Related Party Transactions: Why Mere Disclosure Is Not Enough – ROC Penalty in Adani Power Case
Related Party Transactions: Why Mere Disclosure Is Not Enough – ROC Penalty in Adani Power Case In corporate governance, documentation is often as important as compliance itself. A company may genuinely believe that its related party transactions are conducted in the ordinary course of business and at arm’s length. However, unless such claims are supported… […]
Related Party Transactions: Why Mere Disclosure Is Not Enough – ROC Penalty in Adani Power Case
Related Party Transactions: Why Mere Disclosure Is Not Enough – ROC Penalty in Adani Power Case ROC Imposes Penalty for Failure to Maintain Register and Substantiate Arm’s Length Nature of Transactions In corporate governance, documentation is often as important as compliance itself. A company may genuinely believe that its related party transactions are… […]
Silent Correction or Legislative Clarification? The Curious Case of “Person” vs “Persons” in the New Income Tax Act, 2025
Silent Correction or Legislative Clarification? The Curious Case of “Person” vs “Persons” in the New Income Tax Act, 2025 Has a Potentially Significant Tax Controversy Been Quietly Resolved? The transition from the Income-tax Act, 1961 to the Income-tax Act, 2025 was projected as a legislative exercise aimed primarily at simplification, consolidation, and improving… […]
Can Section 69C Be Invoked Merely Because Purchases Are Alleged to Be Bogus?
Can Section 69C Be Invoked Merely Because Purchases Are Alleged to Be Bogus? The Often-Ignored Difference Between a Bogus Purchase and an Unexplained Expenditure Among the most common additions made during income tax assessments are those relating to alleged bogus purchases. Frequently, once the Department concludes that a supplier is non-genuine or that… […]
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) Tax litigation often revolves around additions, disallowances, exemptions, and deductions. However, sometimes the most powerful defence does not concern the merits of the assessment at all—it concerns the very validity of the assessment itself…. […]
Can Penalty for Concealment Survive If Income Declared in Return Filed Under Section 148 Is Accepted? ITAT Chennai Says No
Can Penalty for Concealment Survive If Income Declared in Return Filed Under Section 148 Is Accepted? ITAT Chennai Says No One of the most common assumptions in reassessment cases is that if a taxpayer offers additional income in response to a notice under Section 148, penalty for concealment under Section 271(1)(c) will automatically follow…. […]
Income Tax Act, 2025 Replaces “May” with “Shall”: Has the Assessing Officer Lost His Discretion?
Income Tax Act, 2025 Replaces “May” with “Shall”: Has the Assessing Officer Lost His Discretion? A Three-Letter Change That Could Transform Tax Assessments The Income-tax Act, 2025 has brought numerous structural and drafting changes. While many of them are visible and widely discussed, one seemingly insignificant amendment may have far-reaching consequences for taxpayers, tax professionals,… […]
Has the Income-tax Act, 2025 Changed the Law on Capital Gains Exemption for Depreciable Assets?
Has the Income-tax Act, 2025 Changed the Law on Capital Gains Exemption for Depreciable Assets? One of the most settled principles under the Income-tax Act, 1961 was that a deeming fiction created for computation purposes could not be extended to deny a tax exemption unless the statute expressly so provided. This principle was authoritatively… […]
Appeal Is Not a Mere Formality: ITAT Mumbai Reminds Authorities to Determine the Correct Tax Liability
Appeal Is Not a Mere Formality: ITAT Mumbai Reminds Authorities to Determine the Correct Tax Liability Technical Rejection Cannot Override a Genuine Claim Many taxpayers treat an assessment order as the final word from the Income Tax Department. Likewise, many tax disputes reach appellate forums only because valid claims were either overlooked, ignored,… […]
Can the Income Tax Department Tax You for a Transaction That Never Happened? ITAT Says No
Can the Income Tax Department Tax You for a Transaction That Never Happened? ITAT Says No Assessee Cannot Be Asked to Prove a Negative; Burden Shifts to Revenue Once Transaction Is Denied In today’s era of data-driven tax administration, information available on various government portals often forms the basis for assessments, reassessments, and tax… […]
