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Income Tax Act

Know the Major GST Amendments proposed in Finance Bill 2023

Manu Sharma

The Rajya Sabha had recently given its approval to the Finance Bill, 2023, presented by the Union Finance Minister Nirmala Sitharaman. The Finance...

Assessee not Liable to Explain Receipts Shown in Form No.26AS: ITAT [Read Order]

Relief to Google Ireland: Payment for Online Advertisement Space to Google India Not “Royalty”,...

Expenditure incurred by Flipkart towards ESOP eligible for Deduction u/s 37 of Income Tax Act: ITAT...

ITAT Condones Delay of 9 years in absence of Proper Intimation u/s 143(1) of the Income Tax Act...

Software Insurance Charges Excludable from Export Turnover u/s 10AA of Income Tax Act: ITAT [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) has held that the software insurance charges are excludable from export turnover under Section 10AA of the Income Tax Act 1961. The...

Vague Notice Invalidates Penalty Proceedings u/s 271(1)(c) of Income Tax Act: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Delhi Bench, has recently in an appeal filed before it, held that vague notice invalidates penalty proceedings u/s 271(1)(c) of income tax act. The...

Penalty cannot be levied u/s 271(1)(c) of Income Tax Act when Sustainability of Addition is Debatable: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Cuttack Bench, has recently, in an appeal filed before it, held that penalty cannot be levied u/s 271(1)(c) of income tax act, when sustainability of...

Provisions of Deemed Gift u/s 56(2)(vii)(b) of Income Tax Act cannot be Applied Retrospectively: ITAT [Read Order]

The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) has recently held that provisions of deemed gift under section 56(2)(vii)(b) of Income Tax Act 1961 could not be applied retrospectively. ...

Amazon gets served with 549 Crore Income Tax Demand Notice for Receipts from Cloud Computing Services

Amazon Web Services, Inc. a subsidiary of Amazon that provides on-demand cloud computing platforms and APIs to individuals, companies, and governments, on a metered, pay-as-you-go basis has been...

Case Digest: Deemed Dividends u/s 2(22)(e) of the Income Tax Act

Dividend usually refers to the distribution of profits by a company to its shareholders. However, in view of Section 2(22) of the Income Tax Act, 1961, the dividend shall also include the following: ...

Case Digest: TDS from Rent under Section 194-I of the Income Tax Act

Section 194-I of the Income Tax Act deals with TDS from rent. Under this Section any person not being an individual or a Hindu Undivided family who is paying or who is responsible to pay any income...

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