Income Tax : Understand Sections 234A, 234B, 234C, and 234D of the Income Tax Act covering interest on late filing, short payment, delayed adva...
Income Tax : A summary of key penalties under the Income Tax Act for AY 2026-27, covering defaults from late filing and non-payment to misrepor...
Income Tax : Understand how interest under the Income Tax Act is calculated, including Sections 234A–234D, 244A, and Rule 119A mechanics for ...
Income Tax : Interest under Section 234B cannot be levied on Section 115BBE-assessed income for resident senior citizens exempt from advance ta...
Income Tax : A look into why taxpayers face interest charges under Sections 234B and 234C, exploring how Section 210, a provision for official ...
Income Tax : Request to CBDT to permit filing of Form 10IC after expiration of time limit by condoning delay Issuance of Order under Section ...
Income Tax : All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition...
Income Tax : At the end of May the Income Tax Return forms are released for the Assessment Year 2015-16 and same been held back by finance mini...
Income Tax : Relying on its earlier ruling in the assessee’s own case, the Tribunal held that gross profit should be estimated at 0.40% rathe...
Income Tax : Tribunal reiterated that credits brought forward from earlier financial years cannot ordinarily be taxed under Section 68 in subse...
Income Tax : ITAT Delhi held that lawful TDS credit cannot be denied merely because the Assessing Officer overlooked an earlier rectification o...
Income Tax : The Tribunal ruled that the limitation period for appeal commenced only when the assessee first received the ITBA screenshot revea...
Income Tax : The ITAT Mumbai held that notional rent cannot be taxed under “Income from Other Sources” without evidence that such income wa...
Relying on its earlier ruling in the assessee’s own case, the Tribunal held that gross profit should be estimated at 0.40% rather than 2% of turnover. The order emphasised consistency in estimation across assessment years.
Tribunal reiterated that credits brought forward from earlier financial years cannot ordinarily be taxed under Section 68 in subsequent years. The matter was remanded for verification because the assessee had not furnished complete creditor details.
ITAT Delhi held that lawful TDS credit cannot be denied merely because the Assessing Officer overlooked an earlier rectification order under Section 154. The Tribunal directed grant of TDS credit and deletion of interest under Sections 234A and 234B.
The Tribunal ruled that the limitation period for appeal commenced only when the assessee first received the ITBA screenshot revealing the basis of the outstanding demand.
The ITAT Mumbai held that notional rent cannot be taxed under “Income from Other Sources” without evidence that such income was actually received or receivable. The Tribunal deleted additions relating to shared premises with group companies.
Assessee argued that conclusions drawn from a 2005 survey on liaison offices could not be applied mechanically to later branch office structure. ITAT directed fresh examination of branch office’s actual functions and activities.
Tribunal ruled that unsold flats shown as stock-in-trade by a real estate developer cannot attract notional rent taxation. The decision relied on earlier judicial precedents recognizing such assets as part of business operations.
The Tribunal ruled that margins agreed under a Bilateral Advance Pricing Agreement may be used for non-covered AEs when transactions are functionally similar. The decision emphasized consistency and the lack of separate benchmarking by the TPO.
ITAT Surat restored reassessment appeals to the CIT(A) after observing that the assessee should receive one final opportunity to present evidence. The Tribunal imposed costs due to partial compliance before the appellate authority.
Delhi ITAT directed exclusion of a comparable company engaged in video conferencing solutions after noting that the DRP had already found it functionally incomparable to the assessee’s software distribution business.
