Garg Garg & Associates

ITR-BN: The New Return Form for Block Assessments

raghav — Mon, 31 Aug 2026 21:58:21 +0000

ITR-BN: The New Return Form for Block Assessments What CBDT has done: On 24 July 2026, CBDT has notified the Income-tax (Third Amendment) Rules, 2026 (Notification 97/2026), introducing Form ITR-BN for block assessment in search and requisition cases. It is deemed effective from 1 April 2026, so it already governs every search initiated…

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The Gift Has Changed Hands-But Has Its Tax History Also Changed?

raghav — Mon, 31 Aug 2026 21:58:21 +0000

The Gift Has Changed Hands-But Has Its Tax History Also Changed? Last week, I shared an interesting conversation over my morning cup of tea with a relative whose nephew was proposing to gift him an immovable property having a stamp-duty value of ₹1.65 crore. The gift was to be made through a registered gift deed,…

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Anonymous Donations Cannot Be Treated as Unexplained Cash Credits Merely Because Donor Identity Is Unknown: ITAT

raghav — Sat, 29 Aug 2026 21:54:57 +0000

Anonymous Donations Cannot Be Treated as Unexplained Cash Credits Merely Because Donor Identity Is Unknown: ITAT Vishakhapatnam ITAT holds that where a Section 12A trust treats anonymous donations as taxable under Section 115BBC, absence of donor particulars cannot automatically trigger Section 68 and Section 115BBE Can a charitable trust receive an anonymous donation, offer…

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ITR Deadline 31 August 2026: Points to remember-

raghav — Sat, 29 Aug 2026 21:54:57 +0000

ITR Deadline 31 August 2026: Points to remember- 31st August is not an extension of due date. The Finance Act, 2026 has substituted Explanation 2 to Section 139(1) with effect from 1 March 2026. 1. The calendar: 31 July 2026 due date applied to assessees with no PGBP income and no audit liability,…

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Section 80P Deduction Can Be Claimed During Assessment Proceedings Even If Not Claimed in ITR: ITAT

raghav — Fri, 28 Aug 2026 21:44:22 +0000

Section 80P Deduction Can Be Claimed During Assessment Proceedings Even If Not Claimed in ITR: ITAT Pune ITAT holds that for AY 2015-16, delayed or additional claim of Section 80P deduction could not be rejected merely because it was not made in the original return; Section 80AC amendment was prospective Can a cooperative society…

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CIT(E) Must Specify the Exact “Specified Violation” Before Cancelling Trust Registration: ITAT Mumbai

raghav — Fri, 28 Aug 2026 21:44:22 +0000

CIT(E) Must Specify the Exact “Specified Violation” Before Cancelling Trust Registration: ITAT Mumbai Vague allegations cannot justify cancellation of charitable trust registration; taxpayer must know the precise violation and material relied upon Registration under section 12A/12AB is extremely important for a charitable or religious institution because it forms the foundation for claiming exemption…

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Section 50C Cannot Reduce Section 54F Exemption: ITAT Chennai

raghav — Thu, 27 Aug 2026 21:40:54 +0000

Section 50C Cannot Reduce Section 54F Exemption: ITAT Chennai Stamp duty value cannot replace actual sale consideration for computing “net consideration” under Section 54F; full exemption allowed where entire actual consideration was reinvested Can the Income Tax Department say that you have to invest ₹4.64 crore in a new house merely because the stamp valuation authority…

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Section 43CA Cannot Be Applied to Land Sale Agreed Before Its Introduction: ITAT Jaipur

raghav — Wed, 26 Aug 2026 21:37:28 +0000

Section 43CA Cannot Be Applied to Land Sale Agreed Before Its Introduction: ITAT Jaipur Where agreement to sell was executed before section 43CA came into force and substantial consideration was received through banking channels, subsequent registration could not trigger stamp-duty valuation provisions Can the Income Tax Department invoke section 43CA merely because a piece of land…

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Can a CA Claim Section 44ADA on Remuneration Received as a Working Partner? ITAT Delhi Says Yes

raghav — Wed, 26 Aug 2026 21:37:27 +0000

Can a CA Claim Section 44ADA on Remuneration Received as a Working Partner? ITAT Delhi Says Yes Partner remuneration of ₹27 lakh can qualify for presumptive taxation under section 44ADA where the assessee is a qualified professional Can a Chartered Accountant who is a working partner in a CA firm claim presumptive taxation under section 44ADA on remuneration…

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Failure to Initiate Section 270A Penalty Cannot Alone Justify Section 263 Revision: ITAT Ahmedabad

raghav — Tue, 25 Aug 2026 21:33:11 +0000

Failure to Initiate Section 270A Penalty Cannot Alone Justify Section 263 Revision: ITAT Ahmedabad PCIT cannot revise an assessment merely because AO did not initiate penalty proceedings when no under-reported income was actually established Can an Assessing Officer’s failure to initiate penalty proceedings under section 270A make an assessment order erroneous and prejudicial to the interests…

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