Income Tax : Analyze the ITAT Delhi ruling on whether Section 115BAA applies to long-term capital gains, and understand why special LTCG rate...
Income Tax : Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, incl...
Income Tax : Overview of special tax regimes for Individuals, Companies, HUFs, and Co-operative Societies under Sections 115BA to 115BAE of the...
Income Tax : Form 3CD requires mandatory reporting on taxpayer identity, business status, accounting methods (ICDS), depreciation, inadmissible...
Income Tax : A guide to available income tax deductions for AY 2025-26 under various default tax regimes (115BAA, 115BAB, 115BAC, 115BAD, 115BA...
Income Tax : Indian Government's recent data on corporate tax collection for the last five years and the revenue forgone due to the reduction 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 : Representation with regard to application of old tax rates due to filing form 10IC after submitting ITR but before due date filing...
Income Tax : Bombay High Court held that adjustments under Section 143(1)(a) are invalid if prior intimation is not issued and response not con...
Income Tax : The Court held that Section 119(2)(b) empowers condonation to avoid genuine hardship and rejected a hyper-technical denial of tax ...
Income Tax : The Court held that delay in filing Form 10-IC could not be rejected where the return form itself lacked a functional option field...
Income Tax : The Court held that failure to upload the prescribed form cannot defeat a tax benefit when the option was clearly exercised in the...
Income Tax : The Assessing Officer made an ALP adjustment on interest despite the assessee having already added back the full amount under thin...
Income Tax : CBDT grants a filing extension for Form 10-IC related to AY 2021-22. Learn the conditions for this extension and the new deadline ...
Income Tax : CBDT issues Income Tax Circular 06/2022 | Dated: 17th March, 2022 to condone the default in filing Form 10-IC to avail lower tax r...
Income Tax : CBDT notifies forms for exercising option u/s 115BAA and 115BAB – Notification No. 10/2020, dated 12-02-2020 Section 115BAA deal...
Bombay High Court held that adjustments under Section 143(1)(a) are invalid if prior intimation is not issued and response not considered, reaffirming mandatory compliance.
The Court held that Section 119(2)(b) empowers condonation to avoid genuine hardship and rejected a hyper-technical denial of tax benefit. Delay in filing Form 10-IC was condoned and Section 115BAA benefit restored.
The Court held that delay in filing Form 10-IC could not be rejected where the return form itself lacked a functional option field. Substantive compliance with Section 115BAA was found sufficient to grant the concessional tax rate.
The Court held that failure to upload the prescribed form cannot defeat a tax benefit when the option was clearly exercised in the return. Procedural lapses were directed to be regularised under Section 119(2)(b).
The Assessing Officer made an ALP adjustment on interest despite the assessee having already added back the full amount under thin capitalization rules. The Tribunal ruled that TP provisions cannot be applied where no expenditure is claimed.
The issue was whether a late return under section 139(4) bars the concessional 22% tax regime. The Tribunal held that timely filing of Form 10IC is sufficient and the benefit cannot be denied on technical grounds.
The Tribunal held that late filing of Form 10-IC does not bar concessional tax benefits under Section 115BAA. The assessing officer was directed to allow relief once conditions are met.
ITAT Surat allowed a company to avail concessional tax rates under Section 115BAA despite a minor delay in filing Form 10-IC due to portal issues, emphasizing a practical approach.
The Tribunal clarified two key issues: depreciation on assets received in demerger and PF/ESI contribution disallowances. Revenue’s appeal was dismissed for AY 2017-18, while the assessee’s appeal for AY 2024-25 was partly allowed. This decision reinforces consistency in asset-related claims and practical application of Section 36(1)(va).
Analyze the ITAT Delhi ruling on whether Section 115BAA applies to long-term capital gains, and understand why special LTCG rates under Sections 112/112A remain intact.
