ITR REFUND पर आया बड़ा फैसला ! INCOME TAX REFUND LATEST UPDATE
ITR REFUND पर आया बड़ा फैसला ! INCOME TAX REFUND LATEST UPDATE
Daily Archives: October 16, 2025
Assessee is entitled to full TDS credit when buyer inadvertently deducted entire amount in his name for jointly held property.
Full TDS Credit Allowable to Co-owner if Corresponding Income is Taxed Separately Brief Facts The assessee, an individual, jointly owned an ancestral property with his son. 1They sold the land for a total consideration of ₹13 crore, with each receiving an equal share of ₹6.5 crore. However, the buyer inadvertently deducted the entire Tax… Read More »
Important Update for Deductors: Reduced Time Limit for Filing Correction Statements
Important Update for Deductors: Reduced Time Limit for Filing Correction Statements 1. Key Change under the New Income Tax Provisions • The time limit for filing correction statements (TDS/TCS) has been reduced to 2 years. • Earlier, deductors had a longer window to correct errors in filed TDS/TCS returns. • Now, under the new provisions,… Read More »
IMPORTANT INCOME TAX CASE LAW 15.10.2025
IMPORTANT INCOME TAX CASE LAW 15.10.2025 Section Case Law Title Brief Summary Citation Relevant Act Section 2(15) Jewellers and Diamond Traders Association v. CIT (Exemption) Rejection of a trust’s registration under Section 12AB on the grounds of “mutuality” (taxability issue) was beyond the Commissioner’s scope at the registration stage. Registration should be granted as activities… Read More »
Trust registration should be based on its charitable objects, not on a premature judgment of its income’s future taxability.
Trust registration should be based on its charitable objects, not on a premature judgment of its income’s future taxability. Issue Can the Commissioner (Exemption) deny registration to a trust under Section 12AB by examining the potential taxability of its income or the applicability of restrictive provisions like Section 13(3), or is the inquiry at the… Read More »
The year of transfer for capital gains is the year possession is handed over and consideration is paid, not the year the sale deed is registered.
The year of transfer for capital gains is the year possession is handed over and consideration is paid, not the year the sale deed is registered. Issue For the purpose of calculating Long-Term Capital Gains (LTCG), in which assessment year should the “transfer” of a property be considered to have taken place: the year when… Read More »
A revised Form 9A filed before the completion of an assessment must be considered by the Assessing Officer to correctly determine the income of a charitable trust.
A revised Form 9A filed before the completion of an assessment must be considered by the Assessing Officer to correctly determine the income of a charitable trust. Issue Can an Assessing Officer (AO) ignore a revised Form 9A filed by a charitable trust to correct a genuine computational error, and proceed to make an addition… Read More »
Disallowance for Exempt Income Expenses Must Be Based Only on Investments That Actually Yielded Income.
Disallowance for Exempt Income Expenses Must Be Based Only on Investments That Actually Yielded Income. Issue For the purpose of disallowing expenditure under Section 14A, should the calculation be based on the assessee’s entire investment portfolio, or should it be restricted only to those specific investments that generated the exempt income during the relevant year?… Read More »
A disallowance for cash payments was remanded to the Assessing Officer to give the taxpayer a fresh opportunity to justify the payments under statutory exceptions.
A disallowance for cash payments was remanded to the Assessing Officer to give the taxpayer a fresh opportunity to justify the payments under statutory exceptions. Issue Whether a disallowance under Section 40A(3) for cash payments exceeding the prescribed limit should be finalized without affording the assessee a complete opportunity to substantiate their claim that the… Read More »
An AO cannot make new additions after dropping the original reason for reassessment.
An AO cannot make new additions after dropping the original reason for reassessment. Issue Can an Assessing Officer (AO) make additions on entirely new grounds during a reassessment proceeding if the original reason for reopening the assessment is dropped or accepted as explained by the assessee? Facts The assessee had not filed an Income Tax… Read More »