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Income Tax : Rule 46(8) mandates daily backups of electronic books on servers located in India, strengthening digital tax compliance and data i...
Income Tax : CBDT allows eligible salaried taxpayers with LTCG up to ₹1.25 lakh under section 112A to file ITR-1, simplifying return filing f...
Income Tax : Explore income-tax rates applicable over the last ten assessment years for individuals, companies, firms, LLPs, HUFs, and co-opera...
Income Tax : Learn how business and professional income is computed under the Income-tax Act after the Finance Act, 2026. This guide explains t...
Income Tax : Understand the statutory time limits for issuing income-tax notices and completing assessments under the Income-tax Act. The guide...
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 : ITAT held that agricultural land within the prescribed municipal distance is a capital asset and restricted the on-money addition ...
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 : 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...
In this case Assessing officer has made disallowance u/s. 40(a)(i) on payment for hiring charges for transponder, paid to PanAmSat Limited on the ground that no tax has been deducted at source by the assessee, u/s. 195 of the Act. Argument of learned Departmental Representative that the amendment to the Finance Act, 2012 changes the position, we find that there is no change in the DTAA between India and USA. Thus, the amendments have no affect on our decision.
Under the mercantile system of accounting, deduction of expenses is allowed when liability to pay such expenses is incurred irrespective of the fact whether such an amount has been paid or remained unpaid at the end of the year. In the like manner, income, under such a method of accounting, is recognized on accrual basis. In other words, only when the assessee finally acquires a right to receive such income, that it is charged to tax. Actual receipt of such amount, whether before or after accrual, is of no consequence.
On the issue of retrospective amendment, Union Finance Minister, Shri Pranab Mukherjee has said that he had given a commitment in the Parliament with regard to retrospective amendments that CBDT will issue a policy circular to clarify that in cases where assessment proceedings have become final before first day of April, 2012; such cases shall not be reopened. Now CBDT has issued a circular in this regard, the Finance Minister has stated.
Income from ‘jeep charges’ and ‘no dues certificates’, as would be apparent from the foregoing, is clearly business income. Revenue’s stand of the same being assessable u/s. 56 is inconsistent with the facts of the case.
Normally my advise would be that if there be no point of law, if its a matter of fact, then I think with the two appeals at the commissioner’s level the department need not rush to the High Court if there be no point of law concerned, Mukherjee said which addressing I-T officials here.
After hearing the rival submissions and on careful perusal of materials available on record, keeping in view of the fact that sufficient opportunity of being heard to AO has not been given by ld. CIT(A) for preparation of Remand Report and further keeping in view of the fact that all the materials placed before ld. CIT(A)has not been sent to AO for his consideration, in our considered opinion, the order of ld. CIT(A) is not in accordance with the principles of natural justice. Therefore we set aside the order of ld. CIT(A) and restore the matter to the file of AO to re-decide all the three issues afresh by taking into consideration of the various submissions and documents placed before ld. CIT(A) and after giving a reasonable opportunity of being heard to assessee.
It is not disputed that the 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 in record to show that the foreign travelling was for personal purposes. Once the foreign travelling has been accepted for the purpose of business then part of the amount cannot be disallowed on account of personal user unless it is established that there was personal and non business expenditure. Since no basis has been given nor anything adverse has been brought on record, the ad hoc addition of Rs. 5,00,000/- cannot be disallowed. Thus, the order of the CIT(A) confirming the addition is set aside and accordingly, ground of appeal No.2 is allowed.
Notification No. 10/2012-Income Tax The president is pleased to appoint the following IRS(IT) officers in the grade of ACIT(Junir Scale) in the pay scale of Rs. 15,600 to Rs. 39,100 with effect from the dates stated against their names. Notification No. 10 of 2012 appointing IRS Officers As Assistant CITs
The ld. counsel for the assessee contended that the ld. CIT(A) was not justified in sustaining the disallowance of interest for the reason that the assessee was already doing its business from a rented premises. The new office premises and godown were stated to have been added in the current year to carry on the same business. It has thus been canvassed that the mandate of proviso to section 36(1)()iii) will not apply.
Notification has permitted the development of the land only for hotel; therefore, after the said notification, the land in question cannot be developed other than hotel and there is no dispute on this point that the land was finally developed by constructing the hotel by the assessee. Even, the MCGB vide its letter dated 10.6.1994 has acknowledged this fact that 50% of the land in question is reserved for recreation ground and the remaining 50% is deleted from the reservation and placed in Local Commercial Zone (C-I) for specific purpose of Hotel projects only.
