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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 Jaipur held that exemption under Section 11 cannot be denied merely because Form 10B was filed late when it was already avail...
Income Tax : Bombay HC admitted the Revenue's appeal on AMP expenditure and payments to doctors, holding both require judicial examination. It ...
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 : 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...
CIT Vs. S R M B Udyog Ltd. (Kokata High Court)- Under the provisions of the Companies Act, 1956, effect of amalgamation is winding up of the transferor company. Moreover, from the terms of the amalgamation which have been accepted by this Hon’ble Court, it appears that whatever proceedings were pending or were sought to be initiated after the date of the order of amalgamation, were to to done against the transferee company. Under such circumstancs, we could gather from the facts that the appeal was preferred by SRMB Udyog Ltd. before the Commissioner of Income Tax after the order of amalgamation was passed; similarly the department preferred an appeal subsequently. It is settled law that no proceedings can be brought against a nonexistent person either natural or artificial.
Enforcement Directorate questioned Sanjay Chandra, Unitech MD and an accused in the 2G spectrum allocation scam recently over investments made in a tax haven abroad.Chandra, who was recently released on bail in the case, has been questioned by ED twice regarding an investment by his firm worth about Rs 230 crore in the Isle of Man.
Income-tax Officer Vs. North East Enterprises (P) Ltd. (ITAT Kolkata)- As observed by the ld. A.O., the receipts of Rs. 50 lakhs and Rs.41,50,000/- ICD for the assessment years 2001-02 and 2002-03 respectively were not satisfactorily explained before him, which led him to make addition of the said amounts as assessee’s undisclosed investment. In our considered opinion, while deciding the issue the ld. C.I.T.(A) ought to have called for the remand report as the receipts of ICD amounts were not satisfactorily explained before the ld. A.O., which were shown as payments.
Here are some of the things to do for while handling the entire income tax refund process so that you can receive the same quickly:- File the income tax return in time – The entire tax refund process starts with them taking some specific action. For any tax payer, doing nothing will not yield any result in any benefit on the tax front. Thus if there is some outcome desired, then there will have to be efforts to get that particular outcome. When it comes to the question of getting an income tax refund, the first thing that has to be done is to file an income tax return which mentions all the correct figures about the income, deductions and tax paid. This will result in a demand for the refund based on documentary evidence.
Smart Projects (P) Ltd. v. ITO (ITAT Delhi) – Assessee company has duly submitted all requisite documentary evidences before the Authorities below so as to discharge its onus of establishing the identity and credit worthiness of the shareholders and the genuineness of the transactions. That being so, looked at from any angle, the addition has wrongly been made in the hands of the assessee company, though the same ought to have been made, if at all, in the hands of the shareholders, as held in ‘Lovely Exports’.
Since the assessment year involved in this appeal is 2005-06 Rule 8D of the IT Rules is not applicable in the present case keeping in view of the decision of the Hon’ble Bombay High Court in the case of Godrej and Boyce Mfg. Pvt. Ltd. In this case the ld. CIT-Admn has issued jurisdiction u/s 263 of the IT Act based on the order of the ITAT, Special Bench, which has been subsequently over ruled by Hon’ble Bombay High Court (supra). Therefore we are of the view that invoking of provision of section 263 of the IT Act is not justifiable in the facts and circumstances of the case. Hence we squash the order of ld. CIT-Admn and allow the appeal of assessee.
CIT v. EHPT India P. Ltd. (Delhi High Court)- Section 10A provides for deduction for profits derived from the export of software for a period of ten years. During the period of tax-holiday, it is desirable that the same method of computing the profits of the STP unit is adopted so that any distortion is avoided. We must however clarify that we are not to be understood as laying down as a proposition that in all cases arising under Section 10A, where the question of apportionment of common/indirect expenses between the taxable and the exempt units arises, the head-count method is the most appropriate method.
M/s Diamond Tool Industries Vs. JCIT (ITAT Mumbai)- Gauhati High Court in the case of Meghalaya Steels Ltd. (supra) after considering the decision of Hon’ble Supreme Court in the case of Liberty India (supra) has held that Central Excise Duty has a direct nexus with the manufacturing activity and similarly the refund of the Central Excise duty also had a direct nexus with the manufacturing activity. The issue of payment of Central Excise Duty would not arise in the absence of any industrial activity.
Broadening its probe in overseas black money cases, the Finance Ministry has decided to write to tax havens and other countries to obtain past information of banking-related transactions in select cases. Top sources said that the Central Board of Direct Taxes (CBDT) has obtained data of a number of accounts in foreign locations, including tax havens, and it will now write to these countries to share information about past banking transactions under the amended and rectified provisions of the Double Taxation Avoidance Agreement (DTAA).
The government on Friday said some of the persons named in the French list of people having funds abroad given to India have voluntarily paid about Rs 135 crore in taxes. Although the tax has not been assessed or raised yet, some persons have voluntarily paid taxes amounting to about Rs 135 crore so far,Minister of State for Finance S S Palanimanickam said in a written reply in Lok Sabha.
