Prosecution under Section 276C(2) Unsustainable When Entire Tax Paid Before Filing of Complaint
Prosecution under Section 276C(2) Unsustainable When Entire Tax Paid Before Filing of Complaint Madras High Court in G Square Layout Pvt. Ltd. v. DCIT (Crl.O.P.No.22880 of 2025) Facts: 1. The assessed filed its belated return for AY 2023-24 on 31st December 2023, admitting self-assessment tax of ₹ 8.72 crore but did not pay it… […]
Bogus purchases addition under section 69 C rws 115 BBE
Bogus purchases addition under section 69 C rws 115 BBE Jain Brothers v. NFAC, New Delhi-ITAT Delhi – ITA No. 5251/Del/2025 | Pronounced on: 22 October 2025 Facts of the Case • The Assessing Officer (AO) received information from the Investigation Wing that Balaji Trading Company was allegedly issuing bogus purchase bills to several… […]
Significant Economic Presence (SEP) under the Income-tax Act, 2025
Significant Economic Presence (SEP) under the Income-tax Act, 2025 Introduction: 1. The concept of Significant Economic Presence (SEP) is contained in Section 9 of the Income-tax Act, 2025, which takes effect from 1st April 2026. 2. This provision determines when the income of a non-resident shall be deemed to accrue or arise in India… […]
Infosys Buyback – A Lesson in Evolving Tax Laws
Infosys Buyback – A Lesson in Evolving Tax Laws No matter how smart or profitable a transaction looks, if tax isn’t factored in, the final numbers can tell a completely different story. Tax planning isn’t a one-time ritual performed in March; it’s a dynamic process that must evolve with the law, the economy, and, occasionally,… […]
ITR Date Extension: The Great Indian Waiting Game
ITR Date Extension: The Great Indian Waiting Game It’s that time of the year again — when coffee turns into our primary source of nutrition, Excel sheets are our best friends, and the entire country collectively asks one question: “Will the ITR date be extended or not?” For taxpayers and professionals alike, this has become an… […]
SC Upholds the ITC benefit of VAT Credit to genuine purchaser even if tax not paid by the Supplier
SC Upholds the ITC benefit of VAT Credit to genuine purchaser even if tax not paid by the Supplier Supreme Court dismisses the Revenue’s appeal against the Delhi HC ruling which allowed the benefit of VAT ITC even if tax not paid by the seller. The High Court held that in the event that… […]
From Section 115QA to Deemed Dividend: How the new Buyback provisions favour foreign investors?
From Section 115QA to Deemed Dividend: How the new Buyback provisions favour foreign investors? Buyback under earlier provisions: 1. Prior to 1st October 2024, buy-back of shares by an Indian company was governed by section 115QA of the Income-tax Act, 1961. 2. Under this provision, the company undertaking the buy-back was liable to pay… […]
No Capital Gain Tax if Sale Agreement Was Cancelled and Land Reverted Back to Assessee: Supreme Court
No Capital Gain Tax if Sale Agreement Was Cancelled and Land Reverted Back to Assessee: Supreme Court In a significant relief to taxpayers, the Hon’ble Supreme Court in the case of Commissioner of Income-tax vs. Lok Housing and Construction Ltd. [2025] 175 taxmann.com 848 (SC) has reaffirmed a crucial principle of income tax law – “no tax can be… […]
When Charity Meets Commerce: Taxation of Community-Based Charitable Trusts Under the Income Tax Act, 1961
When Charity Meets Commerce: Taxation of Community-Based Charitable Trusts Under the Income Tax Act, 1961 Introduction In India, charity often walks hand in hand with enterprise. A hospital that maintains a pharmacy, a goashala that sells milk and cow dung, or an association of differently-abled persons that sells their handcrafted paintings – all of… […]
Failure of Investigation: ITAT, Nagpur deleted ₹ 50 Lakh Addition
Failure of Investigation: ITAT, Nagpur deleted ₹ 50 Lakh Addition The Income Tax Appellate Tribunal (ITAT), Nagpur Bench, has allowed the appeal of Shree Maya Real Estate Pvt. Ltd. for the Assessment Year 2019-20, deleting an addition of ₹50,00,000 made under Section 69A of the Income Tax Act. The Tribunal strongly criticized the Assessing Officer (AO) and the CIT(A) for making the… […]
