Act, 1976 which was having depressing effect on the value of the asset, the valuation had to be made on the basis of assumption that the purchaser would be able to enjoy the property as the holder, but with restrictions and prohibitions contained in the ULC Act and in such case value of the property or land would be reduced.

Series of orders – Limitation Period commences from original order date

July 15, 2012 531 Views 0 comment Print

Hon’ble Supreme Court in the case of CIT v. Alagendran Finance Ltd. [2007] 293 ITR 1/162 Taxman 465, has considered the period of limitation for the purpose of section 263 in a case where a series of orders were passed by the assessing authority in the case of that assessee. The Hon’ble Supreme Court held that the period of limitation commenced from the date of the original assessment order, in which the issues sought to be revised by the Commissioner of Income-tax, have been discussed. The Hon’ble Supreme Court held that the subsequent orders passed by the lower authorities on different dates cannot be relied on by the Commissioner of Income-tax for reckoning the period of limitation. It is, therefore, necessary to see that for the purpose of computing the period of limitation, the date of that order is to be considered in which the disputed issues have been considered by the lower authorities, at the latest. The Hon’ble Supreme Court has held that the period of limitation begins from the original assessment in respect of those items.

WT- Mere letting of office premises cannot put them in the category of commercial establishment or complex

July 15, 2012 5037 Views 0 comment Print

When the assessee is not in the business of leasing out of the property and the intention of letting out the premises in question was not to exploit the business assets in relation to the business of the assessee then the said property would not fall under the exception as provided u/s 2(ea)(i)(5) of the W T Act being commercial establishment or complex.

Profits earned by charitable trust from construction projects not exempt u/s.11, but deductible u/s. 80-IB(10)

July 15, 2012 2057 Views 0 comment Print

The Assessee’s claim for deduction u/s.80-IB(10) of the Act for AY 2009-10, in so far as it relates to the profit derived from developing housing project, cannot be regarded as income of a charitable trust or institution within the meaning of Sec.11(1)(a) of the Act, because carrying on of the housing project was not a charitable purpose even in AY 2009-10 in view of the first proviso to Section 2(15) of the Act. The income from developing housing project by virtue of the provisions of Sec.13(8) of the Act would become part of the total income under the Act.

S. 132A Validity of Issue of warrant of authorization

July 15, 2012 2803 Views 0 comment Print

In the instant case, Amish Kumar Patel in his statement under Section 131 of the IT Act has nowhere said that the money in question belonged to the petitioner’s firm or was to be delivered to it. Instead, he has stated that the money in question was handed over to him by Praveen Bhai who was found untraceable at the address provided by Amish Kumar. This being so, the petitioners do not get any advantage of Vindhya Metal Corpn.’s case (supra), being distinguishable on facts.

Notification issued u/s. 90A(3) cannot interpret terms used in DTAA

July 15, 2012 1553 Views 0 comment Print

When a notification is issued exercising the powers conferred under sub-section (3) of Section 90A of the Act, it can have effect only on those types of agreement mentioned in sub-section (1) thereof. If such a notification goes beyond that mandate, it will have to be ignored to the extent it goes overboard. Even if the term may be taxed has been given a meaning by the Government through a Notification No. 90A(3) of the Act, so as to extend such meaning to terms used in a Double Taxation Avoidance Agreement, it will have to be ignored.

Taxability of Fee for technical services rendered in connection with prospecting for or extraction or production of mineral oil

July 15, 2012 1234 Views 0 comment Print

From decision in case of CGG Veritas Services, SA (supra) it is clear that (i) fee for technical services having business PE or fixed place of profession will be assessable under section 44DA, (ii) fee for technical services without having business PE or fixed place of profession will be assessable under section 115A. The Tribunal has further held that fee for technical services from assessment year 2011-12, whether rendered in connection with prospecting for or extraction or production of mineral oil, will be assessable either under section 44DA or under section 115 depending upon the fact whether such receipts are effectively connected with PE or fixed place of profession or not.

If material/evidence not enclosed with return but disclosed original assessment proceeding, reopening not justified

July 15, 2012 1175 Views 0 comment Print

We may also notice that the proviso to Section 147 of the Act is fully applicable as the assessee had disclosed all the materials facts at the time of original assessment. Even if the materials/evidence was not enclosed with the return, full and true details/material was disclosed during the course of the original proceedings. The turnover or sales made to DMRC has not been disputed.

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