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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...
Recently, the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Kotak Mahindra Bank Ltd. v. ACIT (2010-TII-ITAT-MUM-INTL) dealt with the issue of whether passing of an order by the AO is necessary for filing an appeal before the Commissioner of Income-tax (Appeals) [CIT(A)] under section 248 of the Income-tax Act, 1961 (the Act) for a declaration that no tax was deductible on such income. The Tribunal held that Section 248 of the Act does not require any order being passed by the AO as a condition precedent for filing an appeal before CIT(A) . Further, the taxpayer also fulfilled all the necessary conditions required by the provision of the Act. Therefore, the taxpayer was right in filing an appeal before the CIT (A).
The taxpayer company, engaged in the business of leasing of equipments, purchased shares of WSIL on 4 April 1996 for a sum of INR 79.27 million which were sold on 30 December 1999 for INR 7 8.87 million. After applying the cost inflation index, the cost of the shares, for the purpose of computation of capital gain, worked out to INR 101.1 million which resulted in capital loss of INR 22.22 million.
ADIT v. Reliance Infocomm Ltd. – It is held that the assessee would be entitled to interest on the refund under the provisions of clause (b) of section 244A(1) of the Income-tax Act, 1961 if the refund became due under an order passed in any appeal or any other proceeding, as referred to in section 240 of the Act.
The taxpayer, a manufacturer and exporter of chemicals had more than 97.5 percent of its sales to its associated enterprise (“AE”). It benchmarked the sales to AEs under the Comparable Uncontrolled Price (“CUP”) method based on the average price charged by the AEs to the customers. The Revenue observed that the non-AEs who purchased the chemicals paid a higher price and adopted the price charged to the non-AEs as the CUP. The taxpayer stated that the AEs operated in the insulation industry and that the non-AEs were in the aerospace sector, which also resulted in the difference in pricing. It also contended that the AE came into existence for the reason that its ultimate customers required long term warranties on the product and were more comfortable dealing with an American firm than directly with the taxpayer. It was also pointed out that the ALP determined by the Revenue turned out to be higher than even the price ultimately charged to the buyers by the AEs. It also stated that the sale to non-AEs were in small quantities and non-recurrent, which cannot be compared directly with the sales to the AEs. However, the Revenue rejected taxpayer’s contentions after considering various aspects concerning the comparability of sales to non-AEs including differences in turnover, quantity, customer profiles and geography. On appeal, the Tribunal accepted the contentions of the taxpayer and ruled that there was no case for the Revenue in making the adjustments and accordingly, the sales to the AEs were held to be at arm’s length.
The finance ministry is persistent in its attempts to get details of the black money stashed in foreign banks. Finance minister Pranab Mukherjee who met Liechtenstein’s acting head of state Prince Alois in this regard on Tuesday, expressed concerns over funneling of black money from India.
The income-tax department has made seizures worth Rs 413.7 crore during the current fiscal till October, registering a growth of 17.1% over the corresponding period of the last year, which was at Rs 353.31 crore The seizures include Rs 271.9 crore in
With some of the development projects undertaken for the 2008 Pune Commonwealth Youth Games still incomplete, the state government has begun audit of funds for the Games. An audit team of the Comptroller and Auditor General visited PMC and PCMC offic
The Mumbai bench of Income-tax Appellate Tribunal (the Tribunal) in the case of Kishori Sharad Gaitonde v ITO (ITA No. 1561/M/09) held that for attracting the provisions of Section 50C of the Income-tax Act, 1961 (the Act) a capital gains should arise from the sale of land or building or both. However, since in the present case the taxpayer earned capital gains from the transfer of tenancy right which is not a capital asset, being land or building or both, the Tribunal held that Section 50C of the Act was not applicable to the instant case.
The Bombay High Courthas, in a recent ruling’ in the case of McKinsey and Company Inc, United States v. Union of India , held that there must be a valid and acceptable basis for making a departure from the order passed by a superior official and that the hierarchical discipline should be observed while implementing the fiscal legislation. In the absence of that, the exercise of the powers by the Assessing Officer would be arbitrary and open to challenge.
The tax-free bonds of Indian Railway Finance Corporation (IRFC) received bids of over Rs 300 crore on the very first day after it opened for subscription on Monday, according to distributors of the bonds. IRFC plans to raise Rs 1,000 crore through
