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Section 234C

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Implications of amendment in Section 43B to taxpayers and SMEs

Income Tax : Understand the impact of the Section 43B amendment on taxpayers and SMEs in India. Learn about deductions, compliance, and implica...

February 6, 2024 1458 Views 0 comment Print

Inform your current employer about the previous employment and salary

Income Tax : Learn why disclosing previous salary is crucial for accurate tax planning. Explore advance tax intricacies, due dates, and interes...

January 9, 2024 1560 Views 0 comment Print

Penalties and Prosecutions Under Income tax Act, 1961

Income Tax : Learn about the penalties and prosecutions under the Income Tax Act of 1961 for various defaults and offenses. Find out the fines ...

July 25, 2023 475131 Views 4 comments Print

Interest Under Section 234A, 234B & 234C of Income Tax Act, 1961

Income Tax : Understanding Section 234A, 234B & 234C of the Income Tax Act, 1961. Learn about advance tax payments and the importance of timely...

August 23, 2022 4239 Views 1 comment Print

Prosecutions and Punishment under Income Tax Act, 1961

Income Tax : Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against...

June 11, 2022 46455 Views 7 comments Print

Latest News

Request to CBDT to permit delayed filing of Form 10IC

Income Tax : Request to CBDT to permit filing of Form 10IC after expiration of  time limit by condoning delay Issuance of Order under Section ...

February 4, 2022 9477 Views 1 comment Print

AOTAA files PIL before Orissa HC on the issue of late fee, interest & penalty under Income Tax

Income Tax : All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition...

January 13, 2022 4416 Views 1 comment Print

Provide relief from Section 234C interest to New Business

Income Tax : Recommendation For Amendment To Section 234C To Provide Relief Where A New Business Is Started During The Financial Year Section 2...

January 21, 2016 4115 Views 0 comment Print

Latest Judiciary

Cash Sales Already Reported as Income Cannot Be Taxed Under Pretext of Inflation Sales to Mask Demonetization Currency

Income Tax : ITAT Delhi held that that cash sales that is already offered as income cannot be taxed in the grab of inflation sales to cover up ...

April 17, 2024 588 Views 0 comment Print

ITSC Cannot Grant Immunity Without Full & True Disclosure: Delhi HC

Income Tax : Once it is seen that the disclosure was not full and truthful, the ITSC loses its jurisdiction to entertain such an application as...

April 15, 2024 324 Views 0 comment Print

ITAT allowed additional depreciation claim of Rs. 49.5 cr notwithstanding Authorities failed to appreciate Amended Provision of S. 36(1) (iia)

Income Tax : Tribunal allowed a claim of Rs. 49.5 crore in the interest of Principle of Natural Justice after finding that the respective autho...

April 12, 2024 318 Views 0 comment Print

Non-competition fees on account of restrictive covenants is capital receipts: ITAT Delhi

Income Tax : ITAT Delhi held that receipt of non-competition fee on account of restrictive covenants in respect of restrain on the source of in...

April 10, 2024 183 Views 0 comment Print

Old age & illiteracy are important factors: HC waives Section 234A Interest

Income Tax : Punjab and Haryana High Court grants waiver of Section 234A interest in tax case, considering old age and illiteracy of the taxpay...

April 9, 2024 2067 Views 0 comment Print

Section 263: Revision unjustified as AO took possible view based on available records

January 18, 2024 339 Views 0 comment Print

ITAT Mumbai held that revision under section 263 of the Income Tax Act unjustified as AO while allowing the exemption in the order passed under section 144 r.w.s.263 has taken a possible view upon verifying the details available on record.

Interest Income from Co-op Bank without Banking License Eligible for Sec. 80P(2)(d) Deduction 

January 16, 2024 2304 Views 1 comment Print

Read ITAT decision on the eligibility of a cooperative society for a deduction under Section 80P(2)(d) of the Income Tax Act. The case, Keyyur Primary Agricultural Co-operative Society Ltd. Vs ITO, addresses interest income on investments in a cooperative bank without a banking license.

Inform your current employer about the previous employment and salary

January 9, 2024 1560 Views 0 comment Print

Learn why disclosing previous salary is crucial for accurate tax planning. Explore advance tax intricacies, due dates, and interest implications. Navigate the complexities of income tax seamlessly.

Granting Condonation for Appeal Delay: Consider Senior Citizens Unfamiliar with Digital Systems & Faceless Scheme

January 8, 2024 1221 Views 0 comment Print

Assessee had shown sufficient cause for the delay in filing the appeals before the Tribunal as he was old and not well acquainted and conversant with the digital system in order to follow up with the income tax notices, which were posted in IT portal. Accordingly, the delay in filing appeal was condoned.

Appellate authority cannot enhance assessment without issuing a notice

January 6, 2024 423 Views 0 comment Print

ITAT Ahmedabad held that an appellate authority can exercise the power u/s. 251(1)(a) to enhance the assessment only after giving a notice for enhancement. Accordingly, enhancement by CIT(A) without issuance of notice is untenable in law.

ITAT Bangalore Disallowed Delayed payment of employees’ contribution of ESI & PF

January 5, 2024 597 Views 0 comment Print

ITAT Bangalore upholds disallowance of belated ESI & Provident Fund payments in Balmatta Diagnostic & Research Centre case. Portal glitches lead to delay, but disallowance confirmed.

Section 54F Deduction Allowed for House in Parents’ Name by ITAT Delhi

January 4, 2024 11028 Views 0 comment Print

Read ITAT Delhi’s order on Rajiv Ghai vs. ACIT case. Deduction under section 54F allowed for house registered in parents’ name. Detailed analysis and conclusion.

Property Allotment Date is acquisition date for Capital Gain Computation: ITAT Mumbai

December 31, 2023 13959 Views 0 comment Print

Read ITAT Mumbai order setting property allotment date as acquisition date for capital gain computation. Details of D.K. Brothers vs. ITO case and implications.

Accommodation entry of huge amount needs further enquiry hence matter remanded

December 26, 2023 1041 Views 0 comment Print

ITAT Mumbai held that receipt of Rs 37 crores of exempt capital gain in a non-descript listed company operated by the accommodation entry provider, who has confessed that he has provided accommodations entries to the beneficiaries, including assessee remanded back to the file of AO for further enquiry.

Domain Name Registration Fees Not Royalty: Delhi HC

December 26, 2023 423 Views 0 comment Print

Explore landmark case of Godaddy.Com LLC v. ACIT [2023] and learn why Delhi High Court ruled domain registration fees as not royalty. Get insights on the decision.

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