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Section 234B

Latest Articles

From Side Hustle to Tax Puzzle: A Freelancer’s Guide to Taxes

CA, CS, CMA : Discover the complexities of tax compliance for freelancers and gig workers, from understanding income sources to navigating legal...

June 8, 2024 1314 Views 3 comments Print

Implications of amendment in Section 43B to taxpayers and SMEs

Income Tax : Understand the impact of the Section 43B amendment on taxpayers and SMEs in India. Learn about deductions, compliance, and implica...

February 6, 2024 1584 Views 0 comment Print

Inform your current employer about the previous employment and salary

Income Tax : Learn why disclosing previous salary is crucial for accurate tax planning. Explore advance tax intricacies, due dates, and interes...

January 9, 2024 2124 Views 0 comment Print

Pay 3rd Instalment Advance Tax for AY 2024-25 by 15th Dec: Guidelines & Example

Income Tax : Understand how to pay your 3rd instalment of Advance Tax for the Assessment Year 2024-25 before the deadline on 15th December. Det...

December 8, 2023 6192 Views 0 comment Print

Levy of Interest u/s 234B: Tenability in Excess Refund Cases

Income Tax : This article examines the tenability of levy of interest u/s 234B in cases of excess refund claimed by taxpayers under the Income ...

July 26, 2023 1506 Views 0 comment Print

Latest News

Request to CBDT to permit delayed filing of Form 10IC

Income Tax : Request to CBDT to permit filing of Form 10IC after expiration of  time limit by condoning delay Issuance of Order under Section ...

February 4, 2022 9603 Views 1 comment Print

AOTAA files PIL before Orissa HC on the issue of late fee, interest & penalty under Income Tax

Income Tax : All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition...

January 13, 2022 4449 Views 1 comment Print

Belated Release of ITRs and burden of Interest U/s. 234 B

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...

June 4, 2015 2799 Views 0 comment Print

Latest Judiciary

ITAT Upholds Section 56(2) Addition for Property Purchase Without Consideration

Income Tax : Read the detailed analysis of Indira Ramaiah Vs ITO case by ITAT Bangalore. ITAT upheld the addition of gift for undisclosed inves...

July 18, 2024 513 Views 0 comment Print

ITAT Can Holistically Evaluate Disclosures and Make Additions to Taxpayers’ Declared Income

Income Tax : Income Tax Settlement Commission (ITSC) had authority to make additions to the declared income of taxpayers as ITSC's role was not...

July 16, 2024 180 Views 0 comment Print

Finalized Assessment Cannot Be Reopened for Property Deed Re-registration

Income Tax : Once an assessment has been finalized for a particular year, reassessment cannot be justified merely due to subsequent procedural ...

July 16, 2024 450 Views 0 comment Print

ITAT upholds enhancement by CIT(A) as addition were based on facts & not mere suspicion

Income Tax : ITAT noted that CIT(A)'s decision was reasoned, considering discrepancies in repayment timelines and absence of proper documentati...

July 14, 2024 435 Views 0 comment Print

ITAT deletes addition for alleged bogus long-term capital gains

Income Tax : Explore the detailed ITAT Mumbai order analysis of Yogesh P. Thakkar vs DCIT, focusing on disputed long-term capital gains and com...

July 12, 2024 726 Views 0 comment Print

Receipt of fabrication charges from Associate Enterprise outside the purview of FTS

June 14, 2023 408 Views 0 comment Print

ITAT Mumbai held that fabrication charges received from Associate Enterprise doesn’t fall under the purview of fees for technical services (FTS) and accordingly not taxable in India.

TPO adjustment towards technical know-how fees after accepting entity level margins is unsustainable

June 10, 2023 627 Views 0 comment Print

ITAT Bangalore held that the adjustment made by the TPO towards technical know-how fees despite accepting the entity level margins is liable to be deleted.

Legal and professional expenses relating to business is revenue in nature

June 8, 2023 1431 Views 0 comment Print

ITAT Bangalore held that legal and professional charges being incurred towards business are allowable as revenue expenditure.

Claim of exempted allowance via rectification of order u/s 143(1)(a) not permissible

May 31, 2023 1209 Views 1 comment Print

ITAT Mumbai held that as no claim of the amount of exempted allowance was made in the return of income, the same cannot be rectified as there was no mistake apparent from record in order passed u/s 143(1)(a) of the Income Tax Act.

Assessee being a local authority is not chargeable to Income tax

May 27, 2023 2031 Views 0 comment Print

ITAT Delhi held that the assessee (M/s. Cane Development Council Titawi) being a local authority are not chargeable to tax in terms of section 10(20) of the Income Tax Act.

New property cost for exemption u/s 54 has to be as per collaboration agreement & sale deed

May 24, 2023 1308 Views 0 comment Print

ITAT Delhi held that cost of new property for the purpose of exemption under section 54 has to be assumed to be value of interests and share in the new construction, as per the collaboration agreement and the sale deed terms.

Without remote link between activities of other projects with PE, Force of Attraction Rule not apply

May 4, 2023 705 Views 0 comment Print

ITAT Delhi held that the Force of Attraction Rule doesn’t apply unless there is even a remote link between the activities of other projects is established with the PE.

Additions on the basis of incriminating material obtained during survey is justified

April 24, 2023 1443 Views 0 comment Print

ITAT Allahabad held that additions made based on the incriminating material (being excess stock) found during survey conducted u/s 133A of the Income Tax Act is justifiable.

Assessee can claim TDS credit of Interest income of deceased wife reflected in return

April 11, 2023 3192 Views 0 comment Print

ITAT Cochin held that as assessee dutifully declared interest income of deceased wife’s deposit in his return, assessee is duly eligible to get credit of his deceased wife’s TDS.

Prosecution in absence of willful admits to evade any tax, penalty or interest is unsustainable

April 8, 2023 1818 Views 0 comment Print

Gujarat High Court held that as per provisions of section 276-C prosecution can be launched only if there is willful admits to evade any tax, penalty or interest chargeable or imposable under the Income Tax Act. Prosecution in absence of willful admits is unsustainable

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July 2024