A large spousal gift exemption was denied due to failure in proving genuineness, creditworthiness, and source of funds. The ruling highlights that documentation is crucial even for exempt transactions under tax law.
The issue was whether an excessive delay in filing appeals could be condoned. The Tribunal allowed condonation but imposed costs, balancing justice with procedural discipline.
The law places the responsibility of TDS deduction on the buyer, not the seller. Failure to comply can lead to penalties, interest, and legal consequences.
Learn how Form 121 helps eligible taxpayers stop TDS on bank interest. The key is ensuring your estimated tax liability is nil and conditions are satisfied.
ITAT Mumbai holds that vague purpose in Form 10 can deny Sec 11(2) exemption, remanding case for verification of actual utilization and allowing assessee to substantiate specific charitable purpose.
The issue concerns repeated extensions of limitation periods for SCNs and orders under Sections 73 and 74. The framework shows timelines were shifted through notifications, with deadlines extending up to 2025 and beyond.
ITAT Mumbai rules redevelopment hardship compensation as capital receipt and deletes addition due to double taxation, granting relief where income was already taxed proportionately in later years.
ITAT held that once depreciation is allowed after scrutiny in the first year, it cannot be disallowed subsequently without fresh facts. The AO cannot revisit the same issue repeatedly. The key takeaway is that consistency must be maintained in tax assessments.
The case addressed non-filing of financial statements under Section 137(3). The authority ruled no penalty since compliance was validly undertaken by the Resolution Professional during CIRP.
The case involved non-filing of annual return under Section 92(5). The authority held that filing through GNL-2 by the RP during CIRP constituted valid compliance, resulting in no penalty.
