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 Delhi ruled that reassessment notices issued in July 2022 for AYs 2015-16 and 2016-17 were barred by limitation, citing a Supreme Court precedent.
The ITAT Mumbai ruled in favor of Nilesh Shirish Mehta, setting aside a reassessment order for AY 2015-16. The tribunal found the Section 148 notice, issued after April 1, 2021, to be time-barred and invalid based on concessions made by the Department before the Supreme Court in the case of Union of India v. Rajeev Bansal.
The ITAT Bangalore ruled in Ramesh Kumar vs. ACIT that capital gains tax can’t be levied based on mere possession, a commencement certificate, and an unregistered Power of Attorney.
ITAT Mumbai held that trade receivable shown as net of provision for doubtful debts would not be hit by section 115JB(i) of the Income Tax Act. Accordingly, addition of provision of bad and doubtful debts to book profits computed u/s. 115JB not sustained.
Borrow at 12%, Lend at 5% ITAT Kolkata Partly Upholds Interest Disallowance – Interest-Free Funds Presumption Applied – ITAT Kolkata Remands Excess Disallowance for Verification
ITAT Bangalore held that SanDisk India [Western Digital India] is not a Dependent Agency Permanent Establishment [DAPE] of SanDisk Ireland and hence the assessee income is not chargeable to tax in India.
ITAT Visakhapatnam held that assessment order passed under section 144 of the Income Tax Act without issuance of notice under section 143(2) is not sustainable and liable to be quashed since failure to issue notice u/s. 143(2) cannot be cured u/s. 292BB.
While computing arm’s length price (ALP), it is required both the tested party and the comparable should have similar financial year endings for proper analysis of the functions performed, assets employed and risks assumed.
ITAT Delhi held that order of special audit held to be void ab-initio since due procedure as mandated under the provisions of Sec. 142(2A) and Sec. 142(2C) of the Income Tax Act has not been followed.
Assessee-trust registered under Sections 12A and 80G had filed its return of income for Assessment Year (AY) 2017-18 declaring nil income. The return was processed under Section 143(1), and the case was selected for scrutiny under CASS.
