Income Tax

December 5, 2022
tax, careful, assessment

After careful consideration, it is appropriate to reject the disallowance requested under Section 14A: Delhi High Court 

The Delhi High Court ruled that after careful consideration, it is appropriate to reject the disallowance requested under Section 14A. Background  The facts giving rise to […]
December 2, 2022
unit, for settlement, tax,

Unit for Settlement of Dispute under the DTVSV Act, 2020 is an Appeal, Writ petition or SLP and not the assessment year: Delhi High Court 

The Delhi High Court ruled that the unit for settlement of disputes under the DTVSV Act, 2020 is an appeal, writ petition or SLP and not […]
November 24, 2022
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Assets Revalued Credit into capital accounts of partners can be said to be transfer, provisions of section 45(4) of Income Tax Shall Apply: Supreme Court

The Supreme Court held that the assets revalued and credit into capital accounts of the respective partners can be to be transfer and and the provisions […]
November 17, 2022
tax

Mere Change of Opinion Cannot Form Basis for Initiating Income Tax Reassessment Proceedings: Delhi High Court

The Delhi High Court ruled that mere change of opinion cannot form the basis for initiating Income Tax reassessment proceedings. Background  The writ petition has been […]
November 15, 2022
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Airlines Liable to Deduct TDS on ‘Supplementary Commission’ Earned By Travel Agents: Supreme Court

The Supreme Court ruled that the airlines are liable to deduct the TDS on ‘Supplementary Commission’ earned by Travel Agents.  Background  The batch of Civil Appeals […]
October 2, 2022
Income Tax Returns And Audit Reports Are Reliable Evidence To Determine Income Of Deceased: Supreme Court

Income Tax Returns And Audit Reports Are Reliable Evidence To Determine Income Of Deceased: Supreme Court

The Supreme Court ruled that Income Tax Returns and audit reports are Reliable Evidence to determine the income of the deceased. Background  S. Kumareshan was a […]
March 1, 2022
Know 5 Financial Income Tax Deadlines to Remember in March 2022

Know 5 Financial Income Tax Deadlines to Remember in March 2022

As we already know that March is the last month of the existing financial year 2021-22 which has many money deadlines.   Here are some key deadlines […]
February 15, 2022
Bombay HC quashed reassessment notice issued against Tata Sons seeking to reassess the Income Tax

Bombay HC quashes reassessment notice issued against Tata Sons seeking to reassess the Income Tax

The Bombay High Court quashed reassessment notice issued against Tata Sons seeking to reassess the Income Tax. Background  The petitioner is a company incorporated under the […]
January 21, 2022
Know Conditions for Grabbing Income Tax Benefit on ULIP: CBDT issues Guidelines

Know Conditions for Grabbing Income Tax Benefit on ULIP: CBDT issues Guidelines

The Central Board of Direct Taxes (CBDT) has issued the Guidelines under clause (10D) section 10 of the Income-tax Act, 1961 which prescribed the conditions for […]