Section 264 Cannot Be Used to Revive a Missed Tax Claim After Revision Deadline
Section 264 Cannot Be Used to Revive a Missed Tax Claim After Revision Deadline Supreme Court holds that a taxpayer cannot use revision proceedings to effectively revise a return after the statutory time for filing a revised return has expired What happens when the law permits a tax claim, but the taxpayer forgets to make… […]
Section 69A Addition Cannot Be Sustained Without Proving Ownership of Unexplained Money: ITAT Jaipur
Section 69A Addition Cannot Be Sustained Without Proving Ownership of Unexplained Money: ITAT Jaipur Third-party electronic material cannot replace the foundational requirement of establishing ownership; taxing sales again under section 69A would amount to double taxation Can the Income Tax Department make an addition under section 69A merely because electronic material recovered during a search in the… […]
Failure to Initiate Section 270A Penalty Cannot Alone Justify Section 263 Revision: ITAT Ahmedabad
Failure to Initiate Section 270A Penalty Cannot Alone Justify Section 263 Revision: ITAT Ahmedabad PCIT cannot revise an assessment merely because AO did not initiate penalty proceedings when no under-reported income was actually established Can an Assessing Officer’s failure to initiate penalty proceedings under section 270A make an assessment order erroneous and prejudicial to the interests… […]
Nephew Gifts ₹1.65 Crore Property to Uncle: Tax-Free Gift or Tax Trouble?
Nephew Gifts ₹1.65 Crore Property to Uncle: Tax-Free Gift or Tax Trouble? One morning, over my usual cup of tea, I received a phone call from one of my relatives. The conversation began with a seemingly simple question about a gift of property-but, as often happens in taxation, one simple question soon opened several… […]
Delayed Form 10B Filing Cannot Deny Trust Exemption if Filed Before Processing: ITAT Bangalore
Delayed Form 10B Filing Cannot Deny Trust Exemption if Filed Before Processing: ITAT Bangalore Filing the correct audit report before CPC processes the return is sufficient compliance; delay in filing Form 10B is procedural, not fatal For charitable and religious trusts, compliance requirements are often as important as the actual charitable activities carried… […]
Section 50C Addition Cannot Survive When AO Fails to Refer Valuation Dispute to DVO: ITAT
Section 50C Addition Cannot Survive When AO Fails to Refer Valuation Dispute to DVO: ITAT Assessee disputed stamp duty value and specifically requested DVO reference, but AO proceeded with assessment due to limitation – ITAT deletes ₹1.95 crore addition When an assessee sells an immovable property, the stamp duty value can sometimes become more… […]
TDR Received Against Surrender of Land Is Taxable as Capital Gains: ITAT Bangalore
TDR Received Against Surrender of Land Is Taxable as Capital Gains: ITAT Bangalore When land is surrendered in exchange for TDR, the land itself becomes the cost of acquiring the TDR Transferable Development Rights (TDR) have repeatedly created interesting questions under the Income-tax Act. Is TDR a self-generated asset? Does it have a… […]
TDS Deducted but Not Deposited by Employer: Bombay High Court Protects the Deductee
TDS Deducted but Not Deposited by Employer: Bombay High Court Protects the Deductee Once deduction of tax at source is established on facts, the taxpayer cannot be made to suffer merely because the deductor failed to deposit the tax Imagine an employee receives a salary of ₹20 lakh. The employer deducts ₹4 lakh… […]
Once an Inquiry Under Section 148A(a) Is Approved, the Assessing Officer Cannot Skip It: Chhattisgarh High Court Quashes Reassessment
Once an Inquiry Under Section 148A(a) Is Approved, the Assessing Officer Cannot Skip It: Chhattisgarh High Court Quashes Reassessment Landmark Judgment Reinforces That the Statutory Sequence Under Section 148A Is Mandatory and Cannot Be Bypassed Ever since the reassessment provisions were overhauled by the Finance Act, 2021, one of the most litigated issues has… […]
Can Penalty Under Section 271(1)(c) Be Levied on Estimated Bogus Purchase Additions? ITAT Says No
Can Penalty Under Section 271(1)(c) Be Levied on Estimated Bogus Purchase Additions? ITAT Says No Estimated Additions Cannot Automatically Lead to Penalty for Concealment or Furnishing Inaccurate Particulars One of the most common controversies under the Income-tax Act arises in cases involving alleged bogus purchases. In many assessments, the Assessing Officer does not disallow the entire purchase… […]
