Income Tax : A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to ...
Goods and Services Tax : Explore the contested issue of time-barred GST appeals. While some courts deny interference, a recent Calcutta High Court ruling c...
Income Tax : Profits and Gains of Business or Profession (PGBP) Additions and Deductions Following things should be added to ‘Net Profit as p...
Income Tax : Provisions of section 35 of the Income Tax Act, 1961 covers deduction allowable towards expenditure on scientific research. The pr...
Income Tax : The Finance Act 2020 has brought in some dynamic changes in respect of the exempted Trusts, Societies, NGOs, Charitable Trusts, Se...
Corporate Law : Explore the proposed amendments to Regulations 35, 37, and 50 of the Competition Commission of India (General) Regulations 2009. L...
Income Tax : Deferrement of Procedure for Approval/ Registration/Notifications of certain entities U/s 10(23C), 12AA, 35 & 80G of Incom...
Income Tax : A plain reading of Section 35(2AB) of the Act may suggest that the weighted deduction is not with respect to expenditure on scient...
Income Tax : Section 35 of the Income-tax Act provides for deduction in respect of expenditure on research and development. The existing provis...
Income Tax : ITAT Chennai held that Assessing Officer should have allowed 200% weighted deduction on DSIR-certified capital expenditure under s...
Income Tax : A belated filing of Form 3CLA was a curable procedural defect and could not deprive an assessee of weighted deduction under sectio...
Income Tax : The ITAT Bangalore held that a deduction under Section 80G cannot be denied solely because the payment formed part of CSR expendit...
Income Tax : The Tribunal noted that an adjustment under Section 35(1)(iv), already dropped during CPC processing, was later included in assess...
Corporate Law : The Tribunal allowed recovery of ₹10.74 lakh after the borrower defaulted on a car loan and failed to appear in the proceedings....
Income Tax : The Ministry of Finance grants approval to IIIT Hyderabad for scientific research under the Income Tax Act, effective from 2024-25...
Income Tax : Notification 102/2024 designates Auroville Foundation as an approved institution for social science research under the Income Tax ...
Corporate Law : Discover the implications as the provisions of sections 20, 35, and 40 of the Competition (Amendment) Act, 2023 take effect from M...
Income Tax : CBDT has decided that the implementation of new procedure for approval/ registration/notification of certain entities shall be def...
Fema / RBI : UBD.BPD (PCB).Cir No.25/09.11.200/2009-10 Dated - December 3, 2009 The Government had in exercise of powers conferred by Section 3...
ITAT Chennai held that Assessing Officer should have allowed 200% weighted deduction on DSIR-certified capital expenditure under section 35(2AB). It also directed verification of uncertified scientific research expenditure for deduction under section 35(1)(iv).
A belated filing of Form 3CLA was a curable procedural defect and could not deprive an assessee of weighted deduction under section 35(2AB) where the substantive conditions for allowance of the deduction stand fulfilled.
A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to penalties, loss of deductions, exemptions, and legal remedies. The key takeaway is that timely compliance with filing, assessment, appeal, audit, and tax payment obligations is crucial to avoid adverse tax consequences.
The ITAT Bangalore held that a deduction under Section 80G cannot be denied solely because the payment formed part of CSR expenditure. The Tribunal observed that denying the claim after CSR disallowance under Section 37(1) could result in double disallowance and remanded the matter for verification.
The Tribunal noted that an adjustment under Section 35(1)(iv), already dropped during CPC processing, was later included in assessment computation without fresh notice to the assessee.
The Tribunal allowed recovery of ₹10.74 lakh after the borrower defaulted on a car loan and failed to appear in the proceedings. The bank’s documentary evidence remained unrebutted.
The Tribunal ruled that once the Assessing Officer scrutinized the Section 10AA claim and R&D allocation, revision cannot be invoked. Section 263 cannot be used to re-examine issues already verified during assessment.
The Tribunal held that capital gains must be computed using the final stamp value determined after litigation, not an earlier inflated valuation, and directed deletion of the resulting addition.
The issue was whether a late return under section 139(4) bars the concessional 22% tax regime. The Tribunal held that timely filing of Form 10IC is sufficient and the benefit cannot be denied on technical grounds.
The Court ruled that Section 17A lawfully requires prior approval before investigating decisions taken in official capacity. It clarified that the provision balances anti-corruption enforcement with protection against vexatious probes.
