"I am CA Harshil Shah, Partner at P C Ghadiali and Co LLP, Mumbai, with over 9 years of professional experience in Direct Tax advisory, litigation support, and regulatory compliance. My core areas of practice include income tax litigation, tax planning and strategy, corporate tax advisory, and compliance matters. I also advise on international taxation and UAE Corporate Tax. I am a qualified Chartered Accountant, Lawyer (LLB), and hold a Diploma in Cyber Law, which enables me to combine legal insight with financial expertise to provide practical and holistic solutions. I advise individuals, corporates, LLPs, and charitable institutions, with a strong focus on accuracy, strategic structuring, and timely compliance. You can reach out to me on sharshil323@gmail.com."
The case emphasizes that ignoring clarification notices may result in denial of deductions and exemptions. Taxpayers must substantiate claims with proper evidence to avoid adverse outcomes.
The tax department has begun emailing taxpayers about pending demands shown on the portal. This explains why such demands exist and why the communication matters now.
Expanded grounds for cancellation now include legal non-compliance and incorrect disclosures. Trusts must treat accuracy and governance as mission-critical.
Objects benefiting specific communities or allowing overseas application of funds invite rejection. The ruling focus is on deed language, not intent.
Refunds for AY 2025–26 are being withheld after system-based risk checks detected discrepancies. Taxpayers are advised to review claims and file revised returns to unblock refunds.
The Department is flagging possible non-disclosure of foreign assets for AY 2025-26 using global data. The key takeaway is that timely revision can prevent penalties and future scrutiny.
Analyze the ITAT Delhi ruling on whether Section 115BAA applies to long-term capital gains, and understand why special LTCG rates under Sections 112/112A remain intact.
New IT Bill 2025 raises effective tax on LLP long-term capital gains from 12.5% to 18.5%, expanding AMT scope regardless of deductions.
India’s Income Tax Department initiates nationwide verification against bogus deduction and exemption claims, warning taxpayers of penalties and prosecution.
Taxpayers face challenges as AIS feedback is now shared with reporting entities, creating a loop of data verification that may trigger scrutiny or reassessment.
