Income Tax : Taxpayers entering specified domestic transactions exceeding prescribed thresholds must maintain transfer pricing documentation, a...
Income Tax : Explore recent Supreme Court rulings (2023) on income tax issues. Highlights of key cases, analysis, and implications....
Income Tax : Explore deductions under Sections 80IA to 80IE for A.Y 2021-2025. Understand provisions, eligibility, quantum, and conditions. Sim...
Income Tax : Explore the rules and challenges of Domestic Transfer Pricing (DTP) in India. Learn about legal definitions, threshold limits, app...
Income Tax : Tax planning while setting up of a business with reference to location (2021-2022 A.Y, A.Y 2022-2023 , A.Y 2023-2024 and A.Y 202...
Income Tax : Section 80-IA [4 (iii)] of the Income Tax Act, 1961 provides for a tax holiday for 10 out of 15 years in respect of profits of any...
Income Tax : The Central Board of Direct Taxes (CBDT) has amended the Industrial Park Scheme 2008 and Rule 18C of the Income Tax Rules, 1962 to...
Income Tax : The Government has decided that telecom companies offering 3G services will not be allowed to claim tax breaks under Section 80 IA...
Income Tax : State Bank of India Vs ACIT (ITAT Mumbai) The Mumbai Bench of the Income Tax Appellate Tribunal decided cross-appeals filed by a p...
Income Tax : The Tribunal held that donations qualifying under Section 80G do not become ineligible merely because they are incurred as part of...
Income Tax : Tribunal ruled that market value for captive power consumption must be based on the tariff charged to industrial consumers by TNEB...
Income Tax : For deduction on carbon credits, Section 80-IA deduction on the sale of CERs must be allowed; gains from the prepayment of deferre...
Income Tax : The Bangalore ITAT held that deduction under Section 80IA can be granted only if the income is genuinely derived from the eligible...
Income Tax : Section 80-IA(4)(iii) of the Income-tax Act, 1961 - Deductions - Profits and gains from Industrial Infrastructure Undertakings, et...
Income Tax : Notification No. 78/2010-Income Tax [F.No.178/100/2008-ITA-I], dated 11-10-2010 Government hereby notifies M/s. Marathon Nextgen ...
Income Tax : Notification No. 73/2010-Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-sect...
Income Tax : Notification No. 66/2010-Income Tax in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the...
Income Tax : Notification No. 54/2010-Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-sect...
Taxpayers entering specified domestic transactions exceeding prescribed thresholds must maintain transfer pricing documentation, as failure to do so can attract penalties of 2% of the transaction value and other compliance consequences.
State Bank of India Vs ACIT (ITAT Mumbai) The Mumbai Bench of the Income Tax Appellate Tribunal decided cross-appeals filed by a public sector bank and the Revenue for Assessment Year 2010-11. The case involved a large number of recurring banking-taxation issues including pension provisions, depreciation on securities, bad debts, section 14A disallowance, taxation of […]
The Tribunal held that donations qualifying under Section 80G do not become ineligible merely because they are incurred as part of CSR obligations. The deduction was allowed following earlier decisions in the assessee’s own case.
Tribunal ruled that market value for captive power consumption must be based on the tariff charged to industrial consumers by TNEB while computing deduction under Section 80IA.
For deduction on carbon credits, Section 80-IA deduction on the sale of CERs must be allowed; gains from the prepayment of deferred sales tax constituted capital receipts, meaning Commissioner’s relief required no interference.
The Bangalore ITAT held that deduction under Section 80IA can be granted only if the income is genuinely derived from the eligible industrial undertaking. Mere classification of income under other sources does not automatically entitle an assessee to deduction.
The Tribunal ruled that under-reported income must be calculated as the difference between assessed income and income processed under Section 143(1)(a). Penalty computation was sent back for recomputation due to incorrect methodology adopted by the AO.
ITAT Hyderabad held that constituent members of a JV or Consortium can claim deduction under Section 80IA(4) when they actually execute infrastructure projects and bear the associated risks. The Tribunal ruled that the JV structure formed only for bidding does not defeat eligibility.
Court ruled that reassessment notices under Section 148 must be issued through the faceless mechanism under Section 151A and the 2022 Scheme. Notice issued by the Jurisdictional Assessing Officer was held invalid and quashed.
The Ahmedabad ITAT held that goodwill arising from a High Court-approved amalgamation qualified as an intangible asset eligible for depreciation under Section 32(1)(ii). The Tribunal followed earlier decisions in the assessee’s own case.
