Payment Received For Providing Access To Computer Software To Member Firms Not Taxable As ‘Royalty’ : Supreme Court Dismisses Income Tax Dept. SLP
The Supreme Court has dismissed the Special Leave Petition (SLP) filed by the Commissioner Of Income Tax (International Taxation) challenging the non-taxability of payment...
IIBI Bank To Pay Minimum Tax On Book Profits Even When Undergoing Voluntary Liquidation: ITAT
The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has held that the Industrial Investment Bank of India Limited (IIBI) is liable to pay...
Distribution Revenue Received From US Broadcasting Company Towards Granting Of Distribution Rights Can’t Be Taxed As ‘Royalty’: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the distribution revenue received from the US Broadcasting Company towards granting of...
Financier Of Vehicle Entering Lease Agreement Is Liable To Pay Motor Vehicle Tax: Allahabad High Court
The Allahabad High Court has held that the financier of motor vehicle entering lease agreement is liable to pay motor vehicle tax.The bench of...
Relief To Castrol India: Manufacturer Knows Best Value Of Products & Dept. To Accord Due Deference: Kerala High Court
In a major relief to Castrol India, the Kerala High Court has held that department to assign valid reasons for rejecting books of account.The...
Direct Tax Quick Weekly Flashback: 8 To 14 September 2024
Supreme CourtHexaware Technologies Case | Income Tax Dept. Files SLP Before Supreme Court Against Bombay High Court Judgement: Know Key DevelopmentsCase Title: PCIT Versus...
ITAT Quick Weekly Flashback: 8 To 14 September 2024
Income Tax Disallowance Can’t Be Made For Non-Submission Of Flat Buyer’s Pan Details: Delhi ITATCase Title: ACIT Versus Ardee Infrastructure Pvt. Ltd.Case No.: ITA...
Bombay High Court Condones Delay In Filing ITR Citing CA’s Personal Difficulties
The Bombay High Court has condoned the delay in filing Income Tax Return (ITR) citing CA’s personal difficulties.The bench of Justice G. S. Kulkarni...
Delhi High Court Quashes Income Tax Reassessment Of Completed Assessment On Same Facts
The Delhi High Court has quashed the income tax reassessment of completed assessment on the same facts.The bench of Justice Yashwant Varma and Justice...
Income Tax Deduction Allowable On Cost Of Trademark Acquired For Use: Karnataka High Court
The Karnataka High Court has held that the income tax deduction is allowable on the cost of trademarks acquired for use.The bench of Justice...
Income Tax Reassessment Initiated On Factually Incorrect Information: Supreme Court Deletes Cost Worth Rs. 5 Lakh On Dept.
The Supreme Court has deleted the cost of Rs. 5 Lakh imposed by the Allahabad High Court for initiating income tax reassessment on factually...
Income Tax Act | SCN Alleging Escaped Assessment Issued Without Any Change In Facts And Figures Is Void: Delhi High Court
The Delhi High Court has held that the issuance of Show Cause Notice under Section 148-A(b) of the Income Tax Act that income chargeable...
Faceless Assessment | SLP Against ‘Hexaware Decision’ Pending Before Supreme Court: Bombay High Court Stays Notice & Proceedings
The Bombay High Court has stayed its own decision in the case of Hexaware Technologies Versus PCIT citing that the Special Leave Petition is...
Relief To Union Bank | Income Tax On Book Profits Not Applicable On ‘Corresponding New Bank’: ITAT
In a major relief to the Union Bank of India, the Mumbai bench of Income Tax Appellate Tribunal (ITAT) has held that the income...
Hexaware Technologies Case | Income Tax Dept. Files SLP Before Supreme Court Against Bombay High Court Judgement: Know Key Developments
The Income Tax Department has recently filed the special leave petition (SLP) against the Bombay High Court Order quashing notices issued by jurisdictional Assessing...
Income Tax Deduction Allowable on Interest Income Received On Deposits Of Surplus Profits: Kerala High Court
The Kerala High Court has held that income tax deduction is allowable on interest income received on deposits of surplus profits earned by society.The...
AO Failed To Examine Material Found During Search; Delhi High Court Quashes S.153C Notices
The Delhi High Court has quashed the notices issued pursuant to the search action undertaken by Revenue on the fundament error on the part...
Delhi High Court Quashes Income Tax Reassessment Based On Valuation Officer Report: Delhi High Court
The Delhi High Court has quashed income tax reassessment based on AO’s estimation.The bench of Justice Yashwant Varma and Justice Ravinder Dudeja has observed...
Completed Income Tax Assessments Can’t Be Reopened Without New Material: Delhi High Court
The Delhi High Court has held that completed income tax assessments cannot be reopened without new material or grounds.The bench of Justice Yashwant Varma...
Managerial Service Are Not ‘Technical Services’, No TDS Deductible: ITAT
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that TDS is not deductible on managerial service as it is not ‘technical...
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