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...
ITAT Mumbai held that short-term capital loss [STCL] on which STT is paid [which is taxable at 15% u/s. 111A of the Income Tax Act] can be set off against short-term capital gains [STCG] on which STT is not paid [which is taxable at 30% u/s. 115AD].
Bangalore ITAT condones 66-day delay in appeal filing for Smt. Shobha, citing COVID-19 lockdown and CA’s pre-occupation, emphasizing sufficient cause for the delay.
The most commonly applied interest provisions are found under Sections 234A, 234B, 234C. Understanding these sections is crucial for taxpayers to avoid unintended liabilities and to ensure proper tax compliance.
ITAT Raipur held that addition of commission @1% on bogus sales transacted upheld as no plausible explanation provided by the assessee. Accordingly, appeal dismissed and order of CIT(A) upheld.
ITAT Mumbai held that all the conditions of slump sale as provided under section 2(42C) of the Income Tax Act read with section 50B of the Act is satisfied. Accordingly, benefit of section 50B granted and AO directed to compute the business income accordingly.
ITAT Kolkata sets aside ex-parte CIT(A) order on unexplained demonetization cash deposit against Akanksha Enterprises, allowing a fresh hearing based on natural justice.
ITAT Delhi rules that royalty income, uncertain in collection, cannot be taxed merely due to TDS deduction. Real income theory and AS-9 prevail.
Mumbai ITAT grants relief to senior citizen Neeta Rohit Patel, quashing interest under Sections 234B & 234C on exempt partnership income. Landmark ruling clarifies advance tax exemption.
Deadline for filing Income Tax Returns is fast approaching. Although due date for non-audit taxpayers has been extended to September 15, 2025, it is advisable not to wait, at least for tax payment, until due date of ITR filing.
ITAT Jaipur held that denial of exemption u/s. 10(23C)(iiiad) of the Income Tax Act for non-filing of return before due date prescribed u/s. 139(1) not justified since aggregate annual receipts doesn’t exceed specified limit. Accordingly, exemption granted and appeal allowed.
