The appellate tribunal upheld rejection of a tax claim submitted long after the liquidation deadline. The ruling reiterates that belated claims cannot be entertained once liquidation has progressed.
The Tribunal restored the matter after holding that dismissal of the appeal without giving a chance to explain delay and cash deposits was not justified.
PCIT Vs Sandeep Chandak (Allahabad High Court) These income tax appeals arose from a common order dated 02.01.2017 passed by the Income Tax Appellate Tribunal (ITAT), Lucknow, for the Assessment Year 2014–15, by which penalties imposed under Section 271AAB of the Income-tax Act, 1961 were set aside. The appeals before the Allahabad High Court were […]
The High Court declined to interfere with a GST show cause notice and order, holding that effective statutory appellate remedies were available and should be pursued.
The draft rules revamp perquisite valuation and allowances, raising car-related taxes while expanding relief for education, HRA, and small perks.
The analysis explains how buy-back taxation shifted from company-level tax to shareholder dividend tax and is proposed to return to capital gains.
ESOPs are taxed twice—first as perquisites at exercise and later as capital gains on sale—creating a cash-flow burden for employees. While startup employees can defer tax under special provisions, most workers must pay tax upfront without liquidity, keeping ESOPs financially stressful.
The draft Income-tax Rules, 2026 consolidate perquisite valuation into a single framework and significantly raise exemption limits. Employees gain clearer rules and higher tax-efficient benefits.
The High Court ruled that uploading a notice on the GST portal constitutes valid service under Section 169. The challenge on grounds of violation of natural justice was rejected.
The High Court set aside the revisional order as it failed to consider high-pitched assessment and hardship. The matter was remanded for fresh consideration under binding instructions.
