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 : Bangalore ITAT ruled that only solar days and not cumulative man-days should be considered while determining the existence of a Pe...
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...
ITAT Mumbai held that long-term capital gains earned from the transactions, which are grandfathered as per the provisions of Article 13(4) of the India-Mauritius DTAA, doesn’t form part of total income hence cannot be adjusted against the brought forward long-term capital loss incurred by the assessee. Accordingly, order set aside.
The tribunal held that reassessment under Section 153C cannot stand without valid satisfaction as mandated by law. Failure to examine this jurisdictional issue vitiates the proceedings.
The Tribunal emphasized that exempt income disclosed in the return cannot be taxed due to a technical reporting mistake. Substance of disclosure prevails over form where facts are undisputed.
The issue was whether adjustment of brought-forward loss and depreciation under MAT could be altered through rectification. The Tribunal held that such MAT computation involves interpretation and debate, making section 154 inapplicable.
Purchase Date Doubts Not Enough to Deny LTCG Exemption: ITAT Mumbai held that transfer dates shown in share certificates satisfied the statutory holding requirement.
The Tribunal held that interest income earned by a co-operative society from deposits with co-operative banks is eligible for deduction under Section 80P(2)(d), subject to verification of amounts.
The Revenue argued AMP functions required separate compensation under DEMPE principles. The Tribunal rejected this, holding that consistent past rulings prevail absent material factual change.
The ITAT held that reassessment proceedings remain valid even if no separate addition is made on the original reopening issue. The key lesson is that voluntary disclosure by the assessee satisfies the reopening requirement.
The Tribunal held that only unreconciled Form 26AS entries could be taxed while verified reimbursements deserved relief. It also ruled that godown rent already netted in business income could not be taxed again.
The issue was whether a DRP-based assessment passed after the statutory period survives. The Tribunal held the delay fatal and quashed the assessment in entirety.
