The Tribunal ruled that under-reported income must be calculated as the difference between assessed income and income processed under Section 143(1)(a). Penalty computation was sent back for recomputation due to incorrect methodology adopted by the AO.
The Tribunal deleted penalty under Section 271(1)(c) after substantially deleting the unexplained cash credit addition under Section 68. It held that penalty cannot survive when the quantum addition is largely removed and the remaining amount is estimated.
The Tribunal observed that delays in completion of housing projects by builders cannot deprive a taxpayer of Section 54 benefits when the investment was made within the prescribed time. Deduction was allowed despite non-delivery of possession.
ITAT Delhi held that additions based on documents seized from a third party cannot be made under Section 143(3) without invoking reassessment proceedings under Section 148. The Tribunal quashed the assessment for non-compliance with mandatory statutory safeguards.
ITAT Delhi held that higher TDS under Section 206AA applied where the seller’s PAN was not linked with Aadhaar. However, the Tribunal observed that the tax department should have incorporated system alerts for inoperative PANs and remanded the matter for fresh verification.
The Allahabad High Court held that SGST authorities of a pure transit State cannot impose penalties under Section 129 where no tax incidence arises in that State. The ruling protects inter-State trade from excessive GST enforcement during transit movement.
The article explains that success before appellate forums depends not only on legal knowledge but also on preparation, courtroom etiquette, and communication skills. Proper presentation and strategic handling significantly strengthen a representative’s case.
The Insolvency and Bankruptcy Code (Amendment) Act, 2026 introduces creditor-led insolvency, group insolvency, and cross-border resolution mechanisms to modernize India’s insolvency framework. The article explains how the reforms aim to speed up resolutions and strengthen creditor confidence.
The MCA’s Companies Compliance Facilitation Scheme, 2026 provides major relief by reducing additional filing fees for pending annual compliances by 90%. The article explains how companies can regularize filings, avoid penalties, and reduce compliance costs.
The Bangalore ITAT held that indexation benefit for capital gains must be allowed from the year the property was first rented and income was offered to tax, not from the date of occupancy certificate.
