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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...
Ranbaxy Laboratories Limited Versus CIT (Delhi High Court)- The Tribunal was right in holding that the Assessing Officer had the jurisdiction to reassess issues other than the issues in respect of which proceedings are initiated but he was not so justified when the reasons for the initiation of those proceedings ceased to survive. Consequently, we answer the first part of question in affirmative in favour of Revenue and the second part of the question against the Revenue.
The net direct tax collection during the first two months of the current fiscal fell by 47.93 per cent, mainly on account of dolling out of large refunds by the IT department. Net direct tax collections, gross collections minus refunds, were down by 47.93 per cent at Rs 12,954 crore during the first two months of the current fiscal, the finance ministry said in a statement.
Vishwanath Khanna Vs. UOI & Others (Delhi High Court) – The Assistant Commissioner of Income Tax, Investigation Circle (20)(1), New Delhi passed order under Section 132(5) of the Income Tax Act dated 02.06.1995 declaring that cash found during search as unexplained and hence, cash seized of Rs. 49,86,500/- was retained and not released. Subsequently, vide another order under Section 132(5) dated 19.06.2005, various disputed additions were made and tax and penalty @200% were raised. Therefore, entire silver seized valuing Rs. 4,44,66,395/- was retained and not released. We may mention at this state that the Income Tax Department disputed the status of M/s Foto Traders, as according to it, it was an unregistered partnership firm. Therefore, the Department intended to tax income in the hands of this firm. The concerned Assessing Officer (AO) passed the assessment order under Section 143(3) in the name of M/s Foto Traders after making huge additions of 10,49,53,527/- on protective basis.
Citi Financial Consumer Finance India Ltd. Vs. CIT (Delhi High Court) – The Tribunal in the instant case has referred the matter back to the AO categorically recording that there was no sufficient material placed before it to demonstrate as to what were the services rendered by the DSAs from which it could be ascertained as to how allowability to pay such brokerage had arisen and could be worked out. According to the Tribunal, mere Agreement was not sufficient for this purpose, as it does not reveal on what basis the brokerage is payable and is looked into what and how the assessee would be liable to pay such brokerage. Section 254(1) of the Act which confers power upon the Tribunal to decide the appeal clearly states that after giving opportunity of being heard to both the parties, it may pass such an order thereon as thinks fit. After stating the principle on which commission paid by the assessee to DSAs would be treated as expenditure relating to particular areas, for want of sufficient evidence to arrive at a definite finding in this behalf, the Tribunal, in its discretion, remitted the case back to the AO giving clear guidelines how to examine the issue on the basis of records to be produced and what course of action, the AO was supposed to take. Honorable High Court do not find any infirmity in this approach of the Tribunal and dismisses the appeal in limine.
Commissioner of Income Tax Vs. Eastern Medikit Ltd (Delhi High Court) – Where the CIT while exercising powers under Section 263 of the Act, sets aside the order of the AO on merits as well and gives his categorical finding on the issue involved, naturally the Tribunal will be within its right to examine as to whether the decision on the said issue was proper or not and for this purpose, the Tribunal itself would be entitled to examine the issue on merits. It was, in these circumstances, the aforesaid two cases were decided. However, where the issue was not examined by the AO and on this ground CIT revised the order without giving his own findings, but directing the AO to do the necessary exercise, it was not proper for the Tribunal to decide the same, converting itself to a Court of first instance and deciding the factual aspect on which neither AO nor CIT(A) had returned any findings.
Commissioner of Income Tax Vs. Shri Mukesh Luthra (Delhi High Court) – Since the Tribunal has not gone into the merits of the additions made by the AO, the Honourable High Court has remitted back the matter to the Tribunal to decide as to whether M/s Globe Meditech was a dummy concern of the assessee herein and the order of the CIT (A) dealing with the addition holding that the assessee herein was not the benamidar is correct or not. The question of law is answered in the aforesaid terms, without any order as to cost.
Net direct tax collections during the first two months of the current fiscal (April & May 2011) stood at Rs.12,954 crore, down from Rs.24,878 crore in the same period last fiscal, a decline of 47.93 percent. Gross direct tax collections were, however, up by 37.34 percent at Rs.50,405 crore as against Rs.36,702 crore.
M/s IVL India Pvt. Ltd. Vs. Commissioner of Income Tax (High Court of Kerala at Ernakulam) – – Assessee while working out the eligible deduction did not exclude 90% of the income received by way of consultancy charges which is to be specifically excluded by virtue of mandatory provision contained in Explanation (d) of Section 80HHE of the Act. In fact, since there is an omission to apply the statutory provision in the working out of eligible deduction of profit on export of software, the assessment could even be rectified through rectification proceedings under Section 154. In any case when the mandatory provision is not followed leading to evasion of tax by way of excess relief granted to the assessee, the remedy open to the officer is to revise the assessment by invoking powers under Section 147.
The Income Tax department is probing a ‘treacherous’ and secretive channel of money transfer through ATMs along the ‘open” Indo-Nepal border which is suspected to have ‘national security’ implications. The department, which stumbled across the stealth money transfers during the recently conducted Assembly polls in five states, has sent a classified report to central security agencies for a detailed probe.
In a recent ruling, in the case of LG Asian Plus Ltd. Vs. Asst. Director of Income-tax the Mumbai Income-tax Appellate Tribunal has held that income earned by a Foreign Institutional Investor from derivative trading would be taxable as `capital gains’ in view of special provisions under section 115AD of the Income-tax Act, 1961. The Tribunal also held that under the Act, income could be treated as ‘speculative’ only if it was taxable as ‘business income’. The Tribunal accordingly ruled that FII income would not be treated as ‘speculative business income’. While ruling in favour of the assessee, the Tribunal held that loss incurred from derivative transactions would not be treated as ‘speculation loss’ but would be treated as capital loss, and hence, it could be adjusted against capital gains earned by the assessee.
