Latest Happening in Income Tax in India
The Karnataka High Court’s recent decision on the interplay between penalty proceedings under Section 270A of the Income Tax Act and pending assessment appeals has brought much-needed clarity for taxpayers…
Penny stocks have long been a magnet for tax scrutiny in India. Their low price, high volatility, and occasional misuse for accommodation entries have made them a favourite target for…
The Supreme Court’s recent affirmation of the ITAT’s remand in the American Express Banking Corporation (India Branch) case marks a pivotal moment for transfer pricing jurisprudence in India, especially concerning…
Fresh SEZ Unit with New Capital vs. Reconstruction — ITAT Chennai in Lotus Footwear on Section 10AA: What Truly Qualifies and How to Prove It The recent ITAT Chennai ruling…
ITAT Cochin Quashes Notional Interest Disallowance—Interest on Borrowed Funds for Renovation of Leasehold Premises Allowed as Revenue Expense Section Reference Note: Before we begin, let’s clarify a common confusion. The…
The Telangana High Court’s recent decision to quash reassessment proceedings under Sections 148A and 148 of the Income Tax Act, 1961, for failing to comply with the faceless assessment mandate,…
Small Businesses, Big Relief: Understanding Presumptive Taxation and the High Court’s Landmark Ruling For lakhs of small business owners across India, the compliance burden of income tax can feel…
Surveys under the Income Tax Act often unearth unaccounted stock, leaving both businesses and tax professionals grappling with a crucial question: Should such excess stock be taxed as regular business…
The digital age has transformed how businesses communicate, with WhatsApp, emails, and other messaging platforms now woven into daily operations. This shift has not gone unnoticed by tax authorities, who…
Timelines are the backbone of tax litigation. For taxpayers and practitioners, a single miscalculation of an appeal deadline can mean the difference between a fair hearing and a lost cause….
India’s capital gains exemption regime is designed to encourage taxpayers to reinvest their gains in productive assets—be it a new home or agricultural land. Yet, in real life, the process…
The Calcutta High Court’s recent decision in Winsome Highrise Pvt. Ltd. & Anr. vs Union of India & Ors. has sent ripples through the Indian tax community. By setting aside…