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Income Tax : Understand the statutory time limits for issuing income-tax notices and completing assessments under the Income-tax Act. The guide...
Income Tax : Learn the updated provisions governing rectification, assessments, reassessments, and appeals under the Income-tax Act. This guide...
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 : 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 : NCLAT held that a single application covering multiple years and company officers is maintainable in the absence of any statutory ...
Income Tax : ITAT held that Section 87A rebate cannot be denied on tax payable under Section 111A where the assessee qualifies under the prescr...
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...
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 : 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...
While scrutinizing the balance sheet of the assessee, during the course of assessment proceedings, it was noticed by the Assessing Officer that the assessee has taken loan of Rs. 3,57,428/- from M/s. Third Eye Qualitative Researchers Pvt. Ltd. of which she is a director having substantial interest. Accordingly, the said loan of Rs. 3,57,428/- was added as deemed dividend u/s. 2(22)(e) of the I.T. Act. The AO sought explanation u/s. 271(1)(c) r.w. Explanation-1. The assessee furnished detailed reply dt. 6.3.2009. The explanation of the assessee was rejected by AO who levied minimum penalty of Rs. 1,20,310/-.
Allahabad Bank Vs. DCIT Banks eligible to claim deduction for bad debts u/s 36(1)(vii) in respect of advances and also claim provision for bad and doubtful debts u/s 36(1)(viia). To conclude, we hold that the provisions of Sections 36(1) (vii) and 36(1) (viia) of the Act are distinct and independent items of deduction and operate in their respective fields. The bad debts written off in debts, other than those for which the provision is made under clause (viia), will be covered under the main part of Section 36(1) (vii), while the proviso will operate in cases under clause (viia) to limit deduction to the extent of difference between the debt or part thereof written off in the previous year and credit balance in the provision for bad and doubtful debts account made under clause (viia) . The proviso to Section 36(1) (vii) will relate to cases covered under Section 36(1) (viia) and has to be read with Section 36(2) (v) of the Act. Thus, the proviso would not permit benefit of double deduction, operating with reference to rural loans while under Section 36(1) (vii), the assessee would be entitled to general deduction upon an account having become bad debt and being written off as irrecoverable in the accounts of the assessee for the previous year. This, obviously, would be subject to satisfaction of the requirements contemplated under Section 36.
, Hon’ble Calcutta High Court in their decision dated 23.11.2011 ITA no. 302 of 2011 GA 3200/2011 in CIT Vs. Virgin Creations, held that that amendment to the provisions of Sec.40(a)(ia) of the Act, by the Finance Act, 2010 as aforesaid was retrospective from 1.4.2005. The ld. AR pointed out that this is the sole decision rendered by a High Court at the moment on the issue. Following the view in this decision, co-ordinate Bench in their decision dated 11.4.2012 in Piyush C. Mehta Vs. ACIT no.1321/Mum./2009 for the AY 2005-06 and the decision dated 10.5.2012 in ITA no. 717/Bang/2011for the AY 2008-09 in ACIT Vs. M.K. Gurumurthy also held that the aforesaid amendment is applicable retrospectively w.e.f 1.4.2005.
ORDER. NO, 113 of 2012 – The following postings and transfers f officers in the grade of Chief Commissioners/Director Generals of Income Tax are hereby ordered with immediate effect and until further orders:
Vide Orders dated 107 and 108 dated 6.6.2012 the CBDT has transferred and posted officers in the grade of Additional & Joint Commissioners of Income-tax in the Directorate of International Taxation & Transfer Pricing.
As per the definition of ‘person’ u/s 2(31), a minor is an assessable entity even though his income is clubbed u/s 64(1A) of the Act in the hands of his parents. A minor is a person distinct from his parents and is also an individual. There is no bar in separately allotting bonds upto Rs. 50,00,000 to each such person. There is no mentioned limit on the deduction allowable to an assessee under section 54EC.(The limit of Rs.50 lakhs is ceiling on investment that may be made by an assessee and not a ceiling on deduction that may be allowed to an assessee). Thus, AO was not right in disallowing deductions in respect of bonds invested by minor children of the assessee by applying the Rs.50 lakhs limit.
For issue a notice u/s 143(2), reasons to believe are not required to be recorded in writing and power of the Assessing Officer to take up the return for scrutiny is much wider and the jurisdictional pre-conditions stipulated u/s 147 are not required to be satisfied. The respondents have agreed to and will be bound by the statement to withdraw notice u/s 147/148, but will have liberty and right to issue fresh notice u/s 147/148, after recording reasons to believe. The said notice will not be barred because the respondents had not initiated proceedings by issue of notice under Section 143(2) of the Act or they had earlier issued notice under Sections 147/148. With the aforesaid findings and observations writ petition is disposed of.
Directors of the company have undergone foreign travelling for the purpose of export and looking for the business avenues abroad. The details submitted by the assessee though only provides the date of travelling, details of country visited and amount of fare, visa charges and other miscellaneous expenses incurred, however, the Assessing Officer has not brought anything on record to show that the foreign travelling was for personal purposes.
The Central Board of Direct Taxes (CBDT) has launched an internal inquiry into the recent arrest of four senior income tax officials by the CBI in a graft case. The report of the inquiry, to be conducted by a chief commissioner-rank officer, will soon be submitted to the CBDT top brass.
this issue is covered by the decision of Hon’ble Supreme Court in the case of JCIT Vs Rolta India Ltd. 330 ITR 470 wherein it has been held that in case of company which are liable to tax u/s. 115JB / minimum alternative tax , have to pay interest u/s. 234B/234C of the Act.
