Income Tax : Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, incl...
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 : 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 Court held that once a revised return is filed, the original return stands obliterated. Ignoring the revised return was treate...
Income Tax : The Tribunal upheld denial of loss set-off as the statutory eight-year limit for carrying forward capital losses had expired. It r...
Income Tax : The ITAT Bangalore held that where incriminating documents relating to an assessee are found during a search conducted on another ...
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...
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.
The case examined denial of section 11 exemption at the processing stage due to late filing of Form 10B. The Tribunal ruled that such delay is a curable procedural defect and cannot justify denial of exemption.
The issue was whether the income-tax e-filing utility could prevent an assessee from making a lawful set-off claim. The High Court held that procedural software cannot override statutory rights and directed that such claims must be allowed.
The Tribunal held that a transfer pricing reference made after expiry of assessment limitation is void. Once time has run out under section 153, subsequent TPO action cannot resurrect the assessment.
ITAT held that exemption under section 11 cannot be denied where the audit report in Form 10B was filed before CPC processed the return, even if the return itself was belated.
