Delay in Filing Form 10-IC Cannot Deny 115BAA Benefit – ITAT Mumbai Gives Big Relief to Companies
Delay in Filing Form 10-IC Cannot Deny 115BAA Benefit – ITAT Mumbai Gives Big Relief to Companies The concessional tax regime under section 115BAA allows domestic companies to pay tax at a lower rate, but the option must be exercised in the prescribed manner by filing Form 10-IC within the due date. In many… […]
Safe Harbour Benefit Available Even with DVO Valuation – Special Bench ITAT Gives Major Relief in Property Transactions
Safe Harbour Benefit Available Even with DVO Valuation – Special Bench ITAT Gives Major Relief in Property Transactions Real estate transactions often lead to income-tax disputes because the value adopted by the Stamp Valuation Authority (ready reckoner value) is frequently higher than the actual purchase price agreed between buyer and seller. To deal with… […]
Finance Bill 2026 – Major Income-tax Amendments Passed in Lok Sabha: Big Impact on Reassessment, Approvals, ITAT Orders & Start-ups
Finance Bill 2026 – Major Income-tax Amendments Passed in Lok Sabha: Big Impact on Reassessment, Approvals, ITAT Orders & Start-ups The Finance Bill 2026 has brought several important amendments in the Income-tax law, many of which are procedural but will have far-reaching consequences in litigation, reassessment, appeals, and tax compliance. Some of the changes… […]
Delay in Form 10A Filing – Big Relief for Trusts! CBDT Clarifies Power to Condon Delay under Section 12A
Delay in Form 10A Filing – Big Relief for Trusts! CBDT Clarifies Power to Condon Delay under Section 12A Registration under section 12A is the lifeline for charitable trusts and institutions claiming exemption under sections 11 and 12 of the Income-tax Act, 1961. However, many trusts have faced serious difficulties in recent years due… […]
Finance Bill 2026: Big Changes Proposed in Income-tax Procedure – Relief for Department or Trouble for Taxpayers?
Finance Bill 2026: Big Changes Proposed in Income-tax Procedure – Relief for Department or Trouble for Taxpayers? In the middle of the ongoing discussions on the Finance Bill, 2026, some important procedural amendments are expected to be introduced which may significantly change the way income-tax assessments, appeals, and approvals are handled. These proposed changes… […]
ED flags Indians buying Dubai properties using credit cards:
ED flags Indians buying Dubai properties using credit cards: 1. Indians who used credit cards to buy homes in Dubai are beginning to receive notices from the Enforcement Directorate (ED). 2. These property buyers had either swiped international credit cards (ICCs) on visits to the Emirates to pay the initial deposit or had clicked… […]
Clarification regarding power to condone delay in filing Form No. 10A under sub-clause (I) clause (ac) of sub-section (1) of section 12A of the Income Tax Act, 1961
Clarification regarding power to condone delay in filing Form No. 10A under sub-clause (I) clause (ac) of sub-section (1) of section 12A of the Income Tax Act, 1961 The copy of the order is as under: The post Clarification regarding power to condone delay in filing Form No. 10A under sub-clause (I) clause (ac) […]
A gift-even between spouses-must be backed by clear evidence of actual transfer, source of funds, and donor’s capacity
A gift-even between spouses-must be backed by clear evidence of actual transfer, source of funds, and donor’s capacity Shilpa Shetty Kundra (ITA No.996/M/2025) Facts: The assessee had credited a sum of ₹12.54 crore as a gift received from her husband. In response to queries, the assessee submitted the following: 1. Copy of a gift… […]
New Income Tax Act 2025 from 1-4-2026 – What Will Change for Taxpayers? (Part-1)
New Income Tax Act 2025 from 1-4-2026 – What Will Change for Taxpayers? (Part-1) The New Income Tax Act, 2025 is now set to come into force from 1st April 2026. After more than six decades of the Income Tax Act, 1961, the country will finally move to completely a new tax law. The… […]
Timing Difference in Revenue Recognition Cannot Be Taxed Twice – ITAT Deletes ₹4.30 Cr Addition (Halcrow Group Ltd Case)
Timing Difference in Revenue Recognition Cannot Be Taxed Twice – ITAT Deletes ₹4.30 Cr Addition (Halcrow Group Ltd Case) In a significant and practical ruling, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) in the case of Halcrow Group Ltd has reiterated an important principle of taxation – mere timing difference in… […]
