The Income Tax Department carried out search and seizure operation on 09.03.2021 on various persons based in Kolkata, engaged in the business of Electrical equipment and trading of decorative lighting. The cases were developed through

The Income Tax Appellate Tribunal (ITAT) Hyderabad Last week ruled that ‘hundi’ receipts in cash from donors are not revenue items but capital receipts only. The assessee, Boyakonda Gangamma Devasthanam,  is governed by the provisions

The Income Tax Appellate Tribunal (ITAT) quashed the notice of re-assessment against MRF Ltd. The assessee company, M/s. MRF Limited is engaged in the business of manufacture and sale of automobile tyres, tubes, and automobile

The Institute of Chartered Accountants of India (ICAI) has issued a combined Guidance Note revising its previous Guidance notes on Applicability of AS 25 to Interim Financial Results and Measurement of Income Tax Expense for

Last week, Spain notified, new fiscal measures to support the economy and employment affected by the pandemic. The measures were approved by the Royal Decree-Law 15/2020. The additional measures adopted to date include the following:

In an advisory issued to the taxpayers, the Central Board of Direct Taxes (CBDT) has asked to be careful with their income tax e-filing account in order to secure the same from any misuse by

The Central Board of Direct Taxes ( CBDT ) will adopt a Taxpayers’ charter With the objective of enhancing the efficiency of the delivery system of the Income Tax Department. The Union Budget 2020 proposed

In a recent order of the Income Tax Appellate Tribunal, Cuttack held that the transaction between the relatives of family members for giving support and help does not amount to loan or deposit under section

The Institute of Company Secretaries of India ( ICSI ) has urged inclusion of Company Secretary in the definition of ‘Accountant’ given under explanation to Section 288 (2) of the Income Tax Act, 1961. The

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the addition made merely on the basis of loose sheets scribbling is unlawful. The assessee is engaged in the business of construction

The Cuttack bench of the Income Tax Appellate Tribunal ( ITAT ) has held that disallowance of expenditure cannot be merely on the basis of surmises and conjectures of the Assessing Officer. In the instant

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has disallowed the claim for doubtful advance in respect of the amount paid by the assessee to obtain the membership of the Delhi Stock Exchange

In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Delhi bench has granted tax relief to retired professional shooter, Abhinav Bindra. The Tribunal bench has held that the former World and Olympic champion is

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the amount paid as License Fees to the consultant/ doctors abroad under a business arrangement is allowable as deduction under the provisions

The Income Tax Appellate Tribunal ( ITAT ), Amritsar bench recently held that an unregistered Agreement to Sell (ATS) cannot be treated as a sham document as the same is witnessed and signed persons. In