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“Tax extractions by Sovereign states across the globe is broadly in the nature of an income tax called as the direct tax which includes international taxation and corporate taxation and the indirect tax which is a tax on goods and services which is termed as GST in India and VAT by the European Union and a resale tax in USA.”
Income Tax Department officers’ “utterly negligent attitude” compelled the petitioner to approach the Court.
The Court held that the revisional authority was justified in concluding that the payment had two distinct elements, i.e., advertisement and trademark usage.
“Non-compete fee only seeks to protect or enhance the profitability of the business, thereby facilitating the carrying on of the business more efficiently and profitably.”
“When on the same facts, a person has the right to claim one of two reliefs and with full knowledge he elects to claim one and obtains it, it is not open to him thereafter to flunk out on his election and claim the alternative relief.”
Legislature has defined “head office expenditure” in clear and unambiguous terms to mean executive and general administration expenditure incurred by the assessee outside India, including, inter alia, travelling expenses, salaries, and other administrative costs.
Justice B. V Nagarathna who is currently serving as a Judge of Supreme Court of India, formerly served as a Judge of Karnataka High Court until her elevation to the Supreme Court. Justice Nagarathna is also the potential contender for the first ever woman Chief Justice of India.
CBDT has extended the tax audit timeline for Assessment Year 2025—26, shifting the deadline from 30th September to 31st October 2025.
Effective January 1, 2026, SEBI introduces TLH code to eliminate tax hurdles and ease succession.
Taxation Laws Amendment 2025 introduces relief for Unified Pension Scheme subscribers, grants tax exemptions to Saudi Arabia’s Public Investment Fund and its subsidiaries and streamlines assessment procedures for improved consistency.
The Verification Operation will aid in dismantling the networks behind the fraudulent schemes and ensure accountability under law.
by Sayan Sarkar*
The Finance Act No. 02 of 2024, which came into effect on 01-09-2024, brought about significant amendments to the Income Tax Act. Among the key changes are revisions to Sections 148 and 148A, which pertain to the provisions for assessment and reassessment of income. In addition, Section 152 has been amended to introduce two new sub-sections.
The Bill has been approved by the Union Cabinet and awaits to be tabled in the Houses.
The Circular dated 17-10-2024 issued by the Central Board of Direct Taxe provides fresh guidelines for compounding of offences under the Income Tax Act.
“It merits notice that the phraseology used in Section 273B of the IT Act is such that no penalty can be imposed on an assessee under Section 271B for breach of the provisions, if he proves that there was ‘reasonable cause’ for the said failure.”
Arbitration Act, 1940 — S. 29 — Interest on interest or compound interest: Post award interest on interest awarded is not grantable
Justice B. V Nagarathna who is currently serving as a Judge of Supreme Court of India, formerly served as a Judge of Karnataka High Court until her elevation to the Supreme Court. Justice Nagarathna is also the potential contender for the first ever woman Chief Justice of India.
Energy, Power and Electricity — Electricity — Generation and Transmission/Supply/Distribution of electricity
Documents relating to proof of deduction under Section 54F of the Act; Bank statement showing payment for above deduction; Statement justifying sale consideration; Working of capital gain were all furnished by the assessee.