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Deletion of Section 68 Penny Stock LTCG Addition in Section 153A Assessment Absent Incriminating Material: Mumbai ITAT Follows Abhisar Buildwell
Deletes Section 68 addition on penny stock LTCG in Section 153A assessment sans incriminating materialMumbai ITAT deletes addition under Section 68 on account of long term capital gain on alleged penny stocks of listed c...
Filing of audit report mandatory but timeline merely procedural; Allows deduction under section 80IAC
Filing of audit report mandatory but timeline merely procedural; Allows deduction under section 80IACDelhi ITAT allows Assessee’s appeal observing that the filing of Audit Report is mandatory for claiming deduction und...
Failure to consider judicial precedents not rectifiable under section 254(2); Upholds ITAT’s refusal to rectify
Failure to consider judicial precedents not rectifiable under section 254(2); Upholds ITAT’s refusal to rectifyTelangana High Court dismisses Assessee’s writ petition on finding that there is no infirmity in the ITAT...
Final Deadline Alert: Correct TDS/TCS Returns for FY 2018-19 to 2023-24 Before 31 March 2026
Final Deadline – 31 March 2026 for Correcting TDS/TCS
Returns for FY 2018-19 to FY 2023-24The Central Board of Direct Taxes (CBDT) has provided an
exceptional one-time window allowing all deductors to revise, correct...
Quashes Section 263 revision, holds Section 69C inapplicable where source of payment remains undisputed
Quashes Section 263 revision, holds Section 69C inapplicable where source of payment remains undisputedDelhi ITAT quashes revisionary proceedings under Section 263, holding that Section 69C could not be invoked in the ab...
Dividend/interest income not profit ‘derived’ from business, ineligible for Section 36(1)(viii) deduction claim
Dividend/interest income not profit ‘derived’ from business, ineligible for Section 36(1)(viii) deduction claimIn a judgment pronounced on 10.12.2025, Supreme Court dismisses assessee’s (National Cooperative Develo...
Whether the assessment framed u/s 153A for Assessment Year 2010-11 (pursuant to search action) was barred by limitation, as it fell beyond the permissible extended period of 10 years prescribed under Explanation 1 to Section 153A(1), particularly in light of the binding judgment of the Delhi High Court in Ojjus Medicare Pvt. Ltd
Whether the
assessment framed u/s 153A for Assessment Year 2010-11 (pursuant to search
action) was barred by limitation, as it fell beyond the permissible extended
period of 10 years prescribed under Explanation 1 to ...
Deemed Let-Out Property: Contemporary Tax Treatment of Residential, Commercial and Stock-in-Trade Units After the Finance Act, 2024
Deemed Let-Out
Property: Contemporary Tax Treatment of Residential, Commercial and
Stock-in-Trade Units After the Finance Act, 2024 A central
feature of the scheme of taxation under the head “Income from House ...
The Dispute Resolution Panel (DRP): Concept, Scope and Appellate Framework under the Income-tax Act, 1961
The Dispute
Resolution Panel (DRP): Concept, Scope and Appellate Framework under the
Income-tax Act, 1961 1. IntroductionThe Dispute
Resolution Panel (DRP) is one of the most significant innovations introduced in...
THE MERCANTILE METHOD OF ACCOUNTING & THE ACCRUAL SYSTEM UNDER THE INCOME-TAX ACT, 1961
THE MERCANTILE
METHOD OF ACCOUNTING & THE ACCRUAL SYSTEM UNDER THE INCOME-TAX ACT, 1961
1. IntroductionThe method of
accounting adopted by an assessee forms the very foundation upon which taxable
income is comp...