Income Tax : Understand Sections 234A, 234B, 234C, and 234D of the Income Tax Act covering interest on late filing, short payment, delayed adva...
Income Tax : A summary of key penalties under the Income Tax Act for AY 2026-27, covering defaults from late filing and non-payment to misrepor...
Income Tax : Understand how interest under the Income Tax Act is calculated, including Sections 234A–234D, 244A, and Rule 119A mechanics for ...
Income Tax : Interest under Section 234B cannot be levied on Section 115BBE-assessed income for resident senior citizens exempt from advance ta...
Income Tax : A look into why taxpayers face interest charges under Sections 234B and 234C, exploring how Section 210, a provision for official ...
Income Tax : Request to CBDT to permit filing of Form 10IC after expiration of time limit by condoning delay Issuance of Order under Section ...
Income Tax : All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition...
Income Tax : At the end of May the Income Tax Return forms are released for the Assessment Year 2015-16 and same been held back by finance mini...
Income Tax : Bangalore ITAT ruled that only solar days and not cumulative man-days should be considered while determining the existence of a Pe...
Income Tax : Relying on its earlier ruling in the assessee’s own case, the Tribunal held that gross profit should be estimated at 0.40% rathe...
Income Tax : Tribunal reiterated that credits brought forward from earlier financial years cannot ordinarily be taxed under Section 68 in subse...
Income Tax : ITAT Delhi held that lawful TDS credit cannot be denied merely because the Assessing Officer overlooked an earlier rectification o...
Income Tax : The Tribunal ruled that the limitation period for appeal commenced only when the assessee first received the ITBA screenshot revea...
ITAT emphasized that taxpayers must substantiate the receipt and benefit of group services, remanding the matter due to inadequate examination by lower authorities.
ITAT Delhi ruled that validly filed Form 10-IC ensures eligibility for Section 115BAA concessional tax rate. Key takeaway: timely filing secures lower corporate tax in subsequent years.
ITAT Delhi restored the appeal to CIT(A) after the assessee challenged notice issuance beyond limitation and under wrong section. Key takeaway: adherence to correct procedure is crucial in income tax assessments.
The Tribunal held that an assessee is entitled to TDS credit if the tax was deducted at source, even if the employer failed to deposit it or issue Form 16. Tax authorities cannot penalize the employee for the employer’s lapses.
Tribunal held that income from international air transport through code-sharing arrangements qualifies for exemption under Article 8 of the India-USA DTAA, as it forms part of aircraft operations in international traffic.
ITAT Delhi remitted a case where CIT(A) upheld additions without examining available evidence. The ruling reinforces that authorities must fully consider documents and explanations before confirming unexplained investments.
ITAT Pune held that denial of exemption under section 10(23C)(iv) of the Income Tax Act merely because of inadvertent error of claiming exemption u/s. 10(46) instead of 10(23C)(iv) is not justifiable. Accordingly, exemption u/s. 10(23C)(iv) granted.
ITAT Mumbai held that transfer pricing adjustment in relation to international transaction of payment of bareboat charter hire fees is directed to be deleted since benchmarking approach of assessee is already accepted by DRP in earlier years.
ITAT Ahmedabad allowed the assessee a fresh opportunity to explain the source of investment in property under Section 69A. The tribunal noted that being an NRI, the assessee could not access required documents in time, warranting reconsideration by the AO.
Gagil FDI Limited Vs ACIT (ITAT Delhi) The case concerns Gagil FDI Limited, a company incorporated in Cyprus, which appealed against an assessment order dated 29 April 2024 for the assessment year 2021–22 under Sections 143(3) and 144C(13) of the Income Tax Act, 1961. The primary dispute relates to whether the assessee was entitled to […]
