Nirmala Sitharaman, the Central Board of Direct Taxes (CBDT) has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act). The goal is to make the Act concise, ...

The ITAT while dealing with the situation directed the AO to allow the claim of deferred revenue expenditure even though the ...

In the case of Shib Kumar Todi (supra), the Learned Single Judge came to the conclusion that the plaintiff was a money-lender ...

Madras High Court held that finalizing of assessment without considering reply and in absence of personal hearing is against ...

ITAT Mumbai held that issuance of notice under section 148 of the Income Tax Act in contravention of the provisions of section 151, as the sanction of the concerned Specified Authority was not ...

ITAT Cochin held that denial of registration u/s. 80G to the existing trust alleging belated filing of application applying sub clause (iii) of proviso to section 80G (5) unjustified as the same apply ...

23. Therefore, it is seen that the PCIT has failed to satisfactorily record its concurrence. By no prudent stretch of ...

ITAT Cochin held that disallowance under section 14A read with rule 8D of the Income Tax Rules in a mechanical manner without recording proper satisfaction is unsustainable in law. Accordingly, ...

ITAT Delhi held that addition made under section 68 of the Income Tax Act is lower as alleged in show cause notice as compared to addition made by ACIT hence matter remanded for fresh consideration.

Analyzing the various factors that contribute to the low yield of direct taxes in India despite high tax rates. These factors ...

Conclusion: Long term capital loss (‘LTCL’) from off market sale of listed securities could not be offset against current and future capital gains, if it did not fall under the ambit of legitimate tax ...

ITAT Ahmedabad held that invocation of provisions of section 263 of the Income Tax Act by PCIT impermissible as exercise of such provisions amounts to second opinion/ view which is unsustainable in ...