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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...
GNG Stock Holdings (P) Ltd Vs DCIT (ITAT Delhi)- When a business is established and is ready to commence business, then it can be said of that business that it is set up. But before it is ready to commence business, it is not set up. In other words, a business cannot be said to be set up before it is ready to commence. The actual commencement of the business may have some interval from the date when the business was set up, but in order to hold that the business is set up, it is to be seen as to whether it was ready to commence though actual commencement might not have been taken place.
Whether Ld. CIT(A) erred in directing the AO to adopt the value of the property sold as per DVO report for the purpose of computing capital gains in place of value adopted by Stamp Valuation Authority and considered by AO as per provisions of Section 50C(1) of the IT Act, 1961. Held, Yes If the fair market value as assessed by the DVO is lower than the value adopted by Stamp Duty Authorities for collecting stamp duty. Then value so adopted by DVO has to be adopted by the AO for the purpose of computation of LTCG.
These two appeals are under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the “Act”) directed against the order dated 31st March, 2010 of the Income Tax Appellate Tribunal (for short “the Tribunal”) pertaining to the assessment years 2004-05 and 2005-06.
Echjay Forgings P. Ltd. Vs. ITO (ITAT Mumbai)- As observed by Honourable Supreme Court, in the case of Chainrup Sampatram vs CIT, 24 ITR 481, “while anticipated loss is thus taken into account, anticipated profits…is not brought into account, as no prudent trader would care to show increased profit before it’s actual realization”. The underlying principle is the theory of conservation in accounting which has the sanction of Honourable Courts above. In view of these discussions, as also bearing in mind the entirety of the case, we deem it fit and proper to direct the Assessing Officer to delete the impugned dis-allowance of t. 1,07,83,402 The assessee gets relief accordingly.
Duncans Industries Limited Vs CIT (Calcutta High Court)- Under S. 80-HHC (1) the deduction is to be given in computing the total income of the assessee. In computing the total income of the assessee both profits as well as losses will have to be taken into consideration. Section 80-AB is relevant.
ITO Vs M/s Dresdner Kleinwort Wasserstein Sec (I) Ltd. (ITAT Mumbai)- Assessee has incurred an expenditure towards the service charges of the shared premises to its group concern which has taken the same on leave and license. As per leave and license agreement, the sharing of the premises with group concern is allowed as contemplated in clause 11 of the agreement.
Deepak Fertilisers & Petrochemicals Corporation Ltd. Vs. DCIT (ITAT Mumbai)- Whether the assessee is entitled to claim expenses for obsolete stores/ spares on provisional basis or it will be allowed in the year in which it is sold
Cherokee India Pvt. Ltd. Vs ITO (ITAT Mumbai)- Though, the assessee claimed that it has applied a mark-up of 6% on the costs, as per TNMM and should not have been doubted merely because the net result was a loss in the year under consideration. Whether such mark-up can be based on an estimated cost is required to be proved by referring to the agreement whereas the assessee could not furnish the agreement and did not place sufficient proof to support his logic of arriving at “standard cost” and in the absence of proving the same by producing any document/agreement with its principal highlighting the contractual terms of sharing cost, the learned CIT(A) was correct in holding that the special provisions of the Act have to be construed strictly and the method adopted by the tax authorities for making transfer pricing adjustments is reasonable in the circumstances of the case.
ITO Vs Basic Chemicals & Allied Industries Pvt. Ltd (ITAT Mumbai)- There is a wide variation between value of TDR and value of fully constructed industrial building and the two values are not comparable. As rightly pointed out by the Ld. CIT(A), the AO’s letter dt. 18.12.2008 shows that while examining the AIR transaction of . two crores, the AO has mixed up the AIR transaction of two crores with purchase of TDR of Rs. 1,43,04,413/- and consequently made erroneous conclusion that there is undisclosed investment within the meaning of Sec. 69B.
ACIT, Mumbai Vs M/s Bajaj Auto Limited (ITAT Mumbai)- From the language of section 205 of the Act, it is clear that the bar operates as soon as it is established that the tax has been deducted at source and it is wholly irrelevant as to whether the tax deducted at source is paid to the credit of the Central Government of not and whether the TDS certificate in Form No. 16 has been issued or not. Also the mere fact that the employer may not issue the TDS certificate to the employee does not mean that the liability of the employer ceases. The liability to pay income-tax if deducted at source is upon the employer.
