Parent Can’t Be Taxed on Minor’s Capital Gains Blocked Under Court Supervision, Holds ITAT
Parent Can’t Be Taxed on Minor’s Capital Gains Blocked Under Court Supervision, Holds ITAT Pradeep Jeyavelu v. ITO, ITA No.1626/Chny/2025 Facts of the Case 1. Property was in the name of assessee’s deceased wife. After her death, legal heirs were: Assessee (husband) – 50% share Minor daughter – 50% share 2. … […]
Telangana HC: Stock Market Trades Cannot Be Branded as GAAR Without Proof of Arrangement
Telangana HC: Stock Market Trades Cannot Be Branded as GAAR Without Proof of Arrangement Anvida Bandi vs DCIT, W.P. No. 3201 of 2023 Facts of the Case: Assessee: Smt. Anvida Bandi, long-time investor in shares & mutual funds. As on 31.03.2020 he had shares worth ₹31.88 crore and mutual funds worth ₹47.59 crore. Transaction… […]
Significant Economic Presence Redefined: No SEP for Export Procurement under Finance Act 2025:
Significant Economic Presence Redefined: No SEP for Export Procurement under Finance Act 2025: 1. Introduction: India introduced the concept of Significant Economic Presence (SEP) in the Finance Act, 2018, expanding the definition of “business connection” under Section 9 of the Income-tax Act. The intent was clear: to bring within India’s tax net digital and remote… […]
A 1993 Property Deal: Court Says Over, Taxman Says Begin
A 1993 Property Deal: Court Says Over, Taxman Says Begin [Query 1] In 1993 my son entered into an agreement to sell his plot for ₹ 1.95 Lakh and received ₹ 50,000/- from the purchaser. Due to some reasons, litigations in court were going on and the trial court granted specific performance to the purchaser and ordered to… […]
CIRC of ICAI requested FM to extend the due date of Tax Audit Reports for FY 2024-25 from 30th Sept to 31st Dec 2025.
CIRC of ICAI requested FM to extend the due date of Tax Audit Reports for FY 2024-25 from 30th Sept to 31st Dec 2025. The post CIRC of ICAI requested FM to extend the due date of Tax Audit Reports for FY 2024-25 from 30th Sept to 31st Dec 2025. appeared first on The […]
What if the charitable trust don’t file the income tax return within due date?
What if the charitable trust don’t file the income tax return within due date? For charitable or religious trusts, the benefit of exemption under Section 11 (and Section 12) is linked to timely filing of return of income. Here is the legal position: 1. Statutory Provision • Section 12A(1)(ba) of the Income Tax Act says: “The person in receipt… […]
VTPA Representation for Extension of Due Date for Filing of Income Tax Returns for A.Y. 2025–26
VTPA Representation for Extension of Due Date for Filing of Income Tax Returns for A.Y. 2025–26 To The Chairman, Central Board of Direct Taxes (CBDT), New Delhi. Email: chairmancbdt@incometax.gov.in Subject: Request for Extension of Due Date for Filing of Income Tax Returns for A.Y. 2025–26 Respected Sir, We, Vidarbha Tax Practitioners Association (VTPA),… […]
Demonetisation Cash Deposits to be Taxed as Business Income, Not Unexplained u/s 69A
Demonetisation Cash Deposits to be Taxed as Business Income, Not Unexplained u/s 69A Dineshkumar Nemichand Jain (ITA No. 781/Ahd/2025) Facts: 1. AO had made two additions: ₹26,57,500 – cash deposits during demonetisation, treated as unexplained u/s 69A & ₹11,11,800 – net profit estimated @ 8% of turnover. 2. CIT(A) partly allowed appeal, sustaining ₹26.57… […]
IT Dept Advisory – TDS/TCS Correction Window
IT Dept Advisory – TDS/TCS Correction Window The Income Tax Dept has clarified timelines for revising old TDS/TCS statements. Here’s what you need to know: Correction allowed only till 31 March 2026 – Covers Q4 FY 2018-19 to Q3 FY 2023-24. – After that date, corrections won’t be accepted. Reason – New law Section 397(3)(f),… […]
VTPA Representation for extending the period of renewal for registration from 5 years to 10 years for the charitable trust who are required to apply for registration by 30th Sept 2025
VTPA Representation for extending the period of renewal for registration from 5 years to 10 years for the charitable trust who are required to apply for registration by 30th Sept 2025 To Smt. Nirmala Sitharamanji Hon’ble Finance Minister of India Ministry of Finance Government of India New Delhi – 01 Subject: Representation for ensuring Ease… […]
