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Income Tax : The article explains why advertisement expenses for brand building remain deductible under Section 37. Courts have consistently ru...
Income Tax : The article explains how Section 115BAE offers newly established co-operative societies a concessional 15% tax rate for manufactur...
Income Tax : The Income-tax Act, 2025 replaces old Sections 68 to 69D with a simplified sequential structure under Sections 102 to 106. The cha...
Income Tax : The issue was complexity in the existing tax law. It was clarified that the new Act simplifies structure by reducing sections and ...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
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Income Tax : The representation highlights large-scale pendency and administrative bottlenecks under Sections 12AB and 80G, urging immediate re...
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Income Tax : SC examined nature of amounts received from an AOP and upheld findings that receipts constituted profit share rather than revenue ...
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Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The government enforced a tax collection assistance agreement with Japan effective from 8 July 2025. The notification enables cros...
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Income Tax : The CBDT introduced Form ITR-U to allow taxpayers to update previously filed returns. The amendment promotes voluntary compliance ...
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Punjab & Haryana High Court quashes tax notices, ruling that statutory provisions take precedence over Board circulars in Anju Arora v. Union of India case.
Clause (ba) of sub-section (1) of section 12A was applicable for AY.2018-19 onwards and not for AY.2017-18, assessee-temple trust was entitled to tax exemptions under Sections 11 and 12 . Hence, the order of AO was not erroneous and prejudicial to the interests of revenue and therefore, it was not amenable to revision u/s 263.
ITAT Ahmedabad held that section 275(1A) of the Income Tax Act empowers AO to pass penalty order by enhancing or reducing penalty on the basis of assessment as revised by giving effect to orders passed by appellate authority or courts.
ITAT Ahmedabad held that the income of beneficiaries of trust cannot be treated as income in the hands of the trust. Accordingly, disallowance under section 143(1) of the Income Tax Act not justified.
The assessee had adopted Transactional Net Margin Method (TNMM) as the most appropriate method and Operating Profit/ Operating Cost [OP/OC] as the Profit Level Indicator for benchmarking the international transactions.
Delhi High Court held that AO has erroneously added value of transaction while calculating income that could possibly have escaped assessment. Accordingly, order set aside and matter remanded back to AO for fresh consideration.
The present appeal is filed by the assessee against the denial of registration under section 12AB of the Income Tax Act vide the order passed by the Commissioner of Income Tax (Exemption), Ahmedabad.
The assessee herein is a part of Allana Group, which is engaged in the business of export of food products and agro commodities including frozen meat processed/frozen food, edible products, agro products etc.
Delhi High Court held that non-issuance of notice under section 143(2) of the Income Tax Act is in grave contradiction to section 292BB of the Income Tax Act. Accordingly, revenue appeal dismissed.
AO also held that despite issuing notices under sections 143(2) and 142(1), assessee did not comply with those, and AO made additions to the income found in the assessee’s account.
