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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...
When the amount paid by the assessee to the Singapore company for purchase of computer software cannot be treated as royalty, the assessee is not liable to deduct tax at source from such payment.
Where the assessee-company entered into non-compete agreement with one party and the same was applicable for 5 years, which period has been considered to be sufficient to give enduring benefit to the assessee, the expenditure claimed by the assessee in pursuance of non-compete agreement is capital expenditure, the deduction of which cannot be granted to the assessee as revenue expenditure
The AO was of the opinion that when interest accrued on loan was credited in the creditor’s account, the assessee was supposed to deduct tax at source within the meaning of provisions contained in Section 194A of the Act. Since assessee failed to deduct tax at source from the amount of interest credited in the creditor’s account, the AO passed the order u/s 201(1) and 201(1A).
Rs.1,75,57,916/- declared business profit of Rs.18,09,37,887/- in trading of shares and short term capital gain of Rs. 16,33,22,167/- from sale and purchase of shares. The AO during the assessment proceedings noted that in the preceding assessment year i.e. A.Y.2004-05, the assessee had not shown any capital gain from investment in shares. The a
In a case where the Assessing Officer has chosen to act in complete departure from a duly considered determination made by a superior officer, it is necessary for this Court to step in to ensure that the discipline of the hierarchy imposed by fiscal legislation is duly observed
The entitlement to shares pursuant to an award made under the provisions of the Arbitration and Conciliation Act, 1996, is in consequence of lawful means other than by a transfer in accordance with the Articles of Association of the Company.
Demat account is essential a commercial activity done on a day to day basis and it is not expected that a private trust would bring the Gods and Goddesses in the matter of share trading business. In our view, the Respondent No. 2 has rightly rejected the prayer of the Petitioner holding that such account cannot be operated in view of the circular of the SEBI which is annexed at page 23 annexure “C”.
The connotations of expression `particulars of income’ do not extend to the issues of interpretation of law and as such making a claim, which is found to be unacceptable in law, cannot be treated as furnishing of inaccurate particulars of income
Merely because the property was given on leave or licence for a specific purpose of running restaurant or it was given along with furniture, fixtures as well as other equipments required for running of restaurant, the same, could not change the character of rental income which is “income from house property” and the same would not become business income
We find that the A.O., CIT (A) as well as the Tribunal has only interpreted the provisions of sec. 80-IA(9) and Sec. 80HHC in a different way. As held by their Lordship, in the case of Reliance Petroproducts Ltd (supra) that merely because the assessee has made some legal claim which has not been accepted by the A.O. that will not amount to furnishing of inaccurate particulars of income of the assessee. In our opinion, there is no justification to support the A.O. for levy of the penalty on the claim of the assessee u/s 80HHC, which was not accepted. We, accordingly, delete the entire penalty by cancelling the penalty order passed by the A.O.
