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 dispute concerned whether transfer through a release deed amounted to a taxable sale and justified loss claims. The Tribunal remanded the matter, directing verification of books to examine the genuineness of the claimed loss.
The Tribunal examined suspicion surrounding a large cash advance for property. It ruled that suspicion alone cannot replace evidence, and once the transaction is substantiated, section 68 addition must be deleted.
The Tribunal quashed reassessment proceedings after finding that the Assessing Officer already possessed complete information before issuing notice under section 148.
The Tribunal held that when an eligible assessee fails to file objections before the DRP within time, a direct appeal to the Tribunal is barred. Non-compliance with section 144C renders the appeal non-maintainable.
The dispute concerned treatment of frequent cash deposits collected from customers for recharge services. The Tribunal affirmed that income should be estimated at 8% where records and compliance were lacking.
The ruling clarifies that mere reproduction of third-party information alleging disproportionate assets is insufficient. The Assessing Officer must clearly identify escaped income and apply independent reasoning.
It was ruled that deciding appeals based on facts of another year is a serious legal error. The matter was sent back for reconsideration on correct facts.
While reopening of assessment was sustained due to bank deposit information, the cash addition was deleted on merits. Proper explanation of source defeats Section 69A.
It was ruled that interest for late filing of the original return can be computed based on tax determined in search-related assessment. Timely filing after notice does not negate earlier delay.
The dispute centered on whether commission recipients actually rendered services. The tribunal ruled that in absence of summons, rejection of books, or contrary evidence, the expense could not be disallowed.
