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 Income Tax Department explains when interest is payable for delayed return filing, advance tax defaults, deferment of instalments, and excess refunds. The FAQs also clarify interest rates, calculation methods, timelines, and important statutory exceptions.
ITAT Mumbai held that Compulsorily Convertible Debentures retain their character as debt until conversion into equity. It deleted the disallowance of interest under Sections 36 and 37 while remanding the transfer pricing benchmarking issue.
ITAT Bangalore held that Section 154 cannot be invoked to make a fresh disallowance of an asset write-off claim that was never examined in the original assessment. The Tribunal ruled that such an issue is not a mistake apparent from the record and falls outside the scope of rectification.
The Tribunal held that the entire unaccounted turnover from alleged on-money receipts cannot be treated as taxable income. It ruled that reasonable hidden expenditure must be considered while estimating profits.
The ITAT held that CSR expenditure disallowed under Section 37(1) does not automatically bar deduction under Section 80G where statutory conditions are fulfilled. It allowed the deduction for donations made to an eligible Section 80G-registered trust.
The ITAT held that foreign exchange gains arising from realization of export proceeds from services rendered to associated enterprises are operating in nature for transfer pricing purposes. It directed verification by the Assessing Officer and corresponding computation of the arm’s length margin.
The Tribunal held that compensatory interest under Section 234B could not be charged when seized cash exceeding the tax liability was already in Revenue’s possession. It directed complete deletion of the interest.
The article explains how offences such as wilful tax evasion, failure to file returns, non-payment of TDS/TCS, falsification of records, and non-compliance with tax notices can trigger prosecution under the Income-tax Act.
ITAT sustained the adoption of fair market value under Section 50C after finding that seized cash represented on-money from property transactions. The Tribunal upheld the valuation determined through the DVO process.
Delhi ITAT ruled that delayed deposit of employees’ PF/ESI contributions attracts disallowance under Section 36(1)(va). The decision reinforces that such adjustments are permissible during summary processing of returns.
