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The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the income from the relinquishment of right over a property cannot be treated as “capital gain” for the purpose of levying...

3,130 tax personnel, including 600 IT officers are busy implementing the Faceless e-Assessment scheme of Income Tax. Out of 58,319 cases selected for faceless assessment, already 8,700 cases have been disposed off....

The Madras High Court dismissed CA ’s plea seeking to direct the Institute of Cost Accountants of India to use the acronym ‘ICOAI’ instead of ‘ICAI’. The petition filed by the appellant V...

The Madras High Court while upholding the order of Dispute Resolution Panel (DRP), ordered in favour of the assessee, Renault Nissan in computing deduction. The assessee, Renault Nissan is an undertaking registered as...

The government on Saturday expanded the scope of the scheme to include ‘individual loans given for business purposes’ within the ambit of the Emergency Credit Line Guarantee Scheme. Professionals including doctors and lawyers...

The Income Tax Appellate Tribunal (ITAT), Cochin bench has held that the provision regarding the filing of audit report along with the return of income is only directory and not mandatory under...

The Delhi High Court directed the Income Tax Authority to release the refund withheld without valid reasons and based on flawed assumptions. The petitioner, Cooner Institute of Health Care And Research Centre Pvt....

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the provisions of section 50C of the Income Tax Act, 1961 cannot be applied in cases where the market...