Political Donation Deduction Allowed Despite Allegations Against Party: ITAT Raipur Clarifies Scope of Section 80GGC
Political Donation Deduction Allowed Despite Allegations Against Party: ITAT Raipur Clarifies Scope of Section 80GGC In an important ruling on deduction of political donations, the Raipur Bench of the Income Tax Appellate Tribunal has held that deduction under Section 80GGC cannot be denied merely on the basis of general investigation reports against a political… […]
Assessment Invalid if Notice Issued by Wrong Officer: ITAT Mumbai Quashes Order for Lack of Jurisdiction
Assessment Invalid if Notice Issued by Wrong Officer: ITAT Mumbai Quashes Order for Lack of Jurisdiction In an important ruling on jurisdictional validity of assessment proceedings, the Mumbai Bench of the Income Tax Appellate Tribunal has held that an assessment becomes void if the statutory notice under Section 143(2) is issued by an officer… […]
44AD vs 44ADA: Can TDS Under Section 194J Decide Your Presumptive Tax Fate? Tribunals Say “No”
44AD vs 44ADA: Can TDS Under Section 194J Decide Your Presumptive Tax Fate? Tribunals Say “No” By CA Naresh Jakhotia Tax litigation often begins with a serious legal question but somewhere along the way turns into a comedy of assumptions. One such recurring drama is now unfolding in scrutiny proceedings across the country —… […]
Conversion of OCRPS into Equity Not Taxable Under Section 56(2)(x): ITAT Mumbai Gives Relief in Fairbridge Capital Case
Conversion of OCRPS into Equity Not Taxable Under Section 56(2)(x): ITAT Mumbai Gives Relief in Fairbridge Capital Case In an important ruling for foreign investors and companies using structured capital instruments, the Mumbai Bench of the Income Tax Appellate Tribunal has held that conversion of Optionally Convertible Preference Shares into equity shares, when done… […]
Reassessment Fails if Notice Beyond Surviving Limitation: ITAT Rajkot Applies Supreme Court Rule on Time-Barred Proceedings
Reassessment Fails if Notice Beyond Surviving Limitation: ITAT Rajkot Applies Supreme Court Rule on Time-Barred Proceedings In a significant ruling for reassessment litigation, the ITAT Rajkot has reaffirmed that limitation provisions in reassessment cases are not procedural formalities but jurisdictional conditions. If the notice itself is issued beyond the legally surviving time period, the… […]
Cash Deposit Addition Deleted Where Withdrawals Explained Source: ITAT Reiterates Principle on Cash Availability
Cash Deposit Addition Deleted Where Withdrawals Explained Source: ITAT Reiterates Principle on Cash Availability In a significant ruling relevant for scrutiny assessments involving cash deposits, the Income Tax Appellate Tribunal has reiterated that additions cannot be sustained merely because cash is deposited in bank accounts, if the assessee can demonstrate availability of funds through… […]
Foreign Salary Credited to NRE Account Not Taxable in India: ITAT Ahmedabad Clarifies NRI Taxation Rule
Foreign Salary Credited to NRE Account Not Taxable in India: ITAT Ahmedabad Clarifies NRI Taxation Rule In an important ruling for Non-Resident Indians, the Ahmedabad Bench of the Income Tax Appellate Tribunal has reaffirmed a fundamental principle of international taxation – income is taxed where it accrues, not where it is later deposited. In its… […]
Form 15CA to be Replaced by Form 145? Big Changes Proposed in Foreign Remittance Reporting under New Income Tax Rules 2026
Form 15CA to be Replaced by Form 145? Big Changes Proposed in Foreign Remittance Reporting under New Income Tax Rules 2026 Foreign remittances from India are set to undergo a major compliance shift. If the draft Income Tax Rules 2026 are notified in their current form, the long-familiar Form 15CA may soon be replaced by Draft Form… […]
Buy Back Taxation: Amendment Before First Birthday of New Income Tax Act, 2025!
Buy Back Taxation: Amendment Before First Birthday of New Income Tax Act, 2025! Tax laws sometimes behave like software updates. Just when taxpayers learn how one version works, a new patch arrives – followed by another patch to fix the previous patch. Share buyback taxation is perhaps the best example of this. Over the last… […]
Section 263 Revision Even After Reply Filed? ITAT Mumbai Ruling on Lack of Inquiry vs Inadequate Inquiry Explained
Section 263 Revision Even After Reply Filed? ITAT Mumbai Ruling on Lack of Inquiry vs Inadequate Inquiry Explained Taxpayers and professionals often assume that once the Assessing Officer asks for details, the assessee submits documents, and the assessment order is passed, the issue is closed. However, a recent decision of the ITAT Mumbai shows… […]
