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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...
Notification No. 7-Income Tax In exercise of the powers conferred by clause (39) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies,— the Commonwealth Games Federation, 2nd Floor, 138, Piccadily, London, W1J 7NR, United Kingdom as the person;
Notification No. 6-Income Tax In exercise of the powers conferred by sub-clause (vii) of clause ( 15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the bond with the following particulars for the purpose of the said sub-clause
INSTRUCTION NO. 1/2008, DATED 9-1-2008 Your attention is drawn to the guidelines for selection of cases under scrutiny for the F. Y. 2007-08 under which claim of refund of Rs. 5 lakhs or above is one of the criteria for compulsory scrutiny. Such cases were to be selected for scrutiny by CASS in all the networked stations and manually in non-networked stations.
While a co-operative society is treated under the Income-tax Act, 1961, as an assessee for extending certain concessions in computing taxable income, the income of a co-operative society is not exempt in its entirety. The Act has classified co-operative societies on the basis of various activities carried out by them.
It was incumbent on the Assessing Officer to show in the reasons recorded by him that any income escaped assessment due to error or omission on the part of the assessee in not disclosing all material facts relevant for assessment of this year. The assessment order does not show any error or omission on the part of the assessee in disclosing all material facts. So the Tribunal held that the CIT(A) was right in cancelling the re-assessment.
In a move that will bring cheers to tax payers, Supreme Court has ruled that those aggrieved by a blatantly erroneous or prejudiced order by the Income-Tax Appellate Tribunal (ITAT) can take the matter back to the Tribunal and get the error rectified. The apex court issued such an order in a case involving Honda Siel.
ACIT vs Mahalaxmi Chemical Works The notice under s.148 was issued for the reason that interest paid was not allowable since funds taken on interest were not used for business purpose.During reassessment said interest was not disallowed, accepting the assessee’s explanation. The reassessment for that reason could not be held to be invalid since there was prima facie reason to believe at the time of issue of notice under s.148 that income had escaped assessment.
The controversial double tax avoidance treaty between India and Mauritius is likely to survive despite pressure from the income-tax authorities. The pact may be reworked, but not scrapped, thanks to the lobbying by a high-level delegation headed by Mauritius Prime Minister Navinchandra Ramgoolam.
The Tribunal observed that the loss incurred by the assessee is on account of the loan advances to BFL from which the assessee company had earned interest. It was the surplus fund of the assessee which was utilized for advancing loan with the intention of earning interest, but assessee is not a money lender. It is common in the commercial practice that if surplus money is available then the business invests the same for earning interest instead of keeping it idle. The said investment would be capital in nature as surplus funds are invested with a view to earn interest. The assessee is also not a dealer in securities and investments. ‘ A So the loss sustained by the assessee in respect of the loan advanced to BFL is in the nature of capital loss and is not allowable u/s.28 of the Act also.
THE New Year has just set in, and things have started going awry for the CBDT. In fact the CBDT’s ‘time chakra’ had entered the adversarial zone some time late last year when the Delhi High Court had begun to take note of its frivolous appeals. It did warn the income tax authorities and also asked for detailed procedure and screening methodoligies adopted by the Board before an appeal is filed before the High Courts.
