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 Mumbai held that as service tax doesn’t partake the character of income, the same cannot be included in the gross receipt of the assessee for the purpose of computing the presumptive taxation u/s 44AD of the Income Tax Act.
ITAT Chennai ruling on consequential and mandatory nature of interest under sections 234A to 234D in case of Iljin Automotive Pvt Ltd vs DCIT
ITAT Mumbai held that as per first proviso to section 56(2)(vii)(b), where date of agreement fixing amount of consideration for transfer of property and ate of registration is not same, the stamp duty value on the date of allotment is to be taken.
ITAT Bangalore held that if the net profit margin meets the Arm’s length price, then no separate addition needs to be made. Accordingly, TPO directed to delete the adjustment made towards Advertising Marketing Price (AMP) expenses.
ITAT Bangalore held that reimbursement of salary for seconded employee cannot be regarded as ‘Fee for technical services’ (FTS) under India-US Tax Treaty (DTAA).
ITAT Delhi held that the assessee (M/s. Cane Development Council Titawi) being a local authority are not chargeable to tax in terms of section 10(20) of the Income Tax Act.
CIT(A) was not right in levying interest under Section 234A of the Act when the return was filed under Section 148 itself and therefore, the interest should be charged from the date of notice under Section 148 of the Act itself and not from the date of return filed under Section 139 or it is due date under Section 139.
ITAT Ahmedabad held that deprival of deduction u/s 10AA of the Income Tax Act merely on the reasoning that deduction was claimed in the revised return or audit report in Form 56F was filed during the assessment proceedings is unjustified.
If any assessment is made for the first time u/s 147 then the assessee cannot be made to pay Section 234A interest for the period during which it was not possible on the part of the assessee to file return i.e. after one year from the end of the assessment year till issuance of notice u/s 148 of the Act.
Limitation for default in filing of the return u/s 153A would start from expiry of time allowed by AO in notice u/s 153A and assessee filed the return within time allowed by notice u/s 153A of the Act and, therefore, there is no delay in filing return of income by assessee as provided u/s 153A. No interest is levibale u/s 234A
