No Form 10B? ITAT Delhi Clarifies: Charitable Trust Cannot Be Taxed on Gross Receipts Alone
No Form 10B? ITAT Delhi Clarifies: Charitable Trust Cannot Be Taxed on Gross Receipts Alone Non-Filing of Form 10B May Deny Exemption Under Sections 11 & 12, But It Does Not Permit Taxation of Gross Receipts Without Allowing Expenditure Charitable trusts and institutions often believe that failure to comply with procedural requirements such… […]
CBDT Tightens Scrutiny of Unexplained Income Additions: Fresh Directions Issued on Sections 68 to 69D and Section 115BBE
CBDT Tightens Scrutiny of Unexplained Income Additions: Fresh Directions Issued on Sections 68 to 69D and Section 115BBE C&AG Audit Findings Trigger Administrative Push for Uniform Tax Assessments The provisions dealing with unexplained cash credits, unexplained money, unexplained investments, unexplained expenditure and hundi transactions have always been among the most litigated provisions under… […]
CBDT Mandates Upload of Foreign Assets and Income Data in AIS and Form 26AS Under AEOI
CBDT Mandates Upload of Foreign Assets and Income Data in AIS and Form 26AS Under AEOI The Central Board of Direct Taxes has issued a key order to bring offshore financial data into the regular tax compliance system. Key Order Details – Order No.: http://F.No. 225/73/2025-ITA-II – Date: July 8, 2026 – Issued… […]
Assessment in the Name of a Deceased Person Is a Nullity: ITAT Allows Legal Ground Even If Not Raised Before CIT(A)
Assessment in the Name of a Deceased Person Is a Nullity: ITAT Allows Legal Ground Even If Not Raised Before CIT(A) Ahmedabad ITAT Reaffirms That Jurisdictional Defects Can Be Raised at Any Stage Tax litigation often revolves around additions, disallowances, exemptions, and deductions. However, sometimes the most powerful defence does not concern the merits… […]
Has the Tax Shine Gone Off Sovereign Gold Bonds?
Has the Tax Shine Gone Off Sovereign Gold Bonds? [Query 1] I have acquired SGB from the secondary market and redeemed on maturity before 01/04/2026. On attempting to report the gain under “any other exempt income” the predefined drop out option in the relevant ITR Form does not cover such income. Under the circumstance,… […]
Even a 2-Day Delay Can Kill a Reassessment: Delhi High Court Draws a Strict Line on Section 148 Timelines
Even a 2-Day Delay Can Kill a Reassessment: Delhi High Court Draws a Strict Line on Section 148 Timelines Reassessment Notice Quashed for Being Issued Just Two Days Late In tax litigation, a delay of two days may seem insignificant. However, when it comes to statutory limitation periods, even a minor delay can… […]
Is Delay the End of a Tax Case? ITAT Says Justice Must Prevail Over Technicalities
Is Delay the End of a Tax Case? ITAT Says Justice Must Prevail Over Technicalities Tribunal Condones Delay of 1,987 Days and Restores Appeal for Fresh Adjudication In tax litigation, one sentence often sends shivers down the spine of taxpayers and professionals alike: “The appeal is barred by limitation.” For many, delay in… […]
Don’t Let Form 16 Decide Your Tax Liability!
Don’t Let Form 16 Decide Your Tax Liability! July is not just another month on the calendar. For millions of salaried taxpayers, it is the month of Form 16, income tax returns and, unfortunately, avoidable mistakes. As the due date for filing the Income Tax Return approaches, offices, WhatsApp groups and family gatherings… […]
Bank Refused to Sign CHG-1? ROC Says That’s No Excuse – Company and Directors Penalized ₹6.5 Lakh
Bank Refused to Sign CHG-1? ROC Says That’s No Excuse – Company and Directors Penalized ₹6.5 Lakh Vehicle Hypothecation Under Motor Vehicles Act Does Not Replace Charge Registration Under Companies Act Corporate compliance often becomes challenging when third parties such as banks fail to cooperate. However, a recent adjudication by the Registrar of… […]
CBDT Brings Relief for Charitable Trusts: Delay in Filing Form 10AB Condoned for 80G Renewal
CBDT Brings Relief for Charitable Trusts: Delay in Filing Form 10AB Condoned for 80G Renewal A Timely Relief for Genuine Charitable Institutions By CA. Naresh Jakhotia Charitable trusts and institutions often work tirelessly for public welfare. However, procedural lapses can sometimes jeopardize their tax approvals and, consequently, their ability to receive donations. Recognizing this practical… […]
