An order discussing Section 220(2A) providing discretionary powers to the Chief Commissioner or Commissioner to waive or reduce the interest levied on delayed payment of tax
An order discussing Section 220(2A) providing discretionary powers to the Chief Commissioner or Commissioner to waive or reduce the interest levied on delayed payment of tax Section 220(2A) provides discretionary powers to the Chief Commissioner or Commissioner to waive or reduce the interest levied on delayed payment of tax. Here is a judgement discussing… […]
VSVS – 2024 benefit extended for order passed as on 22 July 2024 but time line to file appeal was available as on 22 July 2024
VSVS – 2024 benefit extended for order passed as on 22 July 2024 but time line to file appeal was available as on 22 July 2024 Clarification on Direct Tax Vivad Se Vishwas Scheme, 2024 The Ministry of Finance has issued Order S.O. 348(E) dated January 20, 2025, to address procedural challenges under the… […]
Procedural technicalities should not outweigh the goal of substantial justice: ITAT, Agra
Procedural technicalities should not outweigh the goal of substantial justice: ITAT, Agra The decision in Aastitva Jain Family Trust vs. Income-Tax Officer, CPC, Bengaluru (ITA No. 88/Agr/2024) dated January 17, 2025, underscores several critical aspects of income tax appeals, particularly the issue of delay in filing appeals before the CIT (A) under Section 249(2)… […]
Technical or venial breaches should not result in harsh penalties, especially when the assessee had disclosed the investments in Schedule FA in earlier and subsequent years.
Technical or venial breaches should not result in harsh penalties, especially when the assessee had disclosed the investments in Schedule FA in earlier and subsequent years. The Income Tax Appellate Tribunal (ITAT), Hyderabad, has recently held that Technical or venial breaches should not result in harsh penalties, especially when the assessee had disclosed the… […]
Final Assessment order passed without a valid approval under Section 153D renders Assessment invalid: ITAT Raipur.
Final Assessment order passed without a valid approval under Section 153D renders Assessment invalid: ITAT Raipur. ITAT Raipur recently has held that if the final assessment order is passed without a valid approval under Section 153D then the assessment is invalid. Let us have a Short Overview of the case: Raipur Tribunal – NR TMT… […]
Delay in filing appeal by 285 days due to Non-Service of Hard Copy of Order condoned by Madras HC
Delay in filing appeal by 285 days due to Non-Service of Hard Copy of Order condoned by Madras HC Madras High court has recently condoned the delay in filing appeal by 285 days due to Non-Service of Hard Copy of Order. Let us have a Short Overview of the case: Case: Tvl. Deepa Traders… […]
Transfer of a share in partnership firm is also covered under section 56(2)(x)
Transfer of a share in partnership firm is also covered under section 56(2)(x) Section 56(2)(x) of Income Tax Act 1961 inter-alia provides that if any person receives any property [which as per Explanation to Sec.56(2)(vii) includes shares and securities] without consideration, then the market value of such property will be taxable as income from… […]
Submission of Basic Documents like PAN & ITR etc doesn’t prove genuineness – Section 263 can be invoked on allegation of accommodation entries
Submission of Basic Documents like PAN & ITR etc doesn’t prove genuineness – Section 263 can be invoked on allegation of accommodation entries Does the submission of basic documentation sufficiently establish the genuineness and creditworthiness of transactions, thereby precluding the invocation of revisionary powers under Section 263 of the Income-tax Act, 1961? The Hon’ble… […]
Triplex flat constitutes a single residential unit for Section 54 Exemption: ITAT Mumbai
Triplex flat constitutes a single residential unit for Section 54 Exemption: ITAT Mumbai Bhaskar Prataprai Shah Vs DCIT (ITAT Mumbai) Appeal Number : ITA No. 3698/Mum/2023 Facts: 1. The assessee had claimed deduction under section 54F of the Income Tax Act amounting to Rs. 4,72,22,936/- against Long Term Capital Gain on sale of shares…. […]
Farewell Old Tax Regime? Why This Budget Could Redefine Taxes Forever
Farewell Old Tax Regime? Why This Budget Could Redefine Taxes Forever With Union Budget 2025 just a few days away, the chatter in offices, businesses & social media feeds is buzzing with speculation on what the Finance Minister has in store for taxpayers. If the rumors turn out to be true, this year’s budget… […]
