Income-tax Act, 2025: Why the Change May Be More in Perception Than in Policy
Income-tax Act, 2025: Why the Change May Be More in Perception Than in Policy The Income-tax Act, 2025 has naturally generated discussion, particularly where familiar provisions appear to be rewritten with stronger language and new section numbers. On closer reading, however, the Act appears less about altering tax policy and more about restructuring and… […]
Income-tax Act, 2025 and Unexplained Income: Old Sections 68 to 69D vs New Law – Change in Substance or Just Structure?
Income-tax Act, 2025 and Unexplained Income: Old Sections 68 to 69D vs New Law – Change in Substance or Just Structure? The introduction of the Income-tax Act, 2025 has triggered widespread discussion across tax portals, professional circles, and business forums. At first glance, the Act appears to be a major overhaul, with renumbered sections,… […]
AI Basee unverified Submission – Bombay High court imposes costs – A wake-up call for professionals
AI Basee unverified Submission – Bombay High court imposes costs – A wake-up call for professionals In a first-of-its-kind observation in a CWP, a HC has flagged the perils of unverified AI-assisted submissions. HC noted that Respondent-Heart & Soul Entertainment Ltd had filed documents in Feb and April 2025 that appeared to be generated… […]
The Dangerous Habit of Ignoring Income Tax Emails and SMS – And How It Quietly Backfires
The Dangerous Habit of Ignoring Income Tax Emails and SMS – And How It Quietly Backfires One of the most common statements taxpayers make these days is: “Sir, I received some email from Income Tax, but I thought it was spam.” Unfortunately, the Income Tax Department does not treat ignored emails as spam. It… […]
Capital Gain Exemption under Section 54 Available Even When New House Is Purchased with Housing Loan – ITAT Kolkata in Amit Parekh Case
Capital Gain Exemption under Section 54 Available Even When New House Is Purchased with Housing Loan – ITAT Kolkata in Amit Parekh Case One of the most persistent myths in capital gains taxation is that exemption under section 54 of the Income-tax Act, 1961 is available only if the capital gains arising from sale… […]
When “Irrevocable” Becomes a New Roadblock for charitable trust: An Unnecessary Hurdle for Charitable Trusts
When “Irrevocable” Becomes a New Roadblock for charitable trust: An Unnecessary Hurdle for Charitable Trusts Charitable trusts across the country are facing an unexpected and avoidable difficulty while applying for renewal of registration under section 12A of the Income-tax Act. The issue arises not from any amendment in the law, but from a rigid… […]
Delay in Filing Form 10B is Procedural – Substantive Exemption under Section 11 Cannot Be Denied on Technical Grounds
Delay in Filing Form 10B is Procedural – Substantive Exemption under Section 11 Cannot Be Denied on Technical Grounds The Hon’ble Andhra Pradesh High Court examined the rejection of condonation for 44 days’ delay in filing Audit Report in Form 10B, which had resulted in denial of exemption under Section 11. The Court observed… […]
Survey Statement u/s 133A Has No Evidentiary Value – Additions Quashed
Survey Statement u/s 133A Has No Evidentiary Value – Additions Quashed The Hon’ble Chhattisgarh High Court held that additions towards alleged excess stock and excess cash cannot be sustained solely on the basis of a statement recorded during survey proceedings under Section 133A of the Act. The Court observed that the survey authority is… […]
Income has escaped assessment is a pre-condition for re-opening the assessment and not a borrowed satisfaction from outside source
Income has escaped assessment is a pre-condition for re-opening the assessment and not a borrowed satisfaction from outside source ITAT Kolkata holds that “…….We note that the AO has recorded a very cryptic reasons and it is a case of borrowed satisfaction and not the AO’s own satisfaction without any application of mind to… […]
Section 119(2)(b) Condonation of Delay: Who Has the Power to Grant Relief for Refunds and Section 80P Claims?
Section 119(2)(b) Condonation of Delay: Who Has the Power to Grant Relief for Refunds and Section 80P Claims? Many taxpayers believe that once a due date under the Income-tax Act is missed, the door is permanently shut. This belief is incorrect. Indian tax law consciously recognises that genuine hardship can arise, and therefore empowers… […]
