The Hyderabad ITAT observed that if a property is treated as stock-in-trade, the applicability of Section 43CA cannot be ignored. The ruling clarifies that deeming provisions under Section 50C and Section 43CA operate in different contexts.
The Tribunal quashed the reassessment after finding that the Assessing Officer failed to issue notice under Section 143(2). The decision confirms that compliance with this statutory requirement is indispensable in reassessment proceedings.
The article explains how accurate Form 10BD reporting protects donor deduction claims, prevents penalties, and ensures consistency with audit disclosures.
The article explains what remains unchanged under the new tax law while highlighting critical compliance checks taxpayers should undertake before paying advance tax.
The Tribunal quashed the reassessment after finding that the assessee had already filed the return under Section 139 before issuance of the notice. The key takeaway is that jurisdiction under Section 147 cannot be assumed on erroneous facts.
The article explains that taxpayers with orders communicated before 1 April 2026 must file GSTAT appeals by 30 June 2026 to preserve their statutory rights.
High Courts have held that taxpayers with cancelled GST registrations cannot be expected to monitor the portal continuously, making exclusive portal-based service inadequate.
The provisions under Sections 80C, 80D, 80DD, and 80DDB provide tax deductions because taxpayers incur eligible expenses on life insurance, health insurance, dependent care, and medical treatment. Understanding the applicable limits, qualifying conditions, and documentation requirements can help taxpayers maximise legitimate tax savings while ensuring compliance with the Income-tax Act.
AO rejects books of accounts and applies flat net profit rate. Can taxpayer claim depreciation separately or is it embedded in that flat rate? When an Assessing Officer (AO) rejects a taxpayer’s books of account under Sec 145(3) and resorts to applying a flat net profit (NP) rate on gross turnover, a deceptively simple question arises, “does […]
The article explores how the SARFAESI Act empowers banks to recover dues efficiently while highlighting the procedural safeguards available to borrowers.
