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CA, CS, CMA : The article summarizes important notifications, circulars, judicial rulings, and regulatory changes issued between 11–17 May 202...
Income Tax : The Bombay High Court held that reopening for AY 2016–17 becomes invalid when sanction is obtained from an authority not prescri...
CA, CS, CMA : The week witnessed important rulings on benami transactions, GST natural justice violations, and misuse of insolvency proceedings....
Income Tax : A comprehensive guide explaining taxation of house property income, annual value computation, deemed ownership, and deductions und...
CA, CS, CMA : This update compiles key statutory deadlines across multiple laws for May 2026. It highlights filing requirements under income tax...
Income Tax : The Government clarified that the new income tax search provision does not expand powers or permit AI-based digital surveillance, ...
Income Tax : The government responds to queries on corporate tax, including notices, prosecutions, and collections over the past five years....
Income Tax : Explore the Malad Chamber of Tax Consultants' 2024 Pre-Budget Memorandum proposing crucial amendments to the Income Tax Act, 1961,...
Income Tax : Live Webinar on Section-43B(h) of Income Tax Act, 1961 read with Section-2, 7-8, 15-16-17 of MSMED Act 2006 on 03-03-2024- SundayÂ...
Income Tax : Live webinar – Taxation Critical Issues & Solution Did you know our Indian Tax System is extremely vulnerable? Let me te...
Income Tax : The court directed the Board of Advance Rulings to expedite the disposal of a pending application under Section 245Q, ensuring tim...
Income Tax : The High Court allowed a religious society to submit delayed audit documents, citing the treasurer’s age and Covid-19 as valid r...
Income Tax : The Kerala High Court has temporarily halted income tax recovery proceedings against Palode Service Co-Operative Bank Ltd a Primar...
Income Tax : The Delhi High Court dismissed the Revenue's appeals in CIT-1 v. Casio India Co. Pvt. Ltd. for AY 2012-13 and 2013-14, affirming t...
Income Tax : The Tribunal found the addition uncalled for. cash deposits from the sale of old vehicles, accepted as genuine sales by the AO, ca...
Income Tax : CBDT Notification 150/2025 grants income tax exemption to the Jhansi Development Authority under Section 10(46A), effective from A...
Income Tax : The Central Board of Direct Taxes has granted income tax exemption to the Parambikulam Tiger Conservation Foundation on specific i...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : West Bengal Transport Workers' Social Security Scheme receives tax exemption for specified income under Income-tax Act for AY 2021...
Income Tax : Read about the latest income tax notification specifying AIMCo India Infrastructure Pension Fund for tax exemption under section 1...
The tribunal has held that net profits have to be determined as per the provisions of the companies Act and thereafter, the adjustments have to be made. It has further been held that the assessee cannot adjust the books of profit except as provided under the companies Act.
The issue under consideration is whether AO is correct in issuing notice u/s 143(2) in the name of erstwhile partnership firm which was a non-existent entity at that point of time?
Whether the ex-parte order of the CIT(Exemptions) denying 80G exemption is justified in law? ITAT dismissed ex-parte order of CIT(E) on the basis of principles of natural justice
Dismissal of Appeal by ITAT after filing Vivad Se Vishwas Scheme 2020 before receiving Form 3 from Department
The issue under consideration is whether CIT(A) is correct in holding that the appellant is not a state under Article 289 of the Constitution of India and therefore, liable to tax under the Income Tax Act?
The disallowance of the expenditure u/s 40(a)(ia) would automatically enhance the taxable income of the assessee and the assessee is eligible for the deduction u/s 10A of the Income-tax Act on the enhanced income.
Whether AO is correct in rejecting the claim of assessee regarding the deduction u/s 54F, which was made first time during Reassessment Proceedings?
It is a settled principle of law that where addition to assessee’s income is made on estimate basis penalty under section 271(1)(c) cannot be imposed.
ITAT states that the assessee has disclosed the sale of shares in its books of account. Once the sale is declared as income by the assessee, the question of treating the same amount as a cash credit u/s 68 of the Act results in double addition. Thus, the addition is also bad on merits. Hence, the appeal of the assessee is allowed.
The issue under consideration is whether Fair Market Value of property determined without giving access to the DVO’s report to Assessee and without considering the Assessee’s objections is justified in law?
