MSME Lifeline – New Credit Scheme to Counter 50% US Tariffs
MSME Lifeline – New Credit Scheme to Counter 50% US Tariffs The Ministry of Finance is in the final stages of rolling out a dedicated credit support scheme aimed at helping Micro, Small, and Medium Enterprises (MSMEs) combat the debilitating impact of the steep, up to 50%, US tariffs. Sources indicate that the new… […]
Bombay High Court Rules Assessee Cannot Be Penalized for Chartered Accountant’s Belated Advice in Tax Filing
Bombay High Court Rules Assessee Cannot Be Penalized for Chartered Accountant’s Belated Advice in Tax Filing Balaji Landmarks LLP Eartwhile vs. Central Board Of Direct Taxes (Case No. No. 16638 OF 2024) Facts: 1. The assessee, Balaji Landmarks LLP, was required to file its return of income, which declared a substantial loss, by the… […]
How Every Citizen Became a Tax Collector
How Every Citizen Became a Tax Collector TDS – three letters that have silently transformed the way India collects tax. What began as a simple tool to ensure regular inflow to the Government treasury has now become one of the most powerful and wide-ranging mechanisms of tax collection. If income tax is the king… […]
Final Assessment Order Barred by Limitation: Karnataka HC Dismisses Revenue’s Appeal in Yokogawa India Case
Final Assessment Order Barred by Limitation: Karnataka HC Dismisses Revenue’s Appeal in Yokogawa India Case In a significant ruling for corporate taxpayers, the Karnataka High Court has dismissed the Revenue’s appeal challenging the Income Tax Appellate Tribunal’s (ITAT) decision regarding the validity of a final assessment order in the case of Yokogawa India Ltd… […]
Chennai ITAT Sends TP Adjustment Back to TPO Over BPO and IT Services to AEs
Chennai ITAT Sends TP Adjustment Back to TPO Over BPO and IT Services to AEs The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has remanded a transfer pricing (TP) adjustment concerning support services—specifically BPO and IT services—provided to associated enterprises (AEs) for Assessment Year (AY) 2021–22. The case highlights procedural lapses and… […]
Faceless Assessment Set Aside by Bom HC – Reliance on Non-Existent Case Laws and Ignoring Reply Violates Natural Justice:
Faceless Assessment Set Aside by Bom HC – Reliance on Non-Existent Case Laws and Ignoring Reply Violates Natural Justice: KMG Wires Pvt. Ltd. v. NFAC, Delhi & Others Bombay High Court (O.O.C.J.) – Writ Petition (L) No. 24366 of 2025 Facts: 1. AO disallowed ₹2,15,89,932 from Dhanlaxmi Metal Industries on the ground that the… […]
TAX COMPLIANCE TRACKER – NOVEMBER, 2025
Tax Compliance Tracker – November, 2025 Tax Compliance Tracker – November, 2025 1. Compliance requirement under Income Tax act, 1961 Sl. Compliance Particulars Due Dates 1 Due date for deposit of Tax deducted/collected for the month of October, 2025. However, all sum deducted/collected by an office of the government shall be paid to… […]
Trading and Support Go Hand-in-Hand: ITAT Rules in Favour of Juniper India: Transfer Pricing dispute
Trading and Support Go Hand-in-Hand: ITAT Rules in Favour of Juniper India: Transfer Pricing dispute In a recent ruling that underscores the importance of substance over form in transfer pricing, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) quashed a transfer pricing adjustment made against Juniper Networks Solution India Pvt Ltd for… […]
No TP Adjustment on Brand Royalty: ITAT Follows Precedent in Vodafone Case
No TP Adjustment on Brand Royalty: ITAT Follows Precedent in Vodafone Case The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has set aside a ₹120.54 crore transfer pricing (TP) adjustment related to brand royalty payments made by Vodafone Idea Ltd for Assessment Year (AY) 2012-13. The ruling in Vodafone Idea Ltd vs… […]
Key Restrictions on Cash Transactions under the Income-tax Act, 1961
Key Restrictions on Cash Transactions under the Income-tax Act, 1961 1. Section 40A(3) – Disallowance of Cash Expenditure Any business expenditure paid in cash exceeding ₹10,000 (₹35,000 for payments to transporters) to a person in a day is disallowed. If an expense allowed earlier is later paid in cash, it becomes income under Section… […]
