Delayed Filing of Return Costs Co-operative Society its Section 80P Deduction 1. The Core Dispute: Timely Filing as a Pre-condition for Deductions The assessee, a co-operative society, claimed a deduction under Section 80P (which provides relief on income from providing credit facilities to members, etc.). However, the society failed to file its Return of Income… Read More »
Tribunal Deletes Penny Stock Additions: SEBI Clearance and Document Trail Override Revenue Suspicion 1. The Core Dispute: Penny Stock vs. Genuine Investment The Revenue challenged the legitimacy of Long-Term Capital Gains (LTCG) earned by the assessee. The Department characterized the transaction as a “Penny Stock” arrangement used to launder money. AO’s Action: Treated the… Read More »
Supreme Court Dismisses Revenue’s SLP: Eligibility for Section 80-IA Deduction Confirmed for Road Developers 1. The Legal Dispute: Developer vs. Works Contractor The core issue centered on the interpretation of Section 80-IA(4) of the Income-tax Act. This section provides a deduction for profits derived from “developing, operating, and maintaining” infrastructure facilities like roads and… Read More »
HIGHLIGHTS: ECONOMIC SURVEY 2025-26 Posted On: 29 JAN 2026 2:18PM by PIB Delhi FIRST ADVANCE ESTIMATE PROJECTS REAL GDP GROWTH AND GVA GROWTH FOR FY26 TO 7.4 AND 7.3 PER CENT RESPECTIVELY POTENTIAL GROWTH FOR INDIA ESTIMATED AT AROUND 7 PER CENT, WHILE REAL GDP GROWTH FOR FY27 PROJECTED AT 6.8-7.2 PER CENT CENTRE’S REVENUE… Read More »
CBIC Advisory: HSNS Cess Registration and Payment (Effective Feb 2026) The Central Board of Indirect Taxes and Customs (CBIC) has issued Advisory No. 01/2026 (dated January 28, 2026) to guide taxpayers on the implementation of the Health Security se National Security (HSNS) Cess, which officially begins on February 1, 2026. 1. Portal Functionality All… Read More »