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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...
Income Tax Department has started processing of TDS returns for 2010-11 (u/s 200A) and earlier years (u/s 201). All ‘defaults’ information, those processed after 01-04-2011, are now made available at www.tin-nsdl.com. (TAN registration login). The defaults will be raised as & when processed and will be kept updated in this area. It will be in a Zipped Excel sheet (no password) and quarter wise separate files will be available. (for which defaults are identified).
DCIT Vs Deloitte Consulting India Pvt. Limited (ITAT Hyderabad)- Risk adjustment disallowed, impact of intangibles on pricing negated, taxpayer estopped from subsequently pointing facts having material bearing, application of export earnings filter approved, etc.
L&T Transportation Infrastructure Limited Vs ITO (ITAT Chennai)- Roadside amenities cannot be treated as ‘infrastructure facility’ for the purposes of claiming deduction under Section 80-IA of the Income Tax Act.
Notification No. 80/2011 – Income Tax [F.NO. 279/115/1999-NC]/S.O. 1682(E), DATED 21-7-2011 – In the notification of the Government of India, Ministry of Finance (Department of Revenue) number S.O.1390 (E), dated the 14th June, 2011 published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii), relating to the trust Srinivasan Services Trust, Chennai, in paragraph 5 “Development Projects at 30 Villages of Tamilnadu, Karnataka and Maharashtra” may be read as “Development Projects at 70 Panchayats of Tamilnadu, Karnataka and Maharashtra”.
Hyundai Heavy Industries Ltd VS Union of India (Uttarakhand High Court)- The petitioner consequently orally objected to the constitution of the collegium and submitted that there was a conflict of interest if the DIT-II continues to sit in the collegium since he was involved in the reassessment proceedings.
IBM India P. Ltd. v. DCIT (ITAT Bangalore)- Considering the second objection of the AO, namely, that separate books of account have not been maintained for the STP Units, his observation was that the objection of the AO arose on the premise that part of the expenditure which could be related to the exempted income which is not allowable to the assessee by virtue of the provisions contained in section 14A of the Act which could be disguised and allowed to be set off against taxable income and, thus, the assessee would be benefited by paying reduced tax which could have been avoided.
DCIT v. Cabot India Ltd. – At the outset the Tribunal stated that the issue to be adjudicated upon is whether or not the royalty rate of five percent is arm’s length, and not whether the increase vis-à-vis two percent is justifiable. The Tribunal ruled that the royalty of two percent paid by the assessee to its AE in the previous year was a ‘controlled’ transaction and hence, could not be taken as a benchmark for determining the arm’s length nature of the five percent royalty charge in the current year.
Emami Ltd. Vs CIT (High Court of Calcutta)- Where on the last date of the Financial Year preceding the relevant Assessment Year, the assessee had no liability to pay advance tax, he would be nevertheless asked to pay interest in terms of Section 234B and Section 234C of the Act for default in making payment of tax in advance which was physically impossible.
Brintons Carpets Asia Pvt. Ltd v. DCIT (ITAT Pune) – The AO has to maintain the rule of consistency unless there is change facts materially. Comparable cases accepted by the department in the subsequent assessment year should be adopted for the purpose of computing the transfer pricing adjustments for the current year also. Ld Counsel also narrated the facts of that case and stated that the AO/TPO initially picked up the domestic comparable cases in that case too as in the case of the present assessee and such a decision was not accepted by the Tribunal vide the cited order dated 23.2.2011.
In a major haul, the city’s tax department has detected tax evasion in undeclared sale of diamonds worth Rs 5,150 crore which were imported through the Delhi airport. Teams from trade and taxes department carried out raids at premises of 29 importers and dealers of diamond across the city and discovered the evasion of VAT to the tune of more than Rs 100 crore.
