Income Tax : A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to ...
Income Tax : Supreme Court rulings in Wipro and Shriram Investments mandate strict adherence to return filing deadlines: fresh claims/withdra...
Income Tax : A revised tax return helps you correct mistakes in your ITR filing. Learn who can file, the deadline, and how to file a revised re...
Income Tax : Learn about filing a revised income tax return under Section 139(5) to correct mistakes. Understand the deadlines, scope of revisi...
Income Tax : Understand Section 139 of the Income Tax Act, its implications on return filing due dates, and the changes for FY 2023-24. Learn a...
Income Tax : The banks have almost reported wrong information to the department. The interest reported is twice/thrice than interest shown by t...
Income Tax : Section 139(5) - Reduction in time limit for filing revised return - Retention of existing time limit for filing of revised tax re...
Income Tax : ITAT Agra held that neither Section 87A nor Section 111A expressly prohibits rebate on tax payable on short-term capital gains for...
Income Tax : The Tribunal upheld the disallowance of a ₹10 lakh deduction after the recipient political party informed the tax authorities th...
Income Tax : Mumbai ITAT held that additions under Section 69 cannot survive where transactions are reflected in broker records and the source ...
Income Tax : The Mumbai ITAT reaffirmed that lease rentals from SEZ and IT Parks along with amenities are taxable as business income. The rulin...
Income Tax : A taxpayer could submit a revised return u/s 139(5) only when it discovered a bona fide omission or incorrect statement in the ori...
Income Tax : The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of s...
ITAT Agra held that neither Section 87A nor Section 111A expressly prohibits rebate on tax payable on short-term capital gains for AY 2024-25. The Assessing Officer was directed to grant the rebate.
The Tribunal upheld the disallowance of a ₹10 lakh deduction after the recipient political party informed the tax authorities that it had not received the contribution. The ruling emphasises that taxpayers must establish the genuineness of donations claimed under Section 80GGC.
Mumbai ITAT held that additions under Section 69 cannot survive where transactions are reflected in broker records and the source of funds is explained. Mere Client Code Modification information, without supporting evidence of tax evasion, is insufficient for making additions.
A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to penalties, loss of deductions, exemptions, and legal remedies. The key takeaway is that timely compliance with filing, assessment, appeal, audit, and tax payment obligations is crucial to avoid adverse tax consequences.
The Mumbai ITAT reaffirmed that lease rentals from SEZ and IT Parks along with amenities are taxable as business income. The ruling relied on CBDT Circular No. 16/2017 and multiple judicial precedents supporting taxpayers.
A taxpayer could submit a revised return u/s 139(5) only when it discovered a bona fide omission or incorrect statement in the original return submitted u/s 139(1).
The Court held that once a revised return is filed, the original return stands obliterated. Ignoring the revised return was treated as a legal error, leading to remand for fresh assessment.
The Tribunal upheld denial of loss set-off as the statutory eight-year limit for carrying forward capital losses had expired. It ruled that pending litigation does not extend the permissible period under the law.
The ITAT Bangalore held that where incriminating documents relating to an assessee are found during a search conducted on another person, the assessment must be framed under Section 153C and not under Section 143(3).
The Tribunal held that reassessment under Sections 147/148 is invalid when the assessment year is the year of search. Such cases must proceed under normal assessment provisions.
