Income Tax : This guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the appli...
Income Tax : The document outlines how MAT and AMT ensure that companies and eligible non-corporate taxpayers pay a minimum level of income tax...
Income Tax : The guide explains deferred tax assets and liabilities, timing versus permanent differences, MAT implications, measurement rules, ...
Income Tax : Section 115BAA offers eligible domestic companies a concessional tax structure with a fixed effective rate. The trade-off is the l...
Income Tax : The case clarifies that only specified adjustments can be made while computing book profit under MAT. The ruling limits arbitrary ...
Income Tax : Rajasthan High Court granted a one-month extension for filing TARs under Section 44AB for AY 2025-26, citing delayed audit utility...
Income Tax : The computation of book profit under section 115JB is a complicated and vexed issue with diverse interpretations possible on vario...
Income Tax : The computation of book profit under section 115JB is a complicated and vexed issue with diverse interpretations possible on vario...
Income Tax : Relaxation in the provisions relating to levy of Minimum Alternate Tax (MAT) in case of companies against whom an application for ...
Income Tax : Relevant part of MAT-Ind AS Committee Report dated 17th June, 2017 containing recommendations regarding amendment to the provision...
Income Tax : Interest income earned by a foreign bank from foreign currency loans extended to Indian corporates was taxable on a gross basis. S...
Income Tax : Transfer pricing principles dictate that a captive, risk-mitigated service provider could not be benchmarked against full-fledged,...
Income Tax : Madras HC upheld deduction for site restoration expenses, holding the contractual obligation under the PSC is allowable under Sect...
Income Tax : Tribunal partly allowed the assessee's appeals by granting relief on transfer pricing, scientific research deduction, product regi...
Income Tax : The Tribunal upheld the set-off of eligible unit losses against other business profits by following binding judicial precedents....
Income Tax : Representations have been received from the stakeholders seeking clarification on following issues relating to exercise of option ...
Income Tax : Details of the amount required to be increased or decreased in accordance with sub-section (2A) of section 115JB- [Applicable only...
Income Tax : Clarifications with FAQs on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB...
Income Tax : CBDT press release on Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounti...
Income Tax : References are being received by the Board that in certain cases appellate authorities are dismissing appeals without going into t...
The Tribunal held that reassessment initiated solely on the basis of an audit objection, without any independent application of mind, is invalid. Such reopening lacks the mandatory reason to believe and cannot sustain in law.
The Tribunal held that revision under section 263 was invalid where the MAT adjustment arose mechanically from a transition amount already examined in an earlier year, and no fresh error was shown.
The Tribunal ruled that withdrawing a deduction in response to a Section 148 notice does not erase underreporting. Penalty for misrepresentation under Section 270A was upheld.
CIT(A) remanded a completed scrutiny assessment even after the AO accepted additional evidence in remand. ITAT ruled this exceeded statutory powers and restored the case to CIT(A) for a merits-based decision.
The Court ruled that a marginal eight-minute delay in filing the return could not justify denial of loss carry forward. The order rejecting condonation was set aside to prevent disproportionate hardship.
High Court set aside reassessment proceedings after finding that the notice was based only on existing records, with no new material to justify reopening of the completed scrutiny assessment.
Detailed overview of corporate tax rates, surcharges, and MAT for AY 2021-22 to AY 2025-26, applicable for various domestic and manufacturing companies.
The tribunal held that assessments selected for limited scrutiny cannot include additions on unrelated issues without formal conversion to complete scrutiny. All such additions were set aside as being without jurisdiction.
The ruling explains the procedural outcome when a section 263 order is set aside. Original assessment appeals are restored, while appeals from consequential orders are dismissed as infructuous.
The Tribunal held that gratuity liability transferred to another employer on employee transfer constitutes valid discharge. Deduction cannot be denied merely because payment was not made directly to the employee.
