Income Tax : Breaks down Section 234F penalties, 1% monthly interest, and the hidden loss of tax benefits that arise when returns are filed aft...
Income Tax : Understand Sections 234A, 234B, 234C, and 234D of the Income Tax Act covering interest on late filing, short payment, delayed adva...
Income Tax : A summary of key penalties under the Income Tax Act for AY 2026-27, covering defaults from late filing and non-payment to misrepor...
Income Tax : Understand how interest under the Income Tax Act is calculated, including Sections 234A–234D, 244A, and Rule 119A mechanics for ...
Income Tax : Missing the ITR due date u/s 139(1) mandates the use of the new tax regime, as the option to choose the old regime or file Form ...
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 : Representation for relaxation from levy of interest u/s. 234A on payment of self-assessment tax for A.Y. 2020-21 within extended d...
Income Tax : The Government is planning to specify a certain category of taxpayers to pay their entire tax liability for FY 2019-20 in advanc...
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 : Tribunal held that deduction for bad debts is allowable in the year in which the debts are actually written off in the books of ac...
Income Tax : Relying on its earlier ruling in the assessee’s own case, the Tribunal held that gross profit should be estimated at 0.40% rathe...
Income Tax : Tribunal reiterated that credits brought forward from earlier financial years cannot ordinarily be taxed under Section 68 in subse...
Income Tax : ITAT Delhi held that lawful TDS credit cannot be denied merely because the Assessing Officer overlooked an earlier rectification o...
Income Tax : The Tribunal ruled that participation by a legal heir does not validate notices and assessment orders issued in the name of a dece...
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...
Income Tax : CIRCULAR NO. 2/2015 The Board has decided that no interest under section 234A of the Act is chargeable on the amount of self-asses...
The Tribunal ruled that Section 263 jurisdiction is barred under Explanation 1(c) if the matter is under appeal before CIT(A). AO’s assessment, including enquiry into statements and ledgers, was found proper. PCIT’s revision attempting to tax full Rs.1.59 Cr as bogus purchase was quashed.
The Tribunal annulled the reassessment after finding that both the notice and order were issued to a company that had been struck off. It held the proceedings invalid and allowed the appeal.
Tribunal confirms that co-operative societies’ operational expenditures have business nexus with interest income; Section 57 deduction of Rs.62.57 lakh allowed.
ITAT held that Section 69 cannot apply when the assessee is not proved to own the cash. Unrebutted affidavits established the source, and mere suspicion cannot justify an addition.
ITAT allows fresh hearing as assessee’s appeal was dismissed because notices were emailed despite opting for postal delivery. Emphasizes importance of respecting communication preferences in tax proceedings.
The Tribunal held that the reassessment was issued 45 days beyond the maximum permissible period under Rajeev Bansal (SC), making the 148 notice invalid. Applying the deemed-notice framework of Ashish Agarwal, it ruled that the AO had “zero surviving days” to act. The reassessment was quashed for being issued after the statutory outer limit.
The ITAT held that without a condonation petition, a 300-day delay cannot be excused. The ruling underscores that delay must be justified before merits—including Section 80P—can be considered.
Commission payments to agents were held genuine for AY 2013-14 and 2014-15. Tribunal directed deletion of disallowances as payments were backed by bank records, TDS, and recipient confirmations.
The Tribunal held that failure to file a return under section 139 or within the 148-notice deadline triggers Explanation 3, deeming concealment regardless of later tax payment. Penalty under section 271(1)(c) was sustained.
The decision highlights that additions under Section 153C cannot stand when based only on third-party statements without seized material linking the assessee. The ruling stresses the need for concrete evidence before treating purchases as non-genuine.
