Centre’s Power to Relax Conditions Under Rule 9C : Delhi High Court Ruling Discretionary power to relax Rule 9C conditions is limited and guided by specified factors. Courts will not interfere unless the decision is unreasonable or contrary to law. …
The Bench reiterated that the issue of proper notice is a factual matter requiring examination of evidence, which is beyond the scope of a writ petition under Article 226. The Kerala High Court has ruled that the question of ‘whether …
Some CIT(A) rulings have supported the taxpayer’s interpretation that the 87A rebate should apply to total income, including capital gains. However, until a clear judicial or legislative resolution is established, the issue remains contentious. A major controversy has emerged surrounding …
The Delhi High Court ruled that the dues of a secured creditor take precedence over the tax dues owed to the Income Tax Department. In a significant ruling, the Delhi High Court has held that the Income Tax Department cannot …
The High Court ruled that irrespective of whether the delay was caused by the assessee or the department, the assessee was entitled to interest at a rate of 6% per annum. In a significant ruling, the Gujarat High Court has …
The ITAT set aside the previous order and directed the AO to conduct a fresh assessment. The tribunal instructed the AO to take into account the decision of the CIT(E) on the condonation petition once it is finalized. The Income …
Income tax officials may analyze an individual’s declared expenses in comparison to their bank records, which include credit/debit card transactions and cash withdrawals. The middle class has been facing increasing scrutiny regarding income tax compliance, with discussions intensifying before the …
CBDT circular dated January 21, 2015 clarifies that the benefit under Section 54F and Section 54 is limited to one residential house. A recent Delhi High Court ruling denied capital gains tax exemption under Section 54F of the Income Tax …
Summons under Section 131(1A) typically issued when the I-T Department suspects concealment of income or requires further inquiry before proceeding with search and seizure. Section 131(1A) of the Income Tax Act, 1961 empowers assessing officers with specific authority to issue …
Dismissing the Income Tax Department’s appeal, the Delhi High Court ruled in favor of the taxpayer, reaffirming that routine support services cannot be classified as FTS. In a significant ruling, the Delhi High Court has clarified that Fee for Technical …
This landmark ruling reinforces the principle that intermediaries operating in a fiduciary capacity are distinct from the principal parties in transactions. It sets a strong precedent for brokers, real estate facilitators, and agents, protecting them from undue penalties under Section …
The Rebate u/s. 87A reduces tax burden for low-income taxpayers, whereas marginal relief ensures that the tax does not exceed the excess taxable income over the rebate threshold. With the Budget 2025 announcements, significant changes have been introduced to tax …
Recent Updates on Income Tax, GST & Corporate Law: 6 February 2025 Income Tax Update 1: CBDT order for sharing information on Income Tax payers to the Department of Foods & Public Distribution The Central Board of Direct Taxes (CBDT), …
The court also highlighted the distinction in the Income Tax Act between income derived from house property and an interest in property. The Delhi High Court has ruled that tax liability on income from house property should be imposed on …
Recent Updates on Income Tax, GST & Corporate Law: 31 January 2025 Income Tax Update-1: New SMS campaign by the Income Tax Department to warn taxpayers about political donations claim The Income Tax Department has issued a cautionary message to …
Recent Updates on Income Tax, GST, and Corporate Law – 29 January 2025 Income Tax Update 1: CBDT Notification No. 10/2025 – Key Amendments for Venture Capital Funds, Finance Companies, Retail Schemes, and ETFs in IFSCs The Ministry of Finance, …
If proceedings had been initiated during the Assessee’s lifetime, they could have been validly continued against their legal representatives. In a landmark ruling, the Karnataka High Court in the case of ITO Vs Smt. Preethi has held that any proceedings …
The Supreme Court quashed the FIR, terming the allegations baseless and an abuse of the legal process. The Supreme Court has set aside an FIR against a former Assistant Excise Commissioner of Uttar Pradesh, accused of holding disproportionate assets (DA) …
These Tax Amendments are a Part of Comprehensive Measures to Attract Global Tourists and Foster Domestic Interest in Cruise Travel. The Central Board of Direct Taxes (CBDT) has officially introduced key amendments to the Income-Tax Rules, setting forth the conditions …
The cryptocurrency industry has voiced significant concerns about the current taxation structure, emphasizing its potential impact on compliance, market liquidity, and innovation. India’s taxation framework for cryptocurrency and other Virtual Digital Assets (VDAs) has introduced specific guidelines that impact investors, …