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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...
If after making the entire payment, merely because a registered sale deed had not been executed and registered in favour of the assessee before the period stipulated, he cannot be denied the benefit of section 54F of the Act. Similarly, if he has invested the money in construction of a residential house, merely because the construction was not complete in all respects and it was not in a fit condition to be occupied within the period stipulated, that would not disentitle the assessee from claiming the benefit under section 54F of the Act.
The contention of the learned Sr.AR to the effect that the Revenue moved rectification application in the year 2011 i.e. after around 3 years from the date of passing of the Tribunal order u/s 254(1), belies the Revenue’s stand of such ground having been in fact taken, is without any force. When section 254(2) provides a period of limitation of four years from the date of passing of the order, it implies that any rectification application moved within this statutory period of four years requires consideration. As the instant application u/s.254(2) is well within the stipulated period, in our considered opinion, there is no justification in not accepting it.
Transfer of right to use software/computer programme in respect of copyrights would fall within mischief of royalty – In both the cases, it was held that consideration paid by the Indian customers or end-users to the assessee-a foreign supplier, for transfer of the right to use the software/computer programme in respect of the copyrights falls within the mischief of royalty as defined under sub-clause [v] to Explanation 2 to Clause [vi] of section 9[1] of the Income-tax Acts 1961.
It is observed that the ld. CIT(A) was of the view that since in the quantum appeal, the matter was set aside and sent back to the file of the ld. CIT(A) by the Hon’ble Tribunal vide its order dated 29.12.2010, the penalty order of the ld. AO dated 23.03.2010 will not survive. In fact, the Hon’ble Tribunal in the quantum appeal had restored the matter back to the file of the ld. CIT(A) for deciding the issue afresh. In such circumstances, we are of the considered view that the penalty order should be considered in the light of the quantum appeal decided by the ld. CIT(A). For this reason, we set aside the order of the ld. CIT(A) dated 13.09.2011 and restore the matter back to the file of the ld. CIT(A) to consider the penalty order of the ld. AO in the light of his findings in the quantum appeal.
The applicant is an Accountant Member of the ITAT, Chandigarh who, having joined the employment aforementioned on 25.8.2003, came to be transferred to the ITAT, Chandigarh Bench on 25.10.2010. He has been, vide order Annexure A-I dated 23.1.2012, ordered to be transferred to the Rajkot Bench of the ITAT. The transfer is indicated to have been ordered “in public interest”.
In a major relief to equity brokers, the conflicts arising on their bad debt claims have been put to rest by the Bombay High Court. Affirming to a ruling by Mumbai ITAT special bench In the case of DCIT vs. Shreyas S. Morakhia 40 SOT 432, the court on Tuesday said stock brokers were eligible to claim deduction of the entire amount due to them from clients as a bad debt, even though only the brokerages is offered as income.
Undisputed facts are that the assessee is a plot society and not a flat society. Thus, notification dated 9th August 2001, issued by Govt. of Maharashtra, does not apply to the facts of the case. The first appellate authority had followed the judgment of Hon’ble Jurisdictional High Court in Sind Co. Operative Housing Society, [2009] 26 DTR 149 (Bom.), and granted relief to the assessee. As all the receipts are admittedly from the members, we have to necessarily uphold the order of the first appellate authority and dismiss the appeal of the Revenue.
Incomplete or under Construction Building not liable to wealth tax- Incomplete building of the assessee neither falls within the definition of a building, as contemplated under section 2(ea) of the Act, nor within the purview of urban land as excluded by Explanation 1(b) of the Wealth Tax Act.
Hon’ble High Court held that provisions of Section 80-HHC required two conditions to be satisfied before an assessee could claim deduction there under. The two conditions being:- (i) the goods being export out of India and (ii) Sale proceeds of goods or merchandise exported out of India are receivable in convertible foreign exchange. The above conditions are satisfied cumulatively. Here sale made to UNICEF in India would not amount to export of goods. Accordingly the assessee is not entitled to deduction U/s 80-HHC of the Act.
The petitioner assessee had filed an appeal against the reassessment order as it was mandated and required to be filed within the period of limitation. They have, however, withdrawn the said appeal. Looking into the factual background of the present case, we feel that the plea of alternative remedy raised by the Revenue should be and ought to be rejected. Defence of alternative remedy in the present case will result in miscarriage of justice and cause prejudice to the petitioner.
