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India and US to Sign Bilateral Agreement for Exchange of CbC Reports by March-end

India and US to Sign Bilateral Agreement for Exchange of CbC Reports by March-end

Taxscan Team
Income Tax Officer arrested for receiving Bribe

Income Tax Officer arrested for receiving Bribe

Taxscan Team
Income Tax Dept unearths Major TDS Fraud

Income Tax Dept unearths Major TDS Fraud

Taxscan Team
When Quantum Addition deleted, Consequent Penalty can’t Survive: ITAT [Read Order]

When Quantum Addition deleted, Consequent Penalty can’t Survive: ITAT [Read Order]

Taxscan Team

CBDT notifies Income Tax Exemption to Indian Institute of Science Education and Research [Read Notification]

The Central Board of Direct Taxes (CBDT) has notified exemption to the Indian Institute of Science Education and Research, Bhopal under clause (ii) of sub-section (I) of Section 35 of the Income Tax...

CBDT notifies Income Tax Exemption to Indian Institute of Science Education and Research [Read Notification]
Taxscan Team

Mere Change in ‘Heads of Income’ won’t attract Penalty: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that a mere change in the heads of income would not attract penalty under the Income Tax Act, 1961. The assessee claimed that...

Mere Change in ‘Heads of Income’ won’t attract Penalty: ITAT [Read Order]
Taxscan Team

Lok Sabha Polls: Income Tax Officers to monitor Election Expenditure

In order to keep a close watch on election expenditure, the income tax department has deployed around 400 officers in Gujarat. This is to check the flow of black money during the Lok Sabha elections. ...

Lok Sabha Polls: Income Tax Officers to monitor Election Expenditure
Taxscan Team

CBI arrests then Appraiser of Customs Department

The Central Bureau of Investigation ( CBI ) has arrested an absconding accused, the then Appraiser, Customs Department, Mumbai in a case related to wrongful loss caused to the Customs Department. The...

CBI arrests then Appraiser of Customs Department
Taxscan Team

MCA releases National Guidelines on responsible Business Conduct

The Ministry of Corporate Affairs has revised the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business, 2011 (NVGs) and formulated the National Guidelines...

MCA releases National Guidelines on responsible Business Conduct
Taxscan Team

A Debatable Issue can’t be rectified u/s 154: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Cochin bench has held that a debatable issue cannot be treated as a mistake apparent on the face of the record for rectification under Section 154 of the...

A Debatable Issue can’t be rectified u/s 154: ITAT [Read Order]
Taxscan Team

Re-Assessment can’t be made If AO has no ‘Reason to Believe’ for escapement of Income: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the re-assessment under section 147/148 cannot be made if the Assessing Officer has no reason to believe that the assessee The...

Re-Assessment can’t be made If AO has no ‘Reason to Believe’ for escapement of Income: ITAT [Read Order]
Taxscan Team

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