Income Tax : Explore recent Supreme Court rulings (2023) on income tax issues. Highlights of key cases, analysis, and implications....
CA, CS, CMA : Discover the major changes in ITR forms for FY 2023-24 (AY 2024-2025). Highlights include new sections for retirement benefit acco...
Income Tax : Tax planning while setting up of a business with reference to location (2021-2022 A.Y, A.Y 2022-2023 , A.Y 2023-2024 and A.Y 202...
Income Tax : Recently, I was approached by a Builder Group seeking a number of clarifications, in respect of the incentive granted U/S 80-IB(10...
Income Tax : Whether nearby cities which are in 25 km from municipality are to be considered at par with metro cities for FY 2016-17? Solution:...
Income Tax : The office of the Comptroller & Auditor General (C & AG) conducts compliance as well as performance audit relating to specific are...
Income Tax : The CBDT did not have any established mechanism to assess the impact of revenue foregone on account of deduction under section 80 ...
Income Tax : Industry chamber Assocham today asked the government to re-introduce the tax exemption scheme to promote affordable housing in the...
Income Tax : Section 80-IB (10) of the Act is aimed at promoting construction of housing projects, so as to address the problem of shortage of ...
Income Tax : Sushanto Roy, CEO, Sahara Prime City, has in a pre-Budget wish list of expectations said: "Given the pent-up demand for affordable...
Income Tax : The issue was whether deduction under Section 80P is allowed when return is filed late. ITAT held that post-2018 amendment, deduct...
Income Tax : The Court held that failure to prove identity and source of creditors attracts Section 68. Such unexplained credits cannot be trea...
Income Tax : The court held that deduction under Section 80P cannot be granted where no return of income is filed. The key takeaway is that cla...
Income Tax : The Court held that losses already set off in earlier years cannot be notionally carried forward for computing deduction under Sec...
Income Tax : The Tribunal held that non-filing of Form 10CCB along with return is a curable defect. A genuine start-up cannot be denied deducti...
Income Tax : It is a settled position that revenue subsidies received from the Government towards reimbursement of cost of production/manufactu...
Income Tax : Notification No. 2/2011 - Income Tax In the notification of the Government of India in the Ministry of Finance, Department of Rev...
Income Tax : Notification No. 01/2011- Income Tax In exercise of the powers conferred by clauses (a) and (b) of sub-section (10) of section 80-...
Income Tax : Notification No. 67/2010 - Income Tax In exercise of the powers conferred by the proviso to Clause (a) and (b) of sub-section (10)...
Income Tax : Instruction No. 4/2009, dated 30-6-2009 Under sub-section (10) of section 80-IB an undertaking developing and building housing pro...
Explore the Delhi High Court’s judgment on royalty payments by Dabur India Ltd, implications for tax deductions under Sections 80IC & 80IB, and its impact on industrial undertakings.
The Bombay High Court upholds the discretion of the Income Tax Settlement Commission, stressing that it should not be reviewed as an appellate court. Full text judgment analysis.
ITAT Mumbai held that income by way of interest on loans given for residential purposes for period less than 5 years is eligible for deduction under section 36(1)(vii) of the Income Tax Act.
Learn about the DCIT vs Umang Hiralal Thakkar case at ITAT Ahmedabad regarding filing returns under section 139(1) for claiming deduction under section 80IB. Get detailed insights and analysis.
Mumbai ITAT rules in favor of S.K. Ventures, ensuring taxpayers’ right to Sec 80IB deduction is protected despite e-filing technical issues for AY 2017-18.
Mumbai ITAT’s ruling on Colorplus Realty Limited vs. Dy. CIT case regarding deduction u/s 80IB for compensation received from insurance company for destroyed goods before sale.
The assessee company having its business of builders and property developers, following mercantile system of accounting, filed its return of income on 30.09.2013 disclosing income at Rs.2,86,000/- after claiming deduction of Rs.4,03,40,492/-u/s. 80IB(10) of the Act.
ITAT Mumbai held that surplus on redemption of treasury bills is taxable under the head Capital Gains and not under the head ‘Profits and Gains of Business’.
Explore recent Supreme Court rulings (2023) on income tax issues. Highlights of key cases, analysis, and implications.
Deduction under section 80IB (10) was allowable to assessee as it had a reasonable & bona fide cause for not filing the return of income within the time permitted under Section 139(1). Once in the given facts, assessee had been held entitled to claim the specifically computed deductions, then it should not be burdened with taxes which it was otherwise not liable to pay under law.
