Income Tax : This guide explains the penalty and prosecution framework under the Income-tax Act for AY 2026-27. It highlights the consequences ...
Income Tax : The Income Tax Department explains when interest is payable for delayed return filing, advance tax defaults, deferment of instalme...
Income Tax : The article explains how offences such as wilful tax evasion, failure to file returns, non-payment of TDS/TCS, falsification of re...
Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
Income Tax : This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...
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 : ITAT held interest from head office and overseas branches is not taxable as payment to self, while interest from overseas banks al...
Income Tax : ITAT held an assessment passed after the taxpayer's death was invalid in law, quashed the order, and treated all remaining issues ...
Income Tax : ITAT Jaipur held that a one-day delay in filing Form 10DA could not defeat a Section 80JJAA deduction when the form was on record ...
Income Tax : Transfer pricing principles dictate that a captive, risk-mitigated service provider could not be benchmarked against full-fledged,...
Income Tax : ITAT held ₹33 crore settled rights over the entire land, allowing full indexed acquisition cost and rejecting proportionate rest...
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.
ITAT held that on-money admitted by a seller before the Settlement Commission cannot be presumed against the purchaser without independent evidence. In absence of any seized material or proof of cash payment, the addition u/s 69 was deleted.
The ITAT held that additions based on incorrect and unreconciled bank data cannot be sustained. The assessment was remanded for fresh verification of actual cash deposits and credits.
The ITAT held that reassessment based on a duplicate PAN, despite disclosure under a valid PAN, suffers from jurisdictional infirmity. Ex parte orders passed without addressing such objections violate principles of natural justice.
Mumbai ITAT ruled that Section 145A is a valuation provision, not a charging mechanism, and deleted a ₹38.26 lakh MODVAT/CENVAT addition, highlighting that proper accounting and reconciliation prevent artificial income.
