ITAT Chennai holds that Section 87A rebate is available even when total income includes capital gains taxed at special rates, reversing CIT(A)’s denial.
The Tripartite Agreement Trap: When Banks Lose Financial Creditor Status in Real Estate Insolvency This case memo discussed the ruling of the Hon’ble NCLAT Principal Bench, New Delhi, in the matter of UCO Bank v. Debashish Nanda, RP Bulland Buildtech Pvt. Ltd., [Company Appeal (AT) (Insolvency) No. 465 of 2024], where the Court held that […]
Explains how GST notices arise from transaction mismatches while Income Tax notices stem from income discrepancies and AIS/TIS data. Highlights the importance of timely responses and accurate reconciliation to avoid penalties.
The Tribunal held that penalty under Section 271AAB could not be levied because no incriminating documents were found during the search. It ruled that mere surrender of income does not constitute undisclosed income under the statutory definition.
The ruling explains strict compliance requirements for specified domestic transactions, including maintaining detailed documentation for eight years. It highlights that failure to maintain, report, or furnish accurate information attracts penalties of up to 2% of transaction value.
Understand the tax treatment of monetary, movable, and immovable gifts received by individuals and HUFs. Learn the ₹50,000 thresholds, exemptions for relatives and marriage, and rules for gifts received without or for inadequate consideration.
Understand Section 54 relief for long-term capital gains on sale of a residential house, conditions for reinvestment, timelines, CGAS rules, limits on exemption, and the impact of selling the new property within three years.
Learn how direct taxes can be paid electronically, who must use e-payment, available payment modes, challan types, and step-by-step instructions for online tax payments. Covers income tax, TDS/TCS, STT, CTT, and other direct taxes.
ITAT held that the AO’s verification of seized material, statements, and bank records constituted proper enquiry. Key takeaway: Section 263 cannot be invoked merely because the PCIT prefers a different view.
The case highlights concerns over an officer pressuring a CA to sign GST documents like an audit report and threatening coercive action. It reiterates that CAs have limited compliance roles, are protected by professional privilege, and cannot be compelled to disclose client information without due process.
