Section 115 BAC Doesn’t Bar Carry Forward And Set Off Of Losses Under Capital Gains: ITAT
The Pune Bench of Income Tax Appellate Tribunal (ITAT) has held that Section 115BAC of the Income Tax Act does not specifically bar carry...
Direct Tax Weekly Flashback: 13 October 2024 to 19 October 2024
Direct Tax Weekly Flashback for the period 13 October 2024 to 19 October 2024.Supreme Court - Direct Tax Weekly FlashbackRoyalty Imposed By Municipal Corporation...
Income Tax Deduction Allowable On Interest For Broken Period In Case Of Stock -In-Trade: Supreme Court
The Supreme Court has held that income tax deduction allowable on interest for broken periods in case of stock-in-trade.The bench of Justice Abhay S...
CBDT Circular Prescribing Monetary Limits To File Appeal/SLP Not Applicable On International Tax Appeal Involving DTAA: Punjab & Haryana High Court
The Punjab and Haryana High Court has held that the circular issued by the Central Board Of Direct Taxes (CBDT) prescribing monetary limits to...
CBDT Issues Revised Guidelines For Compounding of Offences Under Income Tax Act, 1961
The Central Board of Direct Taxes (CBDT) has issued Revised Guidelines for compounding of offences under the Income- tax Act, 1961.Guidelines for Compounding of...
Royalty Imposed By Municipal Corporation On Advertising Companies For Putting Up Hoardings/Advertisements Can’t Be Termed As ‘Tax’: Supreme Court
The Supreme Court has held that 'royalty' imposed by Municipal Corporation on the advertising companies for putting up hoardings/advertisements could not be termed as...
Cheque For Refund Issued By Income Tax Dept. Bounced Despite Court’s Clear Directions: Punjab & Haryana High Court Orders Departmental Action
The Punjab and Haryana High Court has directed the departmental action against the income tax officials as the cheque for refund issued by income...
Uncontrolled Entities As Comparables For Determining ALP; Delhi High Court Remands Back Matter To ITAT
The Delhi High Court remanded the matter to Income Tax Appellate Tribunal (ITAT) in an appeal challenging uncontrolled entities as comparables for determining ALP...
BREAKING | CA Files PIL Before Gujarat High Court Challenging Non-Allowing Rebate Guaranteed U/s 87A Of Income Tax Act 1961
Today, CA Chintan Nareshkumar Patel has filed a Public Interest Litigation (PIL) challenging the action of the department for not allowing the rebate guaranteed...
Direct Tax Weekly Flashback: 06 October To 12 October 2024
Direct Tax Weekly Flashback for the period 06 October To 12 October 2024.Delhi High Court - Direct Tax Weekly FlashbackDelhi High Court Upholds Income...
Know Revised TDS Rates Chart for AY 2025-26 Effective From October 2024
The Central Board of Direct Taxes (CBDT) has notified the revised TDS rates chart for AY 2025-26 effective from October 2024.What is TDS?Union Budget...
Plea Challenging Genuineness Of Transaction Can’t Be Raised In Appeal Before High Court If Not Raised Before ITAT: Karnataka High Court
The Karnataka High Court while dismissing the appeal of the Department held that plea challenging genuineness of transaction cannot be raised in appeal before...
AO Accepted Co-Owner’s Indexed Renovation Expenses, Assessee Not Required To Produce Documents: Gujarat High Court
The Gujarat High Court has held that the assessing officer (AO) accepted the co-owner's indexed renovation expenses, and the assessee is not required to...
Delhi High Court Upholds Income Tax Settlement Commission’s Action In Restricting Interest Liability To Application Admission Date
The Delhi High Court has upheld the action of Income Tax Settlement Commission (ITSC) in restricting the interest liability to the date of admission...
Capital Gains Computed On Depreciable Asset To Be Given Benefit Of Lower Tax Rate: ITAT’s Members Have Dissenting Views
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) comprising of Amit Shukla (Judicial Member), Vikas Awasthy (Judicial Member) and Om Prakash Kant (Accountant...
Section 80IA Deduction Allowable On Port Infrastructure Development: Calcutta High Court
The Calcutta High Court while upholding the order of Income Tax Appellate Tribunal (ITAT) held that section 80IA Deduction under of the Income Tax...
No Addition Is Permissible Unabated Assessments Unless Based On Incriminating Material: ITAT
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has held that no addition is permissible unabated assessment unless based on incriminating material.The bench of...
Penalty Under Section 270(A) Discretionary In Nature, ITAT Deletes Penalty For AO’s Failure To Prove Malafides
The Banglore Bench of Income Tax Appellate Tribunal (ITAT) has held that the penalty under Section 270(A) of the Income Tax Act is discretionary...
ITAT Discharging Judicial Functions Is Expected To Maintain Consistency In Its Views, Unjust Deviation Affect Credibility: Gauhati High Court
The Gauhati High Court has held that the Income Tax Appellate Tribunal (ITAT) while discharging judicial functions is expected to maintain consistency in its...
Direct Tax Weekly Flashback: 29 September To 5 October 2024
Direct Tax Weekly Flashback for the period 29 September To 5 October 2024.Supreme Court - Direct Tax Weekly FlashbackTechnological Impediment Can’t Harass Assessee Year...
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