Interest and penalty paid on account of non-payment of additional license fee are revenue expenditure. No disallowance under section 14A is required if there is no other source of exempt income. I. Allowability of Interest and Penalty as Business Expenditure (Section 37(1)) Issue: Whether interest and penalty paid by the assessee due to delayed payment… Read More »
Section 10(23C)(vi) Approval Remanded; Potential Activities Not Grounds for Rejection Issue: Whether the Commissioner (Exemptions) is justified in rejecting an application for fresh approval under Section 10(23C)(vi) of the Income-tax Act, 1961, based on the mere mention of certain authorized activities in the assessee-company’s objects, without evidence of those activities being actually undertaken. Facts: The… Read More »
Sale Deed Executed Under General Power of Attorney After Principal’s Death Invalid Issue: Whether a sale deed executed by a General Power of Attorney (POA) holder after the death of the original owner (principal) is valid, particularly when the POA and agreement to sell were not registered, and the POA was general in nature. Facts:… Read More »
Provisional attachment order cannot be confirmed if the funds were not transferred by the alleged beneficial owner. Provisional Attachment Order Not Confirmed; Lack of Evidence of Benami Transaction Issue: Whether a provisional attachment order under Section 5 of the Prevention of Money Laundering Act, 2002 (PMLA), should be confirmed when there is a lack of… Read More »
NEW INCOME TAX NOTICES 2025 ! File your Updated Return for A.Y.2022-23 ! ITR U NOTICES AND PENALTY File your Updated Return for A.Y.2022-23 These notices, specifically regarding filing ITR-U (Updated Income Tax Return) for Assessment Year (A.Y.) 2022-23 and the statement that “there is no valid ITR existing for your PAN,” are issued by… Read More »
Income Tax Guide for AY 2026-27 (FY 2025-26) New Changes in Income Tax From 01.04.2025 Saving Bank Cash Deposit Limit from 1st April 2025 Saving Bank Cash Withdrawal New Rules from 1st April 2025 Updated Return from AY 2026-27 : New Change by Budget 2025 in Income Tax New TDS and TCS Rules from 1st… Read More »
ATTENTION SENIOR CITIZENS ! NEW INCOME TAX RULE 2025 ADVANCE TAX ON SHARE TRADING BY SENIOR CITIZENS
27 IMPORTANT INCOME TAX LAWS 01.03.2025 Section Case Law Title Brief Summary Citation 4 Indus Towers Ltd v. DCIT Reconciliation of income discrepancies can lead to deletion of additions. Click Here 6 Oxford University Press v. Deputy Commissioner of Income-tax, (IT) Reopening of assessment is not justified based on information disclosed during a later assessment… Read More »
Income Tax Case Laws in February 2025 11 IMPORTANT INCOME TAX LAWS 27.02.2025 8 IMPORTANT INCOME TAX LAWS 26.02.2025 15 Important INCOME TAX Law 25.02.2025 19 IMPORTANT INCOME TAX CASE LAWS 24.02.2025 11 Important Income Tax case Law 22.02.2025 14 IMPORTANT INCOME TAX CASE LAWS 21.02.2025 12 IMPORTANT INCOME TAX CASE LAW 20.02.2025 11 IMPORTANT… Read More »
Penalty under section 271(1)(c) cannot be imposed without a clear show-cause notice. Penalty Order Quashed; Ambiguous Show Cause Notice Violates Due Process Issue: Whether a penalty order under Section 271(1)(c) of the Income-tax Act, 1961, is valid when the Assessing Officer (AO) initiated penalty proceedings for “concealment of income” but levied a penalty for “furnishing… Read More »