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Direct Tax
Rural Branch Bad Debt Deduction Must Be Based on Aggregate Monthly Outstanding Advances, Not Incremental Lending: Madras HC
The Madras High Court has held that Co-operative Bank’s rural branch bad debt deduction...
Direct Tax
Reassessment for Excess S. 80HHC Deduction Claim Upheld: Madras High Court
The Madras High Court has upheld the validity of reassessment proceedings initiated by the...
Direct Tax
Courts Must Not Show Extra Leniency To State For Lethargic Delays in Filing SLPs: SC
The Supreme Court has dismissed special leave petitions (SLPs) filed by the Income Tax...
Direct Tax
India–UK Tax Treaty Applies to Dividend Distribution Tax: Bombay High Court
The Bombay High Court at Goa has held that Dividend Distribution Tax (DDT) is...
Direct Tax
File Rectification Application Before ITAT Within 6 Months: Bombay High Court
The Bombay High Court has held that the six-month period for filing a rectification...
Direct Tax
Approval U/s 153D Must Reflect Application Of Mind: Bombay HC
The Bombay High Court has dismissed an income tax appeal filed by the Revenue,...
Direct Tax
Addition Alleging ‘Under Reporting’ Of Rental Income Citing Info Available On Sulekha.Com Is Unsustainable: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the Income...
Direct Tax
S. 263 Can’t Override Valid Approval Under S. 153D: ITAT Quashes PCIT’s Revision Order
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has quashed a revision...
Direct Tax
Delay in Filing Form 10B is Procedural: S. 11 Exemption Can’t Be Denied on Technical Grounds: AP HC
The Andhra Pradesh High Court has held that delay in filing Form 10B is...
Direct Tax
Dividend, Bank Interest & SDF Service Charges Not Eligible for Section 36(1)(viii) Deduction: SC
The Supreme Court has ruled that dividend income, interest earned on short-term bank deposits,...
Direct Tax
Guarantee Fee Taxable Only at 10%; ITAT Rejects CIT(A)’s Move to Levy 40% Under ‘Other Income’
The Income Tax Appellate Tribunal (ITAT) Delhi Bench has held that the guarantee fee...
Direct Tax
Delhi HC Reduces Customs Penalty in Case Involving Mis-Declaration of Broadcasting Equipment Imports
The Delhi High Court has substantially reduced the penalty imposed in a case involving...
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ITR Deadline Extension Highly Unexpected: Know Why?
As the due date for filing Income-tax Returns (ITRs) draws closer, many taxpayers continue...
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