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 issue was whether CSR expenditure qualifies for deduction under section 80G. The Tribunal held that deduction is allowable as there is no specific prohibition except for certain funds.
The Tribunal held reopening valid as tangible material showed undisclosed capital gains. It ruled that execution of a registered sale deed triggers tax liability even if consideration is disputed.
The Tribunal ruled that section 44ADA applies only to specified professions and cannot be invoked for business income covered under section 44AD. Arbitrary substitution of a higher rate by the AO was held unsustainable.
ITAT held that exemption under Section 11 cannot be denied via rectification under Section 154 for alleged delay in filing Form 10B. The issue involved disputed facts and prior acceptance, making Section 154 invocation invalid.
The Tribunal held that when the difference between purchase price and DVO valuation falls within the 10% tolerance band, no addition can be made under section 56(2)(vii). The addition based on stamp duty value was therefore deleted.
ITAT held that delay in filing Form 9A cannot automatically result in denial of exemption under Section 11. The issue was sent back for reconsideration after examining the condonation application before the Commissioner.
The ITAT Chennai held that additions under Section 153A cannot be made for completed assessments when no incriminating material is found during search. Additions based only on special audit findings were therefore quashed.
ITAT Delhi held that Oracle India Private Limited is an independent legal entity and existence of Oracle India Private Limited cannot be considered as permanent establishment of Oracle Systems Corporation. Hence, there is not question of attribution of profit to Permanent Establishment.
The Tribunal held that notices issued on or after 01.04.2021 for A.Y. 2015-16 were invalid in view of the Supreme Court’s ruling in Rajeev Bansal. As the reopening was barred by limitation, the reassessment order was quashed.
ITAT held that scrap trading does not follow a fixed sales pattern and income declared under Section 44AD cannot be rejected on suspicion. Addition under Section 68 was deleted.
