The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the disallowance holding that the provisions of Section 40(a)(ai) of the Income Tax Act 1961 was not applicable for non-deduction of Tax Deducted at

The Income Tax department has uncovered evasion of more than Rs 15,000 crore as it completed the investigation into alleged malpractices in the payment of commissions by insurance companies. The insurers were also investigated by

The Union Budget 2023, presented by Finance Minister Nirmala Sitharaman has introduced some major changes to the rebate rate limits favorable to the middle-income earners along with some slab changes. The taxability of direct tax

The Central Board of Direct Taxes (CBDT) has provided relaxation from TDS under section 194I of the Income Tax Act, 1961 in respect of lease rentals paid to aircraft-leasing units located in the International Financial

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the State authorities and the direct and indirect tax departments cannot question the resolution plan as per section 31 of the Insolvency

The Delhi High Court has ruled that no income tax evasion is done by the assessee as it is for parties to settle the sale consideration for transfer of respective shares in the property. The

The Ministry of Finance decided to reduce the existing rate of deemed profit under section 44AD of the Income Tax Act in respect of amounts/receipts through banking channel/digital means Under the existing provisions of section

The Income Tax Appellate Tribunal (ITAT) in the case of Gajanan Enterprises vs. ACIT held that the dividend which is derived from the Shares which are ‘stock in shares’ will not be computed in the

In the Case, Vinod Kumar Gupta vs Deputy Commissioner of Income Tax, Delhi High Court recently ruled that no separate search warrant is required to brothers who are involved in common business and also upholds

While hearing a writ petition filed by Former Union Minister P Chidambaram and his family members, the Madras High Court, on Tuesday, quashed the income tax demand notices for the year 2010-11 seeking payment of

In ITO v. M/s. Rightex Commerce Pvt. Limited, the ITAT, Kolkata held that deduction I allowable on bad debts once it is written off in the books of accounts of the assessee. While dismissing the appeal

The Income Tax Appellate Tribunal (ITAT), Mumbai bench, while upholding a penalty order passed under section 271F of the Income Tax Act, 1961 held that the declaration of income under the Income Declaration Scheme, 2016

In a recent decision, the Karnataka High Court ruled that the average income is to be considered when variations are detected in income tax returns ( ITR ) filed by the claimant. The petitioner/claimant has

The Hyderabad Bench of the Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ) observed that service tax is not leviable merely on basis of figures reflected in statutory records. Raghavendra Rao, the counsel

The Two member bench of Income Tax Appellate Tribunal ( ITAT ) of Bangalore held that disallowance under Section 14A of the Income Tax Act, 1961 should be limited to exempted income. The Assessee Ambika