Bombay HC Bars Double Taxation, Directs Credit of Self-Assessment Tax Paid After IDS Default
While protecting taxpayers from double taxation arising out of procedural lapses under the Income Declaration Scheme (IDS), 2016, the Bombay High Court has directed...
Capital Gains Exemption Allowed Despite Demolition of Residential House After JDA: Madras HC
The Madras High Court has allowed the capital gains exemption despite demolition of residential houses after joint development agreement (JDA).The bench of Justice Dr....
ITAT Relief on Rs. 38 Lakh Cash Receipt Not Licence for Cash Property Deals: Ruling Limited to Pre-June 2015 Period
A news report widely circulated over the past two days claimed that a lady taxpayer had “won” her case before the Income Tax Appellate...
Delhi HC Quashes 8.75% Withholding Tax Certificate Based on Assessment Orders Already Set Aside by ITAT
The Delhi High Court has set aside a withholding tax certificate issued under Section 197 of the Income Tax Act, 1961, holding that the...
Buying a New House in Time Is Enough, Exemption Can’t Be Denied for Mere Non-Deposit in Capital Gains Account: ITAT
The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that deduction under Section 54 of the Income Tax Act, 1961 cannot...
ICC Trademark Usage in Cricket World Cup Sponsorship Attracts Royalty Tax Under Income Tax Act: Delhi HC
The Delhi High Court has upheld the Income Tax Department’s decision to treat a portion of payments made for global sponsorship and advertising rights...
Income Tax Dept. Can’t Recover TDS Shortfall from Employee When Employer Failed to Deposit Deducted Tax: Gujarat HC
The Gujarat High Court has held that the Income Tax Department cannot deny credit of Tax Deducted at Source (TDS) to an employee merely...
No Interest Disallowance When Sufficient Interest-Free Funds Exist Despite Partners’ Drawings: ITAT
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has deleted an interest disallowance of Rs. 2.88 crore made under Section 36(1)(iii) of...
Delhi HC Upholds Prospective Application of Finance Act 2022 Amendment to Section 14A, Limits Disallowance to Exempt Income Earned
The Delhi High Court has held that the amendment introduced to Section 14A of the Income-tax Act, 1961 by the Finance Act, 2022 operates...
S. 153C Assessments Invalid as AO’s Satisfaction Note Fails to Show Seized Material had “bearing on determination of total income”: ITAT
The Delhi Bench ‘G’ of the Income Tax Appellate Tribunal (ITAT) has quashed assessments framed under Section 153C as invalid as AO’s satisfaction note...
AY 2013–14 Falls Outside Section 153C Six-Year Window From Date of Handing Over Seized Documents: Delhi High Court
The Delhi High Court has dismissed an appeal filed by the Principal Commissioner of Income Tax (Central), Gurugram, holding that the assessment year 2013–14...
Gujarat HC Reassesses ITR to Enhance Motor Accident Compensation
The Gujarat High Court has enhanced compensation awarded to the family of a deceased mechanical engineer after holding that latest income-tax returns and post-tax...
Supreme Court Stays HC’s Direction to Implead Income Tax Authority in Bail Matter
The Supreme Court has stayed the operation of a Rajasthan High Court order that directed the impleadment of the Director (Investigation) of the Income...
Messi Kolkata Event Chaos: Organiser Arrested as Police Probe Rs. 100-Crore Funding and Rs. 11-Crore Tax Payment
A major controversy has erupted around football icon Lionel Messi’s much-publicised visit to Kolkata after event organiser Satadru Dutta was arrested in connection with...
Repeated Dept. Adjournments: ITAT Extends Stay on Rs. 264 Crore Tax Demand Against JioStar India
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has extended the stay on recovery of an outstanding tax demand of approximately Rs....
CIT(A) Condones 13.5-Year Delay in Appeal Against CPC Demand on Non-Resident Seafarer’s Foreign Salary
The Commissioner of Income Tax (Appeals), Delhi–42 has examined a rare and significant case involving a delay of nearly 13.5 years in filing...
Non-Filing of Creditor’s ITR Alone Not Enough to Make Income Tax Additions: Patna High Court
The Patna High Court has held that non-filing of creditor’s Income Tax Returns (ITR) alone is not enough to make income tax additions under...
ESOP Holders, Overseas Income Face High Risk of Black Money Act Action
Tax experts have issued a strong warning to Indian resident employees of multinational companies (MNCs) who hold Employee Stock Option Plans (ESOPs) or any...
Donations Qualifying U/s 80G Deduction Don’t Lose Eligibility Merely For It Being CSR: ITAT
The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has held that donations qualifying under Section 80G of the Income Tax Act, 1961...
Non Compete Fee Can Be Claimed As Revenue Expenditure: SC
The Supreme Court has held that non-compete fees can be claimed as revenue expenditure under Section 37(1) of the Income Tax Act, 1961.The bench...
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