Monthly Archives: March 2025

Rejection of registration application is justified if the assessee fails to provide necessary details. 12AB and 80G Registration Denial Upheld; Non-Compliance Despite Multiple Opportunities Issue I: Whether the Commissioner (Exemptions) is justified in rejecting an assessee-society’s application for registration under Section 12A(1)(ac)(iii) when the assessee failed to furnish required details/documents despite multiple opportunities. Issue II:… Read More »

12A and 80G Renewal Rejection Quashed; Lack of Examination Violates Natural Justice Issue: Whether the Commissioner (Exemptions) is justified in rejecting an assessee-trust’s application for renewal of registration under Section 12A(1)(ac)(iii) and approval under Section 80G(5)(iii) on the ground of non-compliance of notices, when the assessee had submitted all required information and documents within the… Read More »

Depreciation can be claimed on assets acquired through a gift. I. Depreciation on Passive Infrastructure Assets (PIAs) Acquired Through Gift (Section 32, 43(1)) Issue: Whether the assessee can claim depreciation on PIAs acquired through a court-approved merger scheme, where the initial transfer to Tower Companies (TowerCos) was considered a “gift.” Decision: The court held that… Read More »

Reopening Notice Quashed; No Failure to Disclose Material Facts; Change in Residential Status in Subsequent Year Not Grounds for Reopening Issue: Whether a reopening notice under Section 148 of the Income-tax Act, 1961, is valid when it is based solely on a change in the assessee’s residential status in a subsequent assessment year, and there… Read More »

Income Tax Guide for AY 2025-26 Computation of Tax for Individual for AY 2025-26 Deduction of tax in case of Specified Senior Citizen AY 2025-26 Advance Tax provsions for AY 2025-26 Exemptions from Capital Gains AY 2025-26 Exemption to Capital Gains on Transfer of Agricultural Land AY 2025-26 SET OFF AND CARRY FORWARD OF LOSS… Read More »

Computation of Tax for Individual for AY 2025-26 The income taxable in the hands of an individual and tax liability thereon shall be computed according to his residential status. The income taxable under the Income-tax Act is computed under the five heads of income, and tax thereon is computed as per the tax slab rates… Read More »