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...
Cash deposited during demonetisation was explained as coming from income surrendered and accepted in an earlier survey. The Tribunal held that disbelief about holding cash cannot replace evidence and deleted the section 69A addition.
The assessee failed to file returns for two years preceding the capital increase. The Tribunal held that unexplained capital accretion must be taxed under section 68.
The Tribunal held that compensation received under interim court orders is contingent and does not accrue as income. Taxability arises only in the year when litigation is finally settled and the amount crystallises.
Rejecting a summary denial of deductions, the Tribunal restored the issue to the AO to verify whether mortgage repayments and other costs were wholly connected with the transfer. Taxpayers were directed to cooperate and file complete evidence.
The issue was whether demonetisation-era deposits could be taxed despite admitted prior withdrawals. ITAT held that when withdrawals are genuine and the occasion is real, section 69A cannot be applied on presumptions.
The Revenue relied only on the builder’s settlement disclosure to tax the buyer. The ITAT held that third-party admissions, without corroboration or cross-examination, cannot fasten liability on the assessee.
The Revenue invoked section 115BBE based on cash found during proceedings. However, the Tribunal found the foundational approval under section 153D defective. The entire assessment was therefore quashed.
The Tribunal held that leave encashment received on resignation qualifies for exemption under Section 10(10AA). Subsequent employment in the same year does not bar the relief.
The Tribunal held that enhancing profit to 10% without comparables was arbitrary. Past accepted margins around 6% had to guide estimation. Income was directed to be computed at 6%.
The Tribunal examined whether reassessment beyond three years was valid when the assessed escaped income was only ₹13.98 lakh. It held that failure to meet the ₹50 lakh threshold under section 149(1)(b) rendered the reassessment without jurisdiction.
