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Income Tax : Smt. Ranjana Kumari/Kalta Vs DCIT/ACIT (Central) (ITAT Chandigarh) The appeals involved three assessees belonging to the Kalta Gro...
Income Tax : The guide compiles the principal Income-tax Act provisions applicable to non-residents establishing business in India and resident...
Income Tax : CBDT has identified six categories of returns for compulsory scrutiny during FY 2026-27. Selection triggers detailed examination b...
Income Tax : Tax on dividends, interest, royalties and FTS earned by non-residents is governed by the more beneficial rate under the Income-tax...
Income Tax : The applicable withholding tax depends on the Income-tax Act or the relevant DTAA, whichever is more beneficial. Treaty rates diff...
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 held that CPC could not make adjustments under Section 143(1) without issuing the mandatory prior intimation. The order was q...
Income Tax : SC issued notice as Delhi HC quashed Section 153C notices beyond the ten-year block period while clarifying key principles on sear...
Income Tax : ITAT held the assessment time-barred as the AO failed to pass the final order within the mandatory timeline under Section 144C(13)...
Income Tax : Tribunal partly allowed the assessee's appeals by granting relief on transfer pricing, scientific research deduction, product regi...
Income Tax : The High Court held that the assessment was time-barred as it was not completed within the mandatory period under Section 144C....
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...
13. To appreciate the above rival contentions, it would be worthwhile to refer to relevant provisions of the Act i.e. section 48 and section 55(2) respectively. Section 48 provides for the computation of capital gains. The key factors to be taken into account while computing the capital gains are (1) the full value of consideration for transfer (ii) the cost of acquisition of the capital asset and the cost of improvement
The services rendered and the work undertaken by the applicant-Australia n company in terms of the Agreement for Basic Engineering and Procurement services fall within the scope of `royalties’ as defined in Article XII(3) of the DTAA between India and Australia and the receipts are taxable in India by virtue of Article XII(2); under the Income-tax Act too, they are so taxable
5.6 There cannot be a straight jacket formula for detection of these defaults of concealment or of furnishing inaccurate particulars of income and indeed concealment of particulars of income and in accurate particulars of income may at times overlap. It depends upon the facts of the each case. In the assessment proceedings the ITO while ascertaining the total income chargeable to tax would be in a position
14. We have considered the rival submissions and also perused the relevant material on record. It is observed that the addition in dispute on account of alleged unexplained investment made by the assessee in the property was made by the AO on the basis of valuation report obtained from the DVO by making a reference u/s 142A, the provisions of which read as under:-
11 If we go to the facts of the case the business loss returned by the assessee to the extent it could not be set off was in fact carried forward and while computing the gross total income the income under the head business was nil but in fact the assessee has incurred the net business loss aggregating to Rs.21,22,545/ -. The Hon’ble High Court there also did not take the view that the gross total income of the assessee
19. We have considered the rival submissions and perused the material on record. In our considered view inferences drawn by the authorities below are not sustainable in law. The grounds on which the A.O. has added the amount of gift as assessee’s income are summarized by us in para 12. We do not agree that the persons showing income of Rs.80,000 to Rs. 1,50,000 per annum would be persons
5.11 Now coming to the merits of the case. For this purposes, we are required to consider the scheme of taxation of income from house property. Section 22 says that the measure of income from house property is its annual value. The annual value is to be decided in accordance with section 23. Sub-section (1) of section 23, by virtue of the amendment with effect from the assessment year 1976-77
10. Section 147 of the Act empowers the assessing officer to reopen the assessment in respect of any assessment year, if he has reason to believe that any income chargeable to tax has escaped assessment. The object of reassessment is to assess the correct income. Under section 147 of the Act, the assessing officer can assume jurisdiction to reopen the assessment only if there exists tangible material
Rationalisation of the provision of the Fringe Benefit Tax Sub-section (2) of section 115WB of the Income tax Act provides that where an employer incurs any expenditure, inter alia, for the purposes of entertainment, hospitality, conference, and sales promotion (including publicity), such employer shall be deemed to have provided fringe benefits to its employees. Section […]
Sub-sections (2A) to (2D) of section 142 deal with power of Assessing Officer to order a special audit. Such power is required to be exercised by the Assessing Officer having regard to the nature and complexity of the accounts of the Assessee and the interest of the revenue. Sub-section (2C) of the said section specifies […]
