27 Jul 2025, 05:50 UTC≈1,380 views4 reactionsread 8 August 2026 Government Approves International Hospital for Scientific Research Benefits Under Section 35(1)(ii) of Income-tax Act
The Central Government has approved an international hospital and research center, operating under an orphanage committee in Kerala, as an institution eligible for scientific research benefits under clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961. This approval, effective for…
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27 Jul 2025, 05:20 UTC≈1,290 viewsread 8 August 2026 Central Government Approves Institution for Social Science Research Under Section 35(1)(iii) of Income-tax Act
The Central Government has approved an institution located in Ahmedabad as an entity engaged in social science or statistical research under the category of "Other Institution" for the purposes of section 35(1)(iii) of the Income-tax Act, 1961. This approval, granted under the relevant Income-tax Rules, app…
27 Jul 2025, 04:50 UTC≈1,020 views0 reactionsread 8 August 2026 Tax Authority Extends GST Audit Completion Period for 2021-2022 Audits Under Relevant State GST Act
The tax authority extended the audit completion period under the relevant state GST Act for audits commencing between April 1, 2021, and March 31, 2022, due to delays caused by requests from audited parties for additional time to produce accounting records. The original three-month completion requirement from the audi…
27 Jul 2025, 04:20 UTC744 viewsread 8 August 2026 Import clearance allowed without warehousing if authorization issued before Customs clearance under Para 2.12 FTP 2023
Goods imported, shipped, or arrived before issuance of an import authorization but not yet cleared from Customs may be cleared against a subsequently issued authorization without mandatory warehousing, except for restricted items or those traded through state trading enterprises unless specifically …
27 Jul 2025, 03:50 UTC489 viewsread 8 August 2026 DFIA Scheme Limits Technical Correlation to Paragraph 4.29 Inputs; Others Require Only Name and Quantity Declaration
Under the DFIA Scheme, correlation of technical characteristics, quality, and specification of imported inputs with the exported product is required only for inputs specified in paragraph 4.29 of the Foreign Trade Policy, 2023. For inputs under paragraphs 4.12 and 4.28(iv), only the specific name and …
27 Jul 2025, 03:20 UTC370 viewsread 8 August 2026 Company leasing inter-state property from unregistered landlord must register and pay GST under Section 24(iii) RCM rules
A company registered in one state leasing property located in another state from an unregistered landlord must pay GST under reverse charge mechanism (RCM). According to Section 24(iii) of the CGST Act, persons liable to pay tax under RCM are required to obtain registration in the state where the…
27 Jul 2025, 02:50 UTC278 viewsread 8 August 2026 Public Charitable Trust Income Taxed Normally, Section 167A and 167B MMR Not Applicable Here
The ITAT allowed the appeal of a public charitable trust, holding that the provisions of section 167A and the application of the maximum marginal rate (MMR) under section 167B are not applicable. The tribunal found that the trust's constitution and functions do not permit allocation of income shares among members, negating t…
27 Jul 2025, 02:20 UTC228 viewsread 8 August 2026 Penalty under Section 271D barred by limitation; reassessment void due to improper approval under Section 151
The ITAT held that the penalty under section 271D was barred by limitation as it was imposed after the prescribed deadline of 28.02.2023, with the order dated 29.03.2023 being invalid. Additionally, the reopening of assessment was quashed due to improper approval under section 151, rendering the reassessment…
27 Jul 2025, 01:50 UTC198 viewsread 8 August 2026 AO exceeded jurisdiction by adding income beyond section 148 reasons; reassessment order under section 147 quashed
The ITAT held that the AO exceeded jurisdiction by making additions in the reassessment order beyond the income specified in the reasons recorded under section 148. Although the reassessment was initiated for verification of unexplained investment in the purchase of immovable property, no adverse findin…
27 Jul 2025, 01:35 UTC180 viewsread 8 August 2026 AO cannot replace DCF with NAV under Rule 11UA without new funds or unaccounted income proof
The ITAT held that the AO erred in substituting the discounted cash flow (DCF) method with the net asset value (NAV) method under Rule 11UA for valuation of shares allotted to the assessee's promoters, as no new funds were introduced and no unaccounted income was generated. The AO's reliance on discrepancies in projections w…
26 Jul 2025, 18:20 UTC167 viewsread 8 August 2026 Income of Revocable Foreign Trust from Indian NCDs Not Taxable Under Sections 61, 63, 161 & India-UAE DTAA
The ITAT held that income earned by the revocable foreign trust from investments in non-convertible debentures of Indian companies is not taxable in India. The trust, settled by a UAE-based entity and registered as an FII, was found exempt from Indian tax liability under the combined application of sections 61,…
26 Jul 2025, 17:50 UTC150 views0 reactionsread 8 August 2026 ITAT Upholds 10% WIP Disallowance and Validates Interest on Partner's Capital Under Income Tax Rules
The ITAT upheld the CIT(A)'s reduction of disallowance on work-in-progress (WIP) expenses to 10%, finding the revenue's arbitrary adoption of this percentage without objective data impermissible, thereby allowing the assessee's ground and dismissing the revenue's claim. Regarding interest paid to a partner on capital…
Showing the 12 most recent of 20 posts we hold for @taxtmi. View and reaction counts are the latest single reading for each post, not a live figure, and a recent post is still accumulating both. A view count marked ≈ was rounded by Telegram before we ever saw it — t.me prints views in full below 1,000 and to three significant figures above, so ≈1,200,000 means somewhere between 1,150,000 and 1,249,999. Unmarked counts are exact. Text is reproduced from the public post preview and truncated for length.