Income Tax : A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to ...
Income Tax : Understand Section 44AD of the Income Tax Act: presumptive business income, eligibility, turnover limits, and tax implications for...
Income Tax : Learn about Section 44AD, a simplified method to compute business income, excluding some entities. Thresholds and tax implications...
Income Tax : Sunset date for claiming Income Tax exemption for SEZs – Time to further extend the sunset date mentioned under Section 10AA...
Income Tax : Section 10A of the Income Tax Act, 1961 (the Act for short) deals with special provision in respect of newly established undertaki...
Income Tax : FM: Role of IT Sector is Crucial in Order to Promote E-Governance for Empowering Citizens; to Promote the Inclusive and Sustainabl...
Income Tax : Infosys Technologies Ltd. Tuesday said it will appeal against an order from the income tax department seeking more than 4 billion ...
Income Tax : Supreme Court held that Section 10A is a deduction provision, but the deduction must be allowed while computing the eligible under...
Income Tax : Transfer pricing principles dictate that a captive, risk-mitigated service provider could not be benchmarked against full-fledged,...
Corporate Law : NCLT Amaravati held that the corporate debtor's OTS proposals constituted acknowledgments of debt, giving rise to a fresh limitati...
Income Tax : The Karnataka High Court held that where the Revenue had consistently accepted the same interest rate in earlier and subsequent as...
Income Tax : The Tribunal held that delayed filing of Form 10-IC should not defeat the assessee's substantive right to opt for the concessional...
Income Tax : As per section 10A(4) of Income Tax Act, 1961, profits derived from export of articles or things or computer software shall be amo...
Income Tax : Circular No. 14/2014-Income Tax CBDT had issued Circular No.12/2014 dated 18th July, 2014 to clarify that mere transfer or re-dep...
Income Tax : Circular No. 12/2014-Income Tax Section 10AA of the Income-tax Act, 1961, inter-alia, provides for deduction in respect of the pr...
Income Tax : A clarificatory Circular No. 01/2013 dated 17.01.2013 was issued by CBDT to address various contentious issues leading to tax disp...
Income Tax : A clarificatory Circular No. 01/2013, dated 17-1-2013 (hereinafter referred to as 'Circular') was issued by CBDT to address variou...
The Tribunal held that once a Section 263 revision is set aside, the consequential assessment has no legal existence. All proceedings based on such assessment automatically collapse.
The Tribunal ruled that an issue conclusively settled by ITAT, High Court, and Supreme Court cannot be revisited by the AO under Section 254. Deduction under Section 10A was ordered to be allowed.
The court held that reopening beyond the permissible period was invalid where full disclosures were made and no new material emerged. Reassessment based solely on existing records was ruled time-barred.
NCLAT Delhi held that the contractual grace period did not postpone the “occurrence” of default, it merely gave the debtor additional time to rectify it before triggering the contractual consequences. Thus, application u/s. 7 not being barred by section 10A is rightly admitted.
The Tribunal struck down reopening where reasons conflicted and rested solely on AIR cash-deposit data. The key takeaway is that reassessment needs a clear, reasoned nexus.
The Tribunal remanded the MAT issue after noting lack of factual verification on whether reserve withdrawals were credited to the P&L account. Key takeaway: MAT adjustments under section 115JB require strict, evidence-based verification.
HC upheld Section 10A deduction after finding that STP unit was a new undertaking with fresh investment and infrastructure. It ruled that unit was not formed by splitting up or reconstruction of an existing business.
Madras High Court held that payment made for International Private Leased Circuits [IPLC] doesn’t constitute royalty within the expression provided under clause (iva) to Explanation 2 to section 9(1)(vi) of the Income Tax Act. Hence, disallowance u/s. 40(a)(i) of the Income Tax Act not sustained.
ITAT held that reopening of assessment under Section 148 is invalid if no fresh material emerges. Key takeaway: AO cannot reopen concluded assessments on pre-existing facts.
The ITAT held that an assessee’s procedural lapses cannot override statutory entitlement to deductions under section 10A. The AO must verify substantive conditions, including STPI registration and export realization, before rejecting a claim.
