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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...
Facts (a) that the appellant had disclosed all material facts and (b) raising a legal claim, even if it is ultimately found to be legally unacceptable, cannot amount to furnishing of inaccurate particulars of income,
Dis-allowance on the ground that the assessee has diverted interest bearing funds into tax-free income can not be made where the assessee owes ample interest free funds on the date of investment.
Patni Computer Systems Ltd vs. DCIT (ITAT Pune) – A continuing debit balance per se, in the account of the associated enterprises, does not amount to an international transaction u/s 92B in respect of which ALP adjustments can be made. U/s 92B(1), the apportionment of cost is permissible only where there exists a ‘mutual agreement or arrangement’ between two or more Associated Enterprises for apportionment of cost incurred in connection with a benefit, service or facility provided to any one or more of such Enterprises. The bare allegation that the AE’s had received ‘specific and identifiable benefits’ is not sufficient to justify apportionment.
Statute makes the amended provision Section 80P(4) inserted by Finance Act, 2006 to be effective from 1.4.2007, which therefore clearly indicates that it is applicable from the Assessment Year 2007-08 onwards. The said provision clearly mandates that the provisions of Section 80P shall not apply in relation to any co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank.
The above mentioned guidelines have been reconsidered by the Board and it has been decided that the scrutiny of such cases would be limited only to the aspects of information received through AIR. However, a case may be taken up for wider scrutiny with the approval of the administrative Commissioner, where it is felt that apart from the AIR information there is a potential escapement of income more than Rs. 10 Lacs.
Vineetkumar Raghavjibhai Bhalodia vs. ITO (ITAT Rajkot)- HUF is a relative inasmuch as HUF is a collective name given to group consisting of individuals, all of whom are relatives under Explanation to Proviso to section 56(2) of the Act. The ld.AR submitted that the term individual would include a group of individuals, hence, an HUF would be covered by the term individual.
Atul G. Puranik Vs. ITO (ITAT Mumbai) – Where the assessee acquired rights in plot in exchange of plot owned by his father, then the market value of the land so received on the date of acquisition will be the cost of acquisition of such land.
Indian Railway Finance Corpn Ltd Vs Addl.CIT (ITAT Delhi) – Whether the lease equalisation charges which represented the recovery of fair value of leased assets are rightly added to the net income as per the profit and loss account while computing the book profits u/s 115JB – Whether the bond issue charges are revenue in nature – Whether the assessee is entitled to depreciation on the assets which were in its possession and it cannot be denied merely on the ground that the registration formalities were pending – Assessee’s appeal allowed.
CIT v Volpak Securities Ltd. (Gujrat High Court)- With respect to the portion of penalty, which the CIT [A] confirmed, the same was deleted by the Tribunal observing that the assessee was liable to make payment of Rs. 1,53,000/ on 23rd June 1997 in respect of mark-to-market settlement for which purpose Rs. 1,50,000/ was accepted from Shri Ashok Patel, Director in cash. However, since some funds were available in the books on that date, only Rs. 75,000/ was deposited in the Bank on 23rd June 1997 and the balance, after meeting certain other payments, was returned to the Director.
Terming the $2.6 billion tax liability on the company as ‘inequitable’, UK-based Vodafone today questioned the Indian authorities for not raising the tax claim on the party (Hutchison) which made profit by selling its stake. Vodafone exuded confidence that there was no tax payable on its deal for buying majority stake of Hutchison in Indian telecom firm Hutchison-Essar for over $11 billion in 2007.
