Income Tax : Budget 2026 proposes allowing taxpayers to file an updated return even after receiving a reassessment notice under Section 148. Wh...
Income Tax : Misreporting under Section 270A(9) applies only to six specific circumstances. Where the assessment order does not clearly establi...
Income Tax : The law now proposes a single consolidated assessment-cum-penalty order for under-reporting of income, reducing multiple proceedin...
Income Tax : Detailed overview of penalties under various sections of the Income Tax Act, covering defaults in tax payment, reporting, document...
Income Tax : Section 270A penalties must specify the exact misreporting clause. Vague notices invalidate penalties and can restore immunity und...
Income Tax : Explore amendments to section 253 of Income-tax Act, adjusting time limits for filing appeals to the Income Tax Appellate Tribunal...
Income Tax : ITAT Mumbai deletes penalty under Section 270A as quantum addition was fully removed. Held that no under-reporting exists when ass...
Income Tax : The tribunal examined whether duty drawback should be taxed on accrual or actual receipt. It held that as per law, duty drawback i...
Income Tax : ITAT held that interest earned on bank deposits is taxable and not covered by the principle of mutuality. The ruling confirms that...
Income Tax : The Tribunal restored the penalty matter as the quantum addition was sent back to the AO. It held that penalty must follow the out...
Income Tax : The issue was penalty for misreporting on sale of land classified as capital asset. The Tribunal held the issue was debatable and ...
Assessee is a credit cooperative society engaged in the business of providing credit facilities to its members for A.Y. 2014 – 15, filed its return of income after claiming deduction u/s. 80 P (2) (a) of the income tax act.
Delhi High Court held that order issued u/s. 143(3) of the Income Tax Act wrongly challenged on the assumption that it is draft assessment order u/s. 144C is untenable in law. Accordingly, cost of ₹1,00,000/- imposed on petitioner.
Manish Manohardas Asrani Vs ITO Int Tax Ward (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, ruled in favor of the assessee, Manish Manohardas Asrani, quashing a penalty of ₹44,90,048 levied under Section 270A(8) of the Income Tax Act, 1961. The tribunal held that the penalty notice lacked specificity regarding the charge—whether it pertained […]
ITAT Visakhapatnam held that revision u/s. 263 quashed as AO already disallowed the claim of depreciation while framing assessment and assessed income at NIL due to proper application of funds.
ITAT Ahmedabad held that revisionary jurisdiction under section 263 of the Income Tax Act cannot be invoked as AO exercised a plausible and legally valid view and revisionary jurisdiction cannot be invoked merely because PCIT holds a different view.
ITAT Delhi held that the assessee is not required to prove that a particular debt had become bad debt in order to claim deduction on account of bad debt written off pursuant to the amendment made u/s 36(1)(vii) of the Income Tax Act after 01.04.1989.
Held that the cash deposits are made out of the sale proceeds of the assessee and in my opinion the assessee has properly explained the source of the cash deposits along with documentary evidence.
Since cooperative banks were considered cooperative societies for the purpose of Section 80P(2)(d), thereby making assessee’s interest and dividend income eligible for deduction.
ITAT Ahmedabad held that interest on loans and advance to small advances on debit/ credit balances of suppliers and contractors are incidental to business hence taxable as business income and not as income from other sources.
ITAT Ahmedabad held that the severance compensation received by the employee is a capital receipt and the same is not chargeable to tax under Section 17(3) of the Income-tax Act, 1961.
