Tag: Income Tax Act
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ITAT Mumbai: LTCG From Share Sale Cannot Be Taxed as Unexplained Income Under Section 68 Without Evidence
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that long-term capital gains (LTCG) from share transactions cannot be treated as...
SC Upholds Quashing of BPCL Tax Reassessment
The Supreme Court of India on Monday refused to intervene in the Bombay High Court’s decision that quashed income tax reassessment proceedings against Bharat...
Supreme Court Rejects Saumya Chaurasia’s Plea Against Income-Tax Prosecution Sanctions
The Supreme Court has dismissed a plea filed by Saumya Chaurasia, former Deputy Secretary to ex-Chhattisgarh Chief Minister Bhupesh Baghel. She had challenged sanction...
Can Employers Claim Income Tax Deduction on Delayed PF-ESI Deposits? Supreme Court to Resolve Conflicting Rulings
Introduction
The Supreme Court of India is set to finally settle a long-standing legal controversy on whether employers can claim income tax deductions for delayed...
Foreign Companies’ Head Office Expenses for Indian Business Subject to Deduction Under Section 44C of the Income Tax Act, 1961
The Supreme Court of India has ruled that expenses incurred by foreign companies at their overseas head offices, insofar as they relate to business...
