Technology has played a transformative role in reshaping India’s economy and governance. Initiatives such as Digital India aim to promote efficiency, transparency, and accessibility through digital means.
By way of this appeal, the assessee has challenged the correctness of the order of the Learned Principal Commissioner of Income Tax-1, Rajkot passed u/s.263 of the Income Tax Act, 1961 dated 31/03/2024 for Assessment Year (AY) 2017-18.
ITAT Delhi held that exemption under section 10(23C)(iiiad) of the Income Tax Act granted on the basis of provisional registration under section 10(23C)(i) of the Income Tax Act even in absence of approval u/s. 12A. Accordingly, appeal of assessee allowed.
Income Tax appeal dismissed. Tribunal upholds CIT(A)’s order allowing 8% profit estimation on Kirana store turnover against unexplained bank deposits.
ITAT Ahmedabad held that funds remitted from foreign sources into NRE accounts are not taxable in India unless there is material to establish that they originate from taxable Indian income. Accordingly, exemption u/s. 10(4) of the Income Tax Act granted.
Reimbursement of expenses qua marketing fees, frequent flyer programme, frequent guest programme and reservation fees received by assessee cannot be treated as fee for technical services: HC
Delhi High Court dismisses revenue’s appeal, citing precedent that Sheraton International LLC’s centralized fee for various services is not taxable.
Bombay High Court dismisses revenue’s appeal in PCIT Vs S V Jiwani case, upholding partial relief on alleged bogus purchases. Key judgment details inside.
Allahabad High Court clarifies whether FIRs for pre-July 1 offences should be under IPC or BNS, and which procedural law (CrPC/BNSS) applies.
ITAT Delhi held that invocation of provisions of section 56(2)(viib) of the Income Tax Act erroneous as there is no over-valuation of shares over the fair market value of shares. Accordingly, addition made u/s. 56(2)(viib) deleted.
