Deduction under Section 80P(2)(d) Allowed for Interest Income from Cooperative Bank Summary in Key Points: Issue: Was the assessee, a cooperative society, entitled to a deduction under Section 80P(2)(d) for interest earned on fixed deposits with a cooperative bank? Facts: The assessee claimed a deduction under Section 80P(2)(d) for interest income earned from investments in… Read More »
SLP Dismissed: Tax Effect Below Threshold for Challenging Section 80-IB Deduction Summary in Key Points: Issue: Should the Supreme Court entertain the Special Leave Petition (SLP) challenging the High Court’s decision allowing a deduction under Section 80-IB for the process of filling mushroom powder in gelatin capsules? Facts: The High Court held that filling mushroom… Read More »
Section 80G Approval: Inadvertently mentioned the wrong clause in the application , Matter Remanded for Reconsideration Summary in Key Points: Issue: Should the assessee-trust be granted final approval under Section 80G(5) for its educational activities, despite an error in the application form and the lack of a hearing opportunity? Facts: The assessee-trust, engaged in providing… Read More »
Broken Period Interest on Securities Held as Stock-in-Trade Allowed as Deduction Summary in Key Points: Issue: Was the broken period interest paid on the purchase of securities held as stock-in-trade allowable as a deduction under Section 37(1)? Facts: The assessee, a banking company, claimed a deduction for broken period interest paid on the purchase of… Read More »
Exemption under Section 11 Allowed even if Audit Report Filed after due date but Within Extended Due Date Summary in Key Points: Issue: Was the assessee’s claim for exemption under Section 11 valid, even though the audit report was filed after the original due date but within the extended due date provided by the Taxation… Read More »
8 IMPORTANT INCOME TAX CASE LAWS 04.02.2025 Sr No Case Law Title Brief Summary Citation Relevant Act 1 Principal Commissioner of Income Tax4 v. Prabhat Agri Biotech Ltd. Apportionment of Common Expenditure based on based on the cost of goods sold instead of Turnover Acceptable Click Here Section 10(1) Income Tax Act, 1961 2 Pavai… Read More »
Order Giving Effect (OGE) New Functionalty on Income Tax Portal Started This is for taxpayers in India who have won an appeal against an income tax assessment. Here’s a breakdown: What is an Order Giving Effect (OGE)? When you appeal an income tax assessment and win, the tax department needs to update their records to… Read More »
APEDA’s financial assistance schemes boost 47.3% surge in India’s fruit and vegetable exports APEDA strengthens exporter growth with new schemes for infrastructure, quality, and market development India’s fruit and vegetable exports reach 123 countries, with 17 new market added in 3 years The Department of Commerce through Agricultural and Processed Food Products Export Development Authority… Read More »
8 IMPORTANT INCOME TAX CASE LAWS 03.02.2025 Sr No Case Law Title Brief Summary Citation Relevant Section and Act 1 Rachakonda Srinivas Rao v. Initiating Officer, BPU, Hyderabad Property held not to be benami property. Click here Section 2(9) Prohibition of Benami Property Transactions Act, 1988 2 Assistant Commissioner of Income-tax (Exemptions) v. Karnataka Institute… Read More »
Income Tax Stay of Demand: Non-Speaking Orders Set Aside, Matter Remanded Summary in Key Points: Issue: Were the orders rejecting the assessee’s stay of demand application valid, given that they were non-speaking and did not address the merits of the case? Facts: The assessee, facing a tax demand for AY 2022-23, filed an application for stay… Read More »