INCOME TAX PENALTY जिसका डर था वही हुआ ! 200% लगेगी ! INCOME TAX REFUND लेने वाले हो जाएं सावधान
INCOME TAX PENALTY जिसका डर था वही हुआ ! 200% लगेगी ! INCOME TAX REFUND लेने वाले हो जाएं सावधान
Daily Archives: November 3, 2025
Penalty Upheld for Mis-reporting of Income Due to Unjustified Deductions.
Penalty Upheld for Mis-reporting of Income Due to Unjustified Deductions. Penalty Upheld for Mis-reporting of Income Due to Unjustified Excess Chapter VI-A Deductions. Brief Facts The case involves two appeals by the assessee, Mahesh Tukaram Matkar, for Assessment Years (AY) 2017-18 and 2018-19, challenging the confirmation of penalty levied under Section 270A of the Income Tax Act,… Read More »
IMPORTANT INCOME TAX CASE LAW 02.11.2025
IMPORTANT INCOME TAX CASE LAW 02.11.2025 Section Case Law Title Brief Summary Citation Relevant Act Section 11 National Law Institute University v. Deputy Commissioner of Income-tax (Exemption) Activity of providing hostel and mess facilities by a university, being incidental to education, is not considered ‘business’. Exemption under section 11(1)(a) is allowable at 15% on… Read More »
Attachment Must Be Lifted After Tribunal Deletes Additions and Arrears Are Cleared.
Attachment Must Be Lifted After Tribunal Deletes Additions and Arrears Are Cleared. Issue Can a tax attachment order remain in force even after the underlying tax demand, on which the attachment was based, has been deleted by the Commissioner (Appeals) and that deletion has been confirmed by the Income Tax Appellate Tribunal (ITAT)? Facts Following… Read More »
Penalty Recovery Stayed When Main Tax Appeal is Admitted by High Court.
Penalty Recovery Stayed When Main Tax Appeal is Admitted by High Court. Issue Whether the Income Tax Department can proceed with the recovery of a penalty levied under Section 271(1)(c) for concealment of income, when the underlying tax demand (on which the penalty is based) is the subject of a pending appeal that has been… Read More »
AO’s Actions in Breach of High Court Stay Order are Illegal; Refund Adjustment Invalid.
AO’s Actions in Breach of High Court Stay Order are Illegal; Refund Adjustment Invalid. Issue Can a tax authority (Assessing Officer) continue with reassessment proceedings or initiate recovery actions (like adjusting a refund) that are based on a notice and assessment order that have been explicitly stayed by a High Court? Facts The assessee filed… Read More »
Reassessment Notice Issued to a Deceased Person is Null and Void.
Reassessment Notice Issued to a Deceased Person is Null and Void. Issue Whether reassessment proceedings initiated under Section 148A and 148 against a person who is already deceased are legally valid, particularly when the Income Tax Department had prior knowledge of the assessee’s death. Facts The assessee (the petitioner’s husband) had passed away. The petitioner,… Read More »
Profit from Sale of Commercial Property Held for Six Years is Capital Gain, Not Business Income.
Profit from Sale of Commercial Property Held for Six Years is Capital Gain, Not Business Income. Issue Whether the profit from the sale of a commercial building should be taxed as “Business Income” (as an adventure in nature of trade) or as “Long-Term Capital Gains,” especially when the assessee’s original intent was to earn rental… Read More »
AO Must Apply ‘Commercial Expediency’ to Carried-Forward Investments and Delete Disallowance.
AO Must Apply ‘Commercial Expediency’ to Carried-Forward Investments and Delete Disallowance. Issue Whether the principle of “commercial expediency,” which was accepted for an investment in a prior year, must be applied to the interest disallowance on that same (carried forward) investment in the current assessment year, or can an appellate authority set aside the entire… Read More »
Budget 2026-27 : Govt. invites suggestions from trade and industry
F. No.334/10/2025-TRU Government of India Ministry of Finance Department of Revenue Tax Research Unit Room No.146-G,North Block New Delhi, dated27thOctober, 2025 To,Trade and Industry Associations Subject: Suggestions from the Industry and Trade Associations for Budget 2026-27regarding changes in direct and indirect taxes In the context of formulating the proposals for the Union Budget of 2026-27,… Read More »