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 outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...
Income Tax : This article explains the statutory powers of the Principal Commissioner or Commissioner to waive or reduce penalties in genuine c...
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 : 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 : The ITAT Ahmedabad held that royalty payments should continue to be benchmarked under TNMM by following earlier decisions in the a...
Income Tax : ITAT upheld taxation of IPS and CEV subsidies following the Section 2(24) amendment, while partly allowing the appeal on other iss...
Income Tax : Delhi High Court held the ITAT failed to properly examine the ‘make available’ test for secondment payments, set aside its ord...
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...
ITAT ruled that additions based on property purchase were invalid as the lower authorities ignored documented sources of funds, confirming that the assessee had discharged the burden under Section 68.
ITAT Delhi remitted a case where CIT(A) upheld additions without examining available evidence. The ruling reinforces that authorities must fully consider documents and explanations before confirming unexplained investments.
ITAT Pune held that denial of exemption under section 10(23C)(iv) of the Income Tax Act merely because of inadvertent error of claiming exemption u/s. 10(46) instead of 10(23C)(iv) is not justifiable. Accordingly, exemption u/s. 10(23C)(iv) granted.
Revenue from film distribution was specifically excluded from the definition of “royalty” under both the Act and the India-USA DTAA and interest earned on income tax refund was not effectively connected with any permanent establishment in India and should be taxed at 15% as per Article 11(2) of the India-US DTAA.
ITAT Ahmedabad held that a genuine ₹50 lakh loan received and fully repaid with interest cannot be treated as unexplained credit under Section 68. The addition by AO and CIT(A) was deleted as the assessee provided full banking and repayment evidence.
ITAT Mumbai held that transfer pricing adjustment in relation to international transaction of payment of bareboat charter hire fees is directed to be deleted since benchmarking approach of assessee is already accepted by DRP in earlier years.
ITAT Ahmedabad allowed the assessee a fresh opportunity to explain the source of investment in property under Section 69A. The tribunal noted that being an NRI, the assessee could not access required documents in time, warranting reconsideration by the AO.
Gagil FDI Limited Vs ACIT (ITAT Delhi) The case concerns Gagil FDI Limited, a company incorporated in Cyprus, which appealed against an assessment order dated 29 April 2024 for the assessment year 2021–22 under Sections 143(3) and 144C(13) of the Income Tax Act, 1961. The primary dispute relates to whether the assessee was entitled to […]
ITAT Delhi held that cash seized during search operations can be adjusted against self-assessment tax. The order distinguishes between advance tax and self-assessment tax, directing deletion of demand raised by CPC.
The Tribunal held that the adjustment made by the CPC disallowing the co-operative society’s Section 80P claim was bad in law for pre-A.Y. 2021-22 years. The ruling confirms that for earlier years, the AO could not summarily deny this deduction through an intimation order.
