The Tribunal held that reporting income in the wrong schedule does not amount to concealment. It ruled that tax cannot be levied when income is already disclosed, even if incorrectly classified.
The tribunal set aside excessive addition by recognizing both the allotment agreement and joint ownership. It directed proportionate taxation and correct valuation basis. The ruling promotes fairness in assessments.
Claim rejection often occurs when seniors fail to disclose past illnesses or treatments. The article highlights that complete and honest disclosure is essential to avoid future claim denial.
The tribunal allowed adoption of stamp value as on the agreement date instead of registration. It held the proviso to Section 50C is retrospective as it removes hardship. This provides relief in cases of delayed registration.
ITAT examined addition under Section 69C for unexplained credit card payments made by the assessee. The Tribunal remanded the matter to the AO for proper verification, emphasizing the need for independent inquiry before confirming additions.
The amendment clarifies that income from investments made before 1 April 2017 is excluded from Chapter XI provisions. It ensures that legacy investments are protected from retrospective tax implications while applying anti-abuse rules prospectively.
The latest amendment excludes income arising from transfer of pre-2017 investments from GAAR scrutiny. It reinforces the protection of grandfathered investments despite broader applicability of anti-avoidance provisions.
The notification grants customs duty relief to SEZ units clearing goods to DTA, provided production began before 31 March 2025. It clarifies eligibility conditions, exclusions, and compliance requirements for availing the benefit.
ITAT held that absence of an explicit irrevocability or dissolution clause is not a valid ground to deny registration under Section 12AB. The ruling directs grant of registration and consequential 80G approval.
The Finance Act, 2026 prescribes income-tax rates, surcharge, and cess for the assessment year 2026–27. It establishes the legal framework for tax computation, including applicable slabs and additional levies.
