Assessments under Section 153A are invalid if initiated for cash seized during an election period where the specific procedural exceptions under Rule 112F have been ignored by the Assessing Officer. Issue Whether assessment proceedings initiated under Section 153A of the Income-tax Act, 1961 for six preceding assessment years are legally valid when the underlying search… Read More »
Matter remanded for fresh consideration on setting off business loss against deemed short-term capital gains from depreciable assets in light of new judicial precedent. Issue Whether brought forward business loss under Section 72 of the Income-tax Act, 1961, can be set off against short-term capital gains computed under Section 50, which arise from the sale… Read More »
How to REPORT outward Foreign Remittance in ITR AY 2025-26 ! AVIOD Income Tax NOTICE
Unexplained Moneys / Cash Credits: Sections 68 or 69A Cannot Be Invoked When Source Declared in Books Issue: Whether the Assessing Officer (AO) or Commissioner (Appeals) can invoke the provisions of Section 68 (Cash Credit) or Section 69A (Unexplained Moneys) of the Income-tax Act, 1961, for cash deposits made during the assessment year 2017-18, if… Read More »
Tribunal’s Quashing of Reassessment for Bogus LTCG Set Aside: AO’s Own Satisfaction and Evidence Not Considered by Tribunal Issue: Whether the Income Tax Appellate Tribunal (ITAT) was justified in quashing a reassessment order (under Section 147/148) that made additions under Section 68 (cash credit) for bogus Long-Term Capital Gains (LTCG) from penny stock trading, on… Read More »
I. Furnishing Expenses are Part of Cost of Improvement for Capital Gains if Integral to Habitable Flat Issue: Whether furnishing expenses, such as furniture, almirahs, bed sets, and electronics, can be considered as part of the “cost of improvement” for a residential flat under Section 48 of the Income-tax Act, 1961, thereby eligible for indexation… Read More »
Proportionate Disallowance of Exhibition Expenses Upheld: Indirect Benefits to Assessee-Partner Justify Partial Allocation Issue: Whether the Commissioner (Appeals) took a reasonable approach in allowing only 25% of exhibition expenses incurred by an assessee (a partner in a firm) on behalf of that firm as business promotion expenses, when the Assessing Officer (AO) had disallowed the… Read More »
Infrastructure Fee Deduction Restricted to 5% of Actual Advertising Receipts, Not Gross Bills Issue: Whether the Tribunal was justified in restricting the deduction for “infrastructure fee” under Section 37(1) of the Income-tax Act, 1961, to 5% of the actual advertising receipts, in accordance with the agreement, rather than allowing it on gross advertising bills. Facts:… Read More »
ITR PROCESSED ! WHAT TO DO FOR QUICK ITR PROCESSING AY 2025-26 INCOME TAX RETURN
Retrospective Section 12A Registration Denied for Educational Society: Lack of Cogent Reason for Delay and Prior Exemption Knowledge Issue: Whether an educational society that initially availed exemption under Section 10(23C)(iiiad) is entitled to retrospective registration under Section 12A of the Income-tax Act, 1961, when it fails to provide cogent and strong reasons for the delay… Read More »