Partner’s Remuneration Under Section 44ADA: Delhi ITAT Opens the Door, But Is the Debate Really Over?
Partner’s Remuneration Under Section 44ADA: Delhi ITAT Opens the Door, But Is the Debate Really Over? For years, one question has troubled professionals who practice through partnership firms: Can a working partner claim the benefit of presumptive taxation under Section 44ADA on the remuneration received from the partnership firm? The Delhi Bench of the Income… […]
Suspicion Alone Cannot Justify Income Tax Additions: Supreme Court Upholds Deletion of ₹16.61 Crore Alleged Unaccounted Sales
Suspicion Alone Cannot Justify Income Tax Additions: Supreme Court Upholds Deletion of ₹16.61 Crore Alleged Unaccounted Sales Tax Assessments Must Be Based on Evidence, Not Mathematical Assumptions or Guesswork One of the oldest and most fundamental principles of income tax law is that suspicion, however strong, can never substitute evidence. Tax authorities may entertain doubts, draw inferences… […]
Refund Cannot Be Denied for Mere Technical Lapse: ITAT Invokes Article 265 to Protect Taxpayer’s Rights
Refund Cannot Be Denied for Mere Technical Lapse: ITAT Invokes Article 265 to Protect Taxpayer’s Rights Once Delay in E-Verification Is Condoned, Revenue Cannot Retain Tax That Is Not Legally Due One of the most fundamental principles of taxation is that the Government can collect only the tax authorised by law-nothing more, nothing less. This… […]
Breaking News: Supreme Court Upholds Gujarat High Court Verdict – No GST on Transfer of Long-Term Leasehold Rights of Industrial Plots
Breaking News: Supreme Court Upholds Gujarat High Court Verdict – No GST on Transfer of Long-Term Leasehold Rights of Industrial Plots A Major Relief for Industry, Businesses & Industrial Plot Holders In a significant development for taxpayers and the business community, the Hon’ble Supreme Court of India has dismissed the Special Leave Petition (SLP)… […]
Can CPC Apply the Supreme Court’s Checkmate Judgment Retrospectively? ITAT Says No
Can CPC Apply the Supreme Court’s Checkmate Judgment Retrospectively? ITAT Says No A Debatable Issue Cannot Be Adjusted Under Section 143(1) by Applying a Later Supreme Court Decision The landmark judgment of the Supreme Court in Checkmate Services (P.) Ltd. v. CIT fundamentally changed the legal position regarding delayed deposit of employees’ contributions towards Provident Fund (PF)… […]
Section 87A Rebate Litigation: Is the ITAT Appeal Fee Always ₹10,000? A Fresh Perspective
Section 87A Rebate Litigation: Is the ITAT Appeal Fee Always ₹10,000? A Fresh Perspective Can an Appeal Against Denial of Rebate Under Section 87A Be Filed with a Fee of Just ₹500? The recent litigation surrounding the denial of rebate under Section 87A has resulted in thousands of appeals before the Commissioner (Appeals) and the Income Tax… […]
Section 153C Cannot Be Invoked Mechanically: ITAT Jaipur Quashes Proceedings for Lack of Independent Satisfaction
Section 153C Cannot Be Invoked Mechanically: ITAT Jaipur Quashes Proceedings for Lack of Independent Satisfaction AO Cannot Simply Copy the Satisfaction Note of the Searched Person-Independent Application of Mind Is Mandatory Search assessments under Sections 153A and 153C of the Income-tax Act confer extraordinary powers upon the Income Tax Department. However, these powers are… […]
One House Sold… Two Houses Bought! Will Section 54 Still Save Your Tax?
One House Sold… Two Houses Bought! Will Section 54 Still Save Your Tax? [Query 1] I am having an inherited house, 1 residential flat and a residential plot. My wife is having a residential flat. Now, we plan to sell our ancestral house. Can we purchase 2 flats and claim capital gain exemption? The… […]
Section 68 Cannot Be Invoked Mechanically: Gujarat High Court Says One-to-One Matching of Bank Credits with Sales Is Not Mandatory
Section 68 Cannot Be Invoked Mechanically: Gujarat High Court Says One-to-One Matching of Bank Credits with Sales Is Not Mandatory Assessing Officer Must Give Cogent Reasons Before Treating Business Receipts as Unexplained Cash Credits Section 68 of the Income-tax Act is one of the most frequently invoked provisions during assessments and reassessment proceedings. Whenever… […]
Online Rummy Loss Cannot Be Taxed as Gross Winnings: Hyderabad ITAT Deletes ₹3.54 Crore Addition
Online Rummy Loss Cannot Be Taxed as Gross Winnings: Hyderabad ITAT Deletes ₹3.54 Crore Addition Assessing Officer Cannot Ignore Buy-In Amount and Tax Gross Payout Under Section 115BB The rapid growth of online gaming has opened a new frontier in income tax litigation. Questions surrounding the taxation of online rummy, poker, fantasy sports and… […]
