Not Accepting Revised Computation Of Income Citing Delay In Filing Form 9A Leads To Undue Financial Burden To Taxpayer: Bombay High Court
The Bombay High Court has held that non-acceptance of revised computation of income by the department in light of delayed filing of Form 9A...
Enhanced Tax Rate Of 60% U/S 115BBE Not Applicable To Cash Deposits During Demonetisation: ITAT
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the enhanced tax rate of 60% under section 115BBE of the Income...
MCX Investment Protection Fund Eligible For Income Tax Exemption : ITAT
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that Multi Commodity Exchange (MCX) Investment Protection Fund is eligible for income tax...
Donations Of Rs. 228 Crores To Shirdi Saibaba Sansthan Is Exempted From Income Tax : Bombay High Court Quashes Reassessment
The Bombay High Court has held that the donations of Rs. 228 crores to Shirdi Saibaba Sansthan is exempted from income tax.The bench of...
ITAT Dismisses Department’s Appeal Against NFAC’s Order Citing Low Tax Effect
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has dismissed the income tax department’s appeal citing low tax effect.The bench of Madhumita Roy...
Unethical Distribution Of Freebie By Pharma Company Abbvie Healthcare : Apex Committee For Pharma Marketing Practices Loops CBDT
The Apex Committee For Pharma Marketing Practices has looped Central Board of Direct Taxes (CBDT) in the case where a Pharma Company, Abbvie Healthcare...
Income Tax Settlement Commission Abolished; Retrospective Legislation Can’t Affect Vested Rights Taxpayer, Says Calcutta High Court
The Calcutta High Court has held that retrospective legislation cannot affect vested rights taxpayers.The bench of Justice Harish Tandon and Justice Hiranmay Bhattacharyya has...
Not Possible To Deduct TDS On Discount/Commission Offered To Newspaper Distributors : ITAT
The Delhi bench of Income Tax Appellate Tribunal (ITAT) has held that it is not possible to deduct TDS on discount/commission offered to newspaper...
Delhi High Court Deletes Addition Worth Rs. 247 Crores On Account Of Disallowance Of Long Term Capital Gains Exemption
The Delhi High Court has upheld the decision of Income Tax Appellate Tribunal (ITAT) in deleting the addition worth Rs. 247 crores on account...
Interest On Funds Deposited In Short-Term Fixed Deposit Can Be Construed As Incidental To Acquisition Of Coal Mine : Delhi High Court
The Delhi High Court has held that interest on funds deposited in short-term fixed deposits can be construed as incidental to acquisition of coal...
Income Tax Weekly Flashback: 16 December 2024 to 22 December 2024
Income Tax Weekly Flashback for the period 16 December 2024 to 22 December 2024.Table of Contents - Income Tax Weekly FlashbackDelhi High CourtDelhi High...
BREAKING | Bombay High Court Directs CBDT To Extend ITR E-Filing Deadline
The Bombay High Court has directed the Central Board of Direct Taxes (CBDT) to issue requisite notification under Section 119 of the Income Tax...
Liaison Office Of Western Union In India Doesn’t Constitute PE As Per India-US DTAA, Rules Delhi High Court
The Delhi High Court has held that the liaison office of Western Union in India does not constitute Permanent Establishment (PE) as per India-US...
Vessel Hire Charges Not Royalty Under India-Singapore DTAA: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that vessel hire charges not royalty under India-Singapore Double Tax Avoidance Agreement (DTAA).The...
Gain On Crypto Currency Sale Prior To AY 2022-23 Chargeable To Tax As Capital Gain : ITAT
The Jodhpur Bench of Income Tax Appellate Tribunal (ITAT) has held that the gain on sale of crypto currency (bitcoin) prior to AY 2022-23...
Appeal Has To Be Pending As On 22 July 2024 For Taxpayer To Opt For DTVSV Scheme : CBDT
The Central Board of Direct Taxes (CBDT) while issuing the guidelines stated that appeal has to be pending as on 22 july 2024 for...
Delhi High Court Quashes S. 148 Notice Against Goibibo Group Citing Supreme Court’s Decision In Rajeev Bansal Case
In a major relief to Goibibo, the Delhi High Court, in a recent judgment, quashed a Section 148 notice for AY 2015-16 in light...
Word Chess Champion D Gukesh To Face Income Tax Bill Of Rs. 4.67 Crore : Know Indian’s Reaction
In a dramatic 14th and final match, Indian Grandmaster D Gukesh defeated reigning Chinese champion Ding Liren to become the youngest World Chess Champion...
Chhattisgarh High Court Condones Delay Of 55 Days In Filing Appeal Before ITAT
The Chhattisgarh High Court has condoned the delay of 55 days in filing appeal before Income Tax Appellate Tribunal (ITAT) on the grounds that...
AO Can’t Reassess Without Taking Into Consideration Incriminating Material In Respect Of Completed Assessments : Kerala High Court
The Kerala High Court has held that AO cannot reassess without taking into consideration incriminating material in respect of completed assessments.The bench of Justice...
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