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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...
NC Notification No. 71/2011 – Income Tax WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O.915(E), dated the 27th August, 2002, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial Number 1, “Construction of building, Auditorium, Ayurvedic Clinic, School building, Administrative Block, Residential Quarters and purchase of equipments, furniture/fixture, books for Dev Sanskriti Vishwa Vidayala and running of Swavalammban, Healthcare and Education programmes at Shantikunj, Haridwar” by Shri Vedmata Gayatri Trust, Shantikunj, Haridwar -249411 (Uttaranchal), as an eligible project or scheme for a period of three years beginning with assessment year 2003-04, which was extended further vide Notification Number S.O.710(E), dated the 25th May, 2005 for a period of three years beginning with financial year 2005-06 and which was extended further vide Notification Number S.O. 1308(E), dated 4th June, 2008 for a period of three years beginning with financial year 2008-09;
NC Notification No. 66/2011 – Income Tax WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O.915(E), dated the 27th August, 2002, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial Number 15, “Pratham Delhi Education Initiative at Delhi” by Pratham Delhi Education Initiative, 3rd Floor, ICICI Ltd., NBCC Place, Bhisham Pitamah Marg, Pragati Vihar, New Delhi – 110003, as an eligible project or scheme for a period of three years beginning with assessment year 2003-04, which was extended further vide Notification Number S.O. 149(E), dated the 3rd February, 2006 for a period of three years beginning with financial year 2005-06 and which was extended further vide Notification Number S.O.2375(E), dated the 3rd October, 2008 for a period of three years beginning with financial year 2008-09;
NC Notification No. 60/2011 – Income Tax Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 2370(E), dated 3rd October, 2008, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial Number 12, Initiative for empowerment of widow women and person with disabilities through promoting water harvesting structures and livelihood activities by Manila Mandal Banner Agor, Near New Power House, Indira Colony, Barmer, Rajasthan., as an eligible project or scheme for a period of three years beginning with financial year 2008-09;
NC Notification No. 70/2011 – Income Tax Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O.267(E), dated the 23rd March, 2000, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial Number 8, “Rural Development Projects at 30 Villages of Tamilnadu, Karnataka and Maharashtra” by Srinivasan Services Trust, Jayalakshmi Estates, 8, Haddows Road, Chennai – 600006, as an eligible project or scheme for a period of three years beginning with assessment year 2000-01, which was extended further vide Notification Number S.O. 1116(E), dated the 24th October, 2002 for a period of three years beginning with assessment year 2003-04 and which was extended further vide Notification Number S.O.509(E), dated the 4th April, 2006 for a period of three years beginning with financial year 2005-2006, which was extended further vide Notification Number S.O.242(E), dated 21st January, 2009 for a period of three years beginning with the financial year 2008-09
NC Notification No. 59/2011 – Income Tax Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 2370(E), dated 3rd October, 2008, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial Number 13, New home-(Childrens’ Home) by Reaching Hand, 60/2, 1st Floor, Nehru Road, Kammanahalli Extension, St. Thomas Town Post, Bangalore 560 084, as an eligible project or scheme for a period of three years beginning with financial year 2008-09;
NC Notification No. 65/2011 – Income Tax WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 2370(E), dated 3rd October, 2008, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial Number 6, (a) Disha Special School and Therapy Centre, (b) Disha Autism Centre, and (c) Community based rehabilitation programme by Disha Charitable Trust, 319, Race Course Towers, Gotri Road, Vadodara 390 007, Gujarat, as an eligible project or scheme for a period of three years beginning with financial year 2008-09;
NC Notification No. 50/2011 – Income Tax In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table below, and approves the eligible projects or schemes specified to be carried on by the said institutions and the estimated cost thereof as mentioned in column (3) of the said Table, and also specifies in the column (4) of the Table the maximum amount of such cost which may be allowed as deduction under the said section 35AC for the period of approval,
Merck Ltd Vs ACIT (ITAT Mumbai) – Provisions of sec. 94 are very much clear and it cannot be said that there is any ambiguity in the provisions and therefore, appellant should not have claimed the aforesaid loss knowing fully well that the provisions of sec. 94 are applicable to such transactions. Appellant has adjusted the aforesaid loss against the profit on sale of short term capital gains which is illegal. Appellant being a reputed company, advised by reputed and learned counsels for the past many years cannot be said to be not aware of the said provisions of the Act. For the above reasons, appellant’s submissions on this issue are rejected and it is held that AO is right in levying penalty u/s 271(1) and holding that the appellant has furnished inaccurate particulars of its income. – Assessee’s appeal partly allowed.
M/s Kone Elevator India Pvt Ltd Vs ITO (Madras High Court) – As per the decision of the Hon’ble Supreme Court, once the Assessing Officer has come to the conclusion that the taxable amount has escaped assessment, two conditions were required to be satisfied on the basis of the materials placed before him. Both these conditions were conditions precedent to be satisfied before the Assessing Officer could have jurisdiction to issue notice under section 148 read with section 147(a). But under the substituted section 147 existence of the first condition alone is suffice. In other words if the Assessing Officer has reason to believe that certain income assessable to tax has escaped assessment it confers jurisdiction to reopen the assessment. It is, however, to be noted that both the conditions must be fulfilled if the case falls within the ambit of the proviso to section 147. Hence, we are not able to appreciate the contention of the learned counsel for the appellant that the Assessing Officer has no jurisdiction to reopen the assessment.
ITO v Gujarat Information Technology Fund (ITAT Ahemdabad) Interest income earned on bank deposit is exempt u/s 10(23FB) and there is no decision of SEBI that there is any violation of SEBI (Venture Capital Funds) Regulation 1996 and, therefore, the AO cannot hold that there was such violation. The AO is duty bound to enquire whether the assessee trust is registered under the Registration Act, 1908 and has been granted a certificate of registration by SEBI under SEBI (Venture Capital Funds) Regulations, 1996 and not beyond that.
