1128 Days’ Delay in Filing Form 10B Condoned: A Big Relief for Charitable Trusts
1128 Days’ Delay in Filing Form 10B Condoned: A Big Relief for Charitable Trusts One of the most feared nightmares for charitable trusts is losing exemption under Section 11 merely because of a procedural lapse. A recent and very reassuring judgment of the Bombay High Court has once again reaffirmed that substantive justice… […]
ITR-U: The Expensive Saviour After 31st December – A Complete Legal & Practical Guide
ITR-U: The Expensive Saviour After 31st December – A Complete Legal & Practical Guide For most taxpayers, 31st December of the Assessment Year is not just another compliance date – it is the point of no return. Once this date is crossed, the doors of the normal return-filing framework shut firmly. It is only… […]
AIS / TIS Mismatch: Why the Income Tax Department Is Nudging You to Revise or Update Your Return
AIS / TIS Mismatch: Why the Income Tax Department Is Nudging You to Revise or Update Your Return If you have recently received an SMS or email from the Income Tax Department asking you to file a return, revise it, update it, or explain a mismatch, you are certainly not alone. Over the last… […]
PMLA Prevails Over Income-tax Recovery Where Funds Are Alleged Proceeds of Crime: Delhi HC
PMLA Prevails Over Income-tax Recovery Where Funds Are Alleged Proceeds of Crime: Delhi HC ACIT (Central Circle-13) v. State & Ors. CRL.M.C. 2198/2018 Facts: 1. A search under section 132 of the Income-tax Act resulted in seizure of ₹34.69 crore, later converted into FDRs. Subsequent block assessments raised tax demands exceeding ₹345 crore…. […]
Vivad Se Vishwas Not Concluded? Appeal Must Be Heard on Merits — ITAT Mumbai Deletes Demonetisation Cash Addition
Vivad Se Vishwas Not Concluded? Appeal Must Be Heard on Merits — ITAT Mumbai Deletes Demonetisation Cash Addition Ameeta Paramanand Nadkarni (6477/Mum/2025) Facts: 1. The assessee deposited ₹17.56 lakh in cash during the demonetisation period. The AO accepted ₹9.91 lakh as explained and treated the balance ₹7.64 lakh as unexplained money u/s 69A, taxable u/s… […]
Interest u/s 220(2) Cannot Be Charged Without an Enforceable Demand: ITAT Mumbai
Interest u/s 220(2) Cannot Be Charged Without an Enforceable Demand: ITAT Mumbai Samsara Shipping Pvt. Ltd. v. ITO (ITA No.: 6724/Mum/2025) Facts: 1. The assessee filed its return declaring income of ₹55.22 crore. Assessment Order u/s 143(3) r.w.s. 144B enhanced income to ₹204.90 crore. 2. However, due to a computation error, the AO calculated tax… […]
Over 15 lakh ITRs revised, ₹2,500 crore extra tax paid amid CBDT scrutiny alert
Over 15 lakh ITRs revised, ₹2,500 crore extra tax paid amid CBDT scrutiny alert The copy of the order is as under: The post Over 15 lakh ITRs revised, ₹2,500 crore extra tax paid amid CBDT scrutiny alert appeared first on The Tax Talk.
JAO Vs. FAO Controversy: Gujarat HC Diverges from Bombay HC!
JAO Vs. FAO Controversy: Gujarat HC Diverges from Bombay HC! Just when we thought the debate on Jurisdictional Assessing Officer (JAO) vs. Faceless Assessing Officer (FAO) was leaning one way, the Hon’ble Gujarat High Court has delivered a significant judgment that changes the landscape. In the recent case of Snehdham Trust vs. ACIT, the… […]
MAJOR GST RELIEF: GENUINE BUYERS PROTECTED FROM SUPPLIER GST FLAWS
Major GST Relief: Genuine Buyers Protected from Supplier GST Flaws In its recent decision in Shyamalmay Paul vs. Assistant Commissioner, SGST (December 2025), the Calcutta High Court reaffirmed that Input Tax Credit (ITC) cannot be denied to a purchasing dealer solely because the supplier’s GST registration was cancelled with retrospective effect. Key Highlights of… […]
KVP Maturity Shock: Why AIS Shows Huge Interest and Why You May Not Owe Extra Tax
KVP Maturity Shock: Why AIS Shows Huge Interest and Why You May Not Owe Extra Tax [Query 1] I had purchased Kisan Vikas Patra for Rs. 15 lacs in the year 2015. These KVP matured in 2024 after 8 year 4 months. I was offering KVP interest each year in my income tax return on an… […]
