When Tax Rules Surprise You – The Taxman Isn’t Always Asking for More!
When Tax Rules Surprise You – The Taxman Isn’t Always Asking for More! Query 1] My income during the year from salary was ₹11,72,190/-, Interest & Other Income was of ₹55,247/-, Short Term Capital Gain (STCG) on shares taxable at 20% was of ₹4,14,626/-. As such, my income is exceeding ₹12 Lakh and so my income was taxable. I… […]
Section 69 Addition Cannot Be Based on Mere Suspicion or ‘Human Probabilities’ Once the Source of Cash Is Proved: ITAT Chennai
Section 69 Addition Cannot Be Based on Mere Suspicion or ‘Human Probabilities’ Once the Source of Cash Is Proved: ITAT Chennai One of the most common reasons for additions under Section 69 of the Income-tax Act is cash deposited in a bank account. In many assessments, taxpayers produce documentary evidence explaining the source of the cash,… […]
Is a Section 143(2) Notice Invalid If It Does Not Mention ‘Limited Scrutiny’ or ‘Complete Scrutiny’? ITAT Special Bench Says No
Is a Section 143(2) Notice Invalid If It Does Not Mention ‘Limited Scrutiny’ or ‘Complete Scrutiny’? ITAT Special Bench Says No One of the most frequently raised legal challenges in income-tax assessments concerns the validity of a notice issued under Section 143(2). In recent years, taxpayers have argued that notices issued after the CBDT Instruction dated… […]
No Tax, No Penalty: ITAT Mumbai Draws the Line on Section 270A Penalties for Charitable Trusts
No Tax, No Penalty: ITAT Mumbai Draws the Line on Section 270A Penalties for Charitable Trusts The introduction of Section 270A of the Income-tax Act marked a significant shift in India’s penalty regime. The traditional concept of “concealment of income” under Section 271(1)(c) was replaced with the new framework of “under-reporting” and “misreporting” of income. The objective was to… […]
Can the CIT(A) Enhance an Assessment by Introducing a Completely New Source of Income? ITAT Delhi Says No
Can the CIT(A) Enhance an Assessment by Introducing a Completely New Source of Income? ITAT Delhi Says No The power of the Commissioner of Income Tax (Appeals) [CIT(A)] to enhance an assessment is one of the most potent appellate powers under the Income-tax Act. However, an equally important question arises: Can the CIT(A) travel beyond the assessment… […]
Is GST Refund Taxable If It Is Reported in Form 3CD but Not Credited to the Profit & Loss Account? ITAT Bangalore Says No
Is GST Refund Taxable If It Is Reported in Form 3CD but Not Credited to the Profit & Loss Account? ITAT Bangalore Says No Important Ruling on GST Refunds, Form 3CD Clause 16(B), Exclusive Method of Accounting, and Section 143(1) Adjustments The Central Processing Centre (CPC) has increasingly been making automated adjustments under Section 143(1) by… […]
Section 54F Exemption Cannot Be Denied for Delay Beyond Taxpayer’s Control: Telangana High Court Grants Relief Despite 7-Year Delay in Construction
Section 54F Exemption Cannot Be Denied for Delay Beyond Taxpayer’s Control: Telangana High Court Grants Relief Despite 7-Year Delay in Construction Landmark Ruling on Joint Development Agreements (JDA), Delayed Possession, and Liberal Interpretation of Section 54F One of the most common disputes under the Income-tax Act concerns the availability of Section 54F exemption where the purchase, construction, registration,… […]
Late Filing of Form 10-IE Cannot Deny New Tax Regime Benefit: Hyderabad ITAT Delivers Landmark Relief Under Section 115BAC
Late Filing of Form 10-IE Cannot Deny New Tax Regime Benefit: Hyderabad ITAT Delivers Landmark Relief Under Section 115BAC Procedural Delay Cannot Defeat Substantive Tax Benefits – A Principle That May Influence Several Other Tax Disputes One of the biggest challenges faced by taxpayers under the New Tax Regime has been the strict compliance requirements… […]
Can You Claim Section 80P Deduction During Assessment Even If It Was Not Claimed in the Original ITR? ITAT Pune Says Yes
Can You Claim Section 80P Deduction During Assessment Even If It Was Not Claimed in the Original ITR? ITAT Pune Says Yes Important Relief for Cooperative Societies: Section 80P Claim Can Be Raised During Assessment Proceedings for Pre-AY 2018-19 Cases One of the most frequently litigated issues involving cooperative societies is whether a deduction under Section… […]
Procedural Lapse Cannot Defeat Substantive Tax Benefit: Telangana High Court Restores Section 115BAA Benefit Despite Delay in Filing Form 10-IC
Procedural Lapse Cannot Defeat Substantive Tax Benefit: Telangana High Court Restores Section 115BAA Benefit Despite Delay in Filing Form 10-IC A Landmark Judgment on “Genuine Hardship”, Condonation of Delay under Section 119(2)(b), and Liberal Interpretation of Beneficial Tax Provisions In tax administration, one of the most debated questions is whether a taxpayer should lose… […]
