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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...
A. Procedure for preparation of return -Deductors’ Manual for quarterly returns -Dos and Don’ts for Deductors/Collectors B. Forms Form 24Q Form 26Q Form 27Q Form 27EQ Form 27A or statement pertaining to FY 2010-11 and onwards File Format for Form 24Q (1st, 2nd & 3rd Quarters) File Format for Form 24Q (4th Quarter) File Format for Form 26Q Q1 to Q4 File Format for Form 27Q Q1 to Q4 File Format for Form 27EQ Q1 to Q 4
CIT v Atma Ram Tulsyan and Others (Allahabad High Court) – AO was of the view that the possibility of appreciation in the price of shares of lesser known companies in such short period appears to be remote. On this premise, the benefit of capital gains was denied. Evidently, in the absence of any contrary material, it is but obvious that the assessment order was framed on presumptions and assumptions.
Shramjivi Nagari Sahakari Pat Sanstha vs. ACIT (ITAT Pune)- The Hon’ble Bombay High Court in the case of KEC Interntional Ltd v/s. B.R. Balakrishnan (Supra) has been pleased to hold that generally coercive measures may not be adopted during the period provided by the Statute to go in appeal. In the present case, it remained the allegation of the appellant that recovery action was taken by the A.O by attaching bank account of the appellant u/s. 226(3) on 29.3.2010 on the basis of first appellate order passed on 3rd Februry 2010 and was served upon the assessee on 31st March 2010.
CIT vs. Safetag International India Pvt Ltd (Delhi High Court)- In the present case, the assessee did not ask for these ‘reasons to believe’. The assessee rather participated in the reassessment proceedings. When the reassessment orders were passed and the assessee felt aggrieved there against, the assessee filed appeal before the CIT (A). In this appeal, he challenged the validity of reassessment proceedings, which was the course of action available to the assessee.
CIT Versus Sadhu Forging Ltd (Delhi HC) – Assessee in giving heat treatment for which it had earned labour charges and job-work charges, it can thus be said that the appellant had done a process on the raw material which was nothing but a part and parcel of the manufacturing process of the industrial undertaking. These receipts cannot be said to be independent income of the manufacturing activities of the undertakings of the assessee and thus could not be excluded from the profits and gains derived from the industrial undertaking for the purpose of computing deduction under Section 80IB. These were gains derived from industrial undertakings and so entitled for the purpose of computing deduction under Section 80IB. There cannot be any two opinions that manufacturing activity of the type of material being undertaken by the assessee would also generate scrap in the process of manufacturing. The receipts of sale of scrap being part and parcel of the activity and being proximate thereto would also be within the ambit of gains derived from industrial undertaking for the purpose of computing deducting under Section 80IB.
CIT Versus Narayan Securities Pvt. Ltd. (Delhi HC)- The Tribunal relied upon the case of ITO v. Smt. Darshan Kaur of the Amritsar Bench of the Tribuanl and also the case titled CIT v. Atlas Cycle Industries, 180 ITR 319 and CIT v. M.P. Iron Traders 189 CTR 154, holding that the assumption of jurisdiction to frame the assessment by invoking Section 147 of the Income Tax Act was not justifiable in this case and consequently quashed the assessment framed under Section 143(3)/147. It is against this impugned order that the appeal has been preferred by Revenue. The present case is squarely covered by the judgment of this Court in ITA No. 148/2008 titled as Ranbaxy Laboratories Limited v. Commissioner of Income Tax, pronounced today, i.e., 3rd June, 2011 by this Court.
National Agricultural Co-Operative Marketing Federation of India Ltd. Versus CIT (DELHI HC)- In fact the liability on account of interest was to be deductable only when it gets crystallized into a certain liability and that took place only on this court passing a decree and awarding interest after the date of the award till the date of realization. Thus, we are of the view that the liability did not crystallize in the three assessment years 1996-97, 1997-98 and 1998-99,but only came to be crystallized in the year 2000-2001, when this court passed decree on 28th January, 2000 and, therefore, the assessee could not claim deduction for the same in the assessment years 1996-97, 1997-98 and 1998-99. We thus, answer question in affirmative in favour of the Revenue and against the assessee and consequently dismissed the appeal.
ITO vs. Laxmi Jewel Pvt Ltd (ITAT Mumbai)- As per Instruction No. 3 of 2011 dated 09.02.2011 appeal before appellate Tribunal can be filed where the tax effect exceeds the monitory limit of 3,00,000/-. However, considering the similar situation where tax limits were modified by the CBDT Instruction No. 5 of 2008 the Hon’ble jurisdictional High Court in the case of CIT vs. Madhukar K. Inamdar (HUF) (supra) held that the circular will be applicable to the cases pending before the court either for admission or for final disposal.
CIT Versus Continental Engines Ltd. (Delhi HC) – There is no dispute that the assessee is an approved EOU unit approved by the NEPZ authorities and there is also no dispute that the assessee was having two units described as CEL-I and CEL-II and that the assessee was making exports. Both the CIT(A) and the Tribunal have recorded as a matter of fact that the assessee was involved in manufacturing of an article or thing and that the mere fact that it was getting some works done on job basis from its sister concern would not deprive the assessee of its entity to be an EOU manufacturing unit.
Astra Housing & Investment P. Ltd v CIT (Delhi HC) The crux of the ratio of above decisions is that a mere omission or negligence would not constitute a deliberate act of suppressio veri or suggestio falsi. In order to be covered within the proviso of clause (c) of sub-Section (1) of Section 271, there has to be concealment of particulars of income by the assessee or the assessee must have furnished inaccurate particulars of income. Incorrect claim may not amount to furnishing of inaccurate particulars. Everything depends upon the return filed by the assessee, because that is the only document where the assessee can furnish particulars of his income. When such particulars are furnished inaccurately, the liability would arise.
