Perplexity is launching “Comet,” an AI-driven web browser. This browser will feature “agentic AI capabilities,” aiming to transform how users navigate the internet. This move places Perplexity in direct competition with other companies developing AI browsers. Perplexity is known for its AI powered search engine, and is now expanding into the browser market. Perplexity’s “Comet”… Read More »
Perplexity AI now connects to Google Drive Perplexity Deep Research for Enterprise Data. Perplexity now connects to Google Drive, OneDrive, and SharePoint, enabling deep research across company files and the web with enterprise-grade security and compliance. Available now for Enterprise Pro Users. Learn more about Deep Research for Enterprise Data:https://t.co/ipgugwlP5N — Perplexity (@perplexity_ai) February 28,… Read More »
23 IMPORTANT INCOME TAX CASE LAW 18.02.2025 Sr No Case Law Title Brief Summary Citation Relevant Section and Act 1 Biowin Agro Research v. Income-tax Officer Exemption Ward Research Center for Organic Farming Is Charitable Activities Classified as “Relief of Poor” for Tax Exemption Click Here Section 2(15) Income Tax Act, 1961 2 Agrasen… Read More »
High Court can not order interest on Refund in excess of 6% p.a. u/s 244A, Excess Interest needs to be Refunded to Revenue Issue: Whether the High Court can order a refund of interest on income tax refunds at a rate higher than the statutory rate of 6% per annum as prescribed under Section 244A… Read More »
SLP Disposed of Due to Low Tax Effect; Question of Law on Section 164 Remains Open Issue: Whether the Supreme Court should entertain a Special Leave Petition (SLP) challenging a High Court order interpreting Section 164 of the Income-tax Act, 1961, when the tax effect is below the threshold limit specified in a CBDT circular.… Read More »
Scrutiny of Additions Based on Seized Documents; Matters Remanded for Further Examination Key Issues and Decisions: I. Undisclosed Investments in Joint Development Agreement: Issue: Whether the entire cash payment made to landowners as refundable security deposit under a Joint Development Agreement (JDA) should be treated as an undisclosed investment under Section 69B in the hands… Read More »
Addition under Section 68 Deleted for Unsecured Loans from Genuine Lenders Issue: Whether the addition made under Section 68 of the Income-tax Act, 1961, for unexplained cash credit is valid when the assessee has provided sufficient evidence to prove the genuineness of unsecured loans received from various lenders. Facts: The assessee obtained unsecured loans from… Read More »
Prosecution for Wilful Tax Evasion Under Black Money Act Allowed; Assessee Can Raise Defenses in Trial Issue: Whether prosecution under Section 51 of the Black Money Act, 2015, for wilful attempt to evade tax can be initiated before the completion of assessment, and whether the assessee can raise defenses during the trial. Facts: A search… Read More »
Fees paid by the assessee to a third party for technical services related to the metro rail project are allowable as business Clarification on Section 80IA Deduction and Allowability of Technical Service Fees Key Issues and Decisions: I. Deduction under Section 80IA for Infrastructure Projects: Issue: Whether the assessee, a contractor for a metro rail… Read More »
Interest paid on late payment of TDS not allowed as business deduction Varied Interpretations on Interest Deductibility, Unexplained Moneys, and Expenditures Key Issues and Decisions: I. Disallowance of Interest on Late TDS Payment: Issue: Can interest paid on late payment of TDS under Section 201(1A) be claimed as a business deduction under Section 36(1)(iii)? Decision:… Read More »