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Income Tax Authorities

Supreme Court Directs Courts & SRO to report Suits / Deeds of Cash Transaction Above ₹2 Lakh to Income Tax Authorities [Read Order]

Yogitha S. Yogesh

The Supreme Court ordered courts and registration authorities to notify the Income Tax Department of any cash transactions above ₹2 lakhs, in a...

How to Track Your Credit History - Track Credit History - Credit History - PAN Card Via CIBIL - Equifax - PAN Card - taxscan

How to Track Your Credit History Using Your PAN Card Via CIBIL, Experian, Equifax, and Others

₹278.67 Crore Addition on Ex-Andhra CM Y.S. Jagan Mohan Reddy Scrapped by ITAT Over Insufficient...

Quantity of Jewellery under Limit prescribed by Circular: ITAT directs Deletion of S.69B Income Tax...

No Violation of Fundamental or Statutory Rights: Delhi HC Rejects Husband’s Request to Inquest ₹2...

Income Tax Authorities Penalize Torrent Pharmaceuticals with ₹2.3 Crore

On November 28, Torrent Pharmaceuticals Limited, one of India’s prominent pharmaceutical companies announced that the Income Tax Department had imposed a penalty of Rs. 2.31 crore. The fine was...

Income Tax Authorities can Seek Interim Custody of Currency Notes Produced Before Magistrate: Kerala HC [Read Order]

In a recent case, the Court held that in the absence of a valid order of assessment and demand for income-tax, the party from whom the amount is seized, is entitled to seek interim custody. Section...

IT Dept issues Summons to NRIs for Foreign Assets, Residency Status Proof

The Income Tax Department of India has recently escalated its scrutiny of Non-Resident Indians (NRIs) by issuing summons requiring them to disclose details of their foreign assets and prove their...

NRI tax - NRI summons - Foreign assets NRI - NRI residency proof - taxscan

ITAT Allows Depreciation Claim by Purchaser under Income Tax on Excess Amount Paid Over & Above Net Asset Value of Seller's Business [Read Order]

The Bangalore Income Tax Appellate Tribunal ( ITAT ) held that once the department has accepted the capital gain offered by the seller upon transfer of its business, then said transaction cannot be...

Income Tax Raid, No proceedings can be initiated under Prevention of Corruption Act in absence of Material evidence: Karnataka HC [Read Order]

The Karnataka High Court has held that no proceedings can be initiated under Prevention of Corruption Act ( PC ) in the absence of material evidence. The Court found that there is no material...

CBDT Revises Jurisdiction of Income Tax Authorities u/s 120 of Income Tax Act, Effective from June 6, 2024 [Read Notification]

The Central Board of Direct Taxes ( CBDT ) has issued Notification No. 50/2024 dated June 06, 2024, amending Notification No. 77/2014 to redefine the jurisdiction of certain Income Tax Authorities...

Contempt Petition: Bombay HC directs to pay Balance Amount of Rs.4,52,600/-compensation to Petitioner within Two Weeks [Read Order]

In a recent case, the Bombay High Court directed to pay a balance amount of Rs,4,52,600/-compensation to the petitioner within two weeks while considering the contempt petition filed against the non...