The Court examined whether alleging failure to produce documents alone could justify invoking extended limitation under Section 74 and allowed the issue to be tested on affidavits.
Explains why the CA profession feels crowded and clarifies that the issue lies in role concentration, not overall oversupply.
The Tribunal held that penalties under Section 271D were invalid as they were imposed beyond the limitation period prescribed under Section 275(1)(c).
This explains how the proposed law simplifies tax concepts, retains core income heads, and aims to reduce disputes through clarity and certainty.
Learn why refund claims are being paused under a risk-based system and how timely reconciliation or revision can ensure smooth processing.
The Court addressed prolonged pendency of a Section 143(1) appeal and directed the appellate authority to decide it within eight weeks, reinforcing timely appellate adjudication.
The High Court ruled that Section 74’s extended limitation cannot apply unless wilful suppression with intent to evade tax is proved, quashing the notice where facts were already known to the Revenue.
The ITAT ruled that once profits are estimated under Section 145, further disallowances of salary or commission expenses cannot be made from the same books, emphasizing assessment consistency.
This guide explains that disclosure under Schedule FA is mandatory, even for zero-income foreign accounts or unsold RSUs. Following calendar-year reporting and proper documentation helps avoid penalties up to ₹10 lakh.
This explains how most notices arise from differences between ITR data and information available with the tax department through AIS and SFT.
