CBDT Issues Clarifications on Revised Compounding Guidelines Under Income Tax Act
The Central Board of Direct Taxes (CBDT) has issued a fresh set of Frequently Asked Questions (FAQs) to provide clarity...
Boatman Earns Rs. 30 Crore During Kumbh Mela, Faces Rs. 12.8 Crore Income Tax Notice
A boatman’s family from Arail village, Prayagraj, has been issued an income tax notice of Rs. 12.8 crore after earning...
Madras High Court Upholds Income Tax Assessment Transfer From ITO Theni to DCIT Kochi For Coordinated Investigation
The Madras High Court has upheld the income tax assessment transfer from Income Tax Officer, Theni, to the Deputy...
ESOP Issued To Employees Is Revenue Expenditure: ITAT Allows Income Tax Deduction
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) while allowing the deduction under Section 37(1) of the Income...
CBDT To Decide Delay Condonation Applications; Delegation To Additional CIT (OSD) Not Proved: Bombay High Court
The Bombay High Court has held that the Central Board of Direct Taxes (CBDT) is empowered to decide delay condonation...
Income Tax Notices Issued to Deceased Person Not Binding on Legal Representatives: Bombay High Court
The Bombay High Court has held that income tax notices issued to deceased persons are not binding on legal...
Retracted Statement Alone Not Sufficient for Income Tax Addition, No Incriminating Material Found: Gauhati High Court
The Gauhati High Court has held that the retracted statement alone is not sufficient for income tax addition, and there...
This Karnataka High Court Ruling Settles All Aspects Of Input Tax Credit Claims
The Karnataka High Court while settling all aspects of input tax credit (ITC) claims has held that ordinarily, the claim...
Income Tax | Failure Of Passing Of Draft Order Not Curable Defect: ITAT
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) while quashing the final assessment passed by the Assessing...
I-T Dept. Intensifies Probe: Unusual Data Sources Used to Track Tax Evasion
The Income Tax (I-T) Department has ramped up its investigation efforts, leaving no stone unturned in tracking potential...
Delhi High Court Quashes FIR Against Man Caught With Live Ammunition at IGI Airport: Know Why?
The Delhi High Court has quashed the First Information Report (FIR) against man caught with live ammunition at Indira...
Bad Debt Deduction Under Income Tax Act Allowed Only For Banking or Money-Lending Businesses: Delhi High Court
The Delhi High Court has held that bad debt deduction under Section 36 of the Income Tax Act allowed only for banking or...
