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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...
Circular No.05/2011-Income Tax Instructions for deduction of TDS from salary for financial year 2011-2012 under section 192 of the Income Tax Act, 1961. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2011-2012 and explains certain related provisions of the Income-tax Act. CIRCULAR NO. 05/2011 [F.NO. 275/192/2011-IT(B)], DATED 16-8-2011
Common Mistakes That Are Noticed By the CPC, Adjustment Of Old Demands Against Refunds Processed By CPC. Request Made By CPC To The CA Fraternity.- o encourage tax payers to file returns electronically instead of physically to make processing of tax returns more efficient.To encourage tax payers to obtain Digital Signature Certificates and to sign the e-returns electronically to minimize use of paper and logistics efforts.
Western Geco International Limited Vs. DDIT (International Taxation), Dehradun (Advance Ruling Authority)- Even if part of the income falls under ‘Royalties’ or ‘Fees for technical Services’, there is no scope to assess such receipts under these heads, once it is held that the income is from its oil exploration and production activities as envisaged under section 44BB. We are of the view that if the applicant desires to know the answers to the two issues, then it has to first exercise the option to get its income computed under section 44BB(3). In view thereof, we answer the Question No.2 by saying that the entire mobilization/demobilization revenues received by the applicant with respect to seismic data acquisition and/or processing would be taxable in India at an effective rate of 4.223%.
Krishna Murthy Vallu Vs ITO (ITAT Visakhapatnam)- If land which is sold is situated in an area which is comprised within the jurisdiction of a municipality, etc, then the said land is squarely covered by clause (a) of section 2(14)(iii) and would fall in the category of ‘Capital assets’ even if it is held to be agricultural land. However, the assessee would be entitled for an exemption under section 54B on the reinvestment made by him in the purchase of another agricultural land subject to fulfilment of certain conditions.
Hero Honda Motors Ltd. Vs. DCIT (ITAT Delhi)- In our considered opinion, the stand taken by the assessee at the time of filing of return of income was a possible and plausible view and therefore, the penalty is not justified. The judgement of Honourable Apex Court rendered in the case of CIT v. Reliance Petroproducts Ltd. reported in 327 ITR 158 also supports the case of the assessee because in that case, it was held by Hon’ble Apex Court that mere making of a claim by itself will not amount to furnishing of inaccurate particulars regarding the income of the assessee and such a claim made in the return of income cannot amount to concealment of income or furnishing of inaccurate particulars of income unless it is found that any details supplied by the assessee in this return were found to be incorrect or erroneous or false. In our considered opinion, this judgement of Honourable Apex Court supports the case of the assessee in the present case and respectfully following this judgement, we delete the penalty.
M/s Sundaram Fasteners Ltd Vs CIT (Madras High Court)- As far as placing reliance on the decision of the Apex Court in the case of Pandian Chemicals Ltd. Vs. Commissioner of Income Tax) reported in [2003] 262 ITR 278 is concerned, we do not find, the said decision, in any manner, goes against the case of the assessee. The Unit at Krishnapuram is stated to be the only unit having hot forging machine. It is stated that the assessee, based at Krishnapuram, received bolts and nuts from Padi, manufactured using cold forging. The Krishnapuram unit completes hot forging and after the process comes to Padi where there is further value addition and after assembling nuts and bolts, they are marketed.
CIT, Chennai Vs A R Mercantile Pvt. Ltd. (Madras High Court)- The Tribunal accepted the case of the assessee based on the letter issued by the Assistant Executive Engineer of the Tamilnadu Electricity Board, that the windmill was commissioned on 30.09.1995.
CIT, Mumbai Vs Life Insurance Corporation Of India Ltd.- (Bombay High Court)- The object of inserting Section 10(23AAB) as per the Board Circular No. 762 dated 18th February 1998 was to enable the assessee to offer attractive terms to the contributors.
CIT Vs M/s Lakshmi Hospital (High Court Of Kerala At Ernakulum)- In this case also assessee conceded that the unaccounted receipts were collected for payment to doctors attending to patients in the hospital. What we notice is that the department has not made any effort to confront the doctors with the unaccounted payments stated to have been made to them by the hospital which engaged them.
CIT Vs Brahmaputra Consortium Ltd (Delhi High Court)- When the assessee accepts the excess depreciation claimed inadvertently and the same being disallowed by the AO, penalty u/s 271(1)(c) is not warranted in such a case.
