Benami attachment can be confirmed even if the related criminal case results in an acquittal or discharge. The Dispute The Adjudicating Authority refused to confirm the provisional attachment because a criminal case regarding online betting and gambling (the source of the funds) had not resulted in a conviction. The Verdict The court set aside this… Read More »
Profits from Asset Sales Must Be Routed Through P&L for MAT Computation Under Section 115JB. The Dispute: Capital Reserve vs. P&L Account The Conflict: The assessee company sold fixed assets and realized a capital profit. Instead of reflecting this profit in the P&L Account, the company credited the amount directly to “Reserves & Surplus” (specifically… Read More »
Choosing the concessional rate in the tax return fulfills the substantive requirement; Form 10-IC is a directory follow-up. The Conflict The assessee-company opted for the 22% tax rate (plus surcharge and cess) under Section 115BAA. While they correctly ticked the option in the ITR-6 form, they missed filing the standalone Form 10-IC by the due… Read More »
Interest from Co-operative Banks is eligible for Section 80P(2)(d) deduction as they remain Co-operative Societies. The Dispute The Assessing Officer (AO) argued that because Section 80P(4) excludes “Co-operative Banks” from the general benefits of Section 80P, any interest earned by a society from such a bank should be taxable. The Verdict The Tribunal, following Supreme… Read More »
Form 57 Income Tax Rules 2026 pdf download and Key points Form 57 Income Tax Rules 2026 pdf download and Key points FORM NO. 57 [See rule 123(4)] Intimation by a designated constituent entity, resident in India, of an international group, for the purposes of section 171(4) Under the Income-tax Rules, 2026, Form No. 57… Read More »
Form 56 Income Tax Rules 2026 pdf download and Key points Form 56 Income Tax Rules 2026 pdf download and Key points FORM NO. 56 [See rule 123] MASTER FILE Information and document to be furnished by the person who is a constituent entity under section 171(4) Under the Income-tax Rules, 2026, Form No. 56… Read More »
Important Income Tax Case Laws 21.04.2026 Section Case Law Title Key Ruling Summary Citation Sec 11 & 12 Prof. J.P. Trivedi Memorial Trust Procedural Lapses: Exemption cannot be denied for delayed electronic filing of Form 10/10B or failing to specify accumulation purposes, as these are not “fatal” errors. Click Here Sec 92C Xchanging Solutions Ltd.… Read More »
Form 55 Income Tax Rules 2026 pdf download and Key points Form 55 Income Tax Rules 2026 pdf download and Key points FORM NO. 55 [See rule 121] Form of application for an assessee, resident in India, seeking to invoke mutual agreement procedure provided for in agreements with other countries or specified territories Under the… Read More »
Search on others cannot extend third-party reassessment limits without specific seized material pertaining to them. The Dispute: Section 148 vs. Section 153C The Conflict: The Revenue searched the “SMC Group” and suspected the assessee of taking a loan from a shell entity. They issued a reassessment notice on 30-08-2024 for AY 2016-17, trying to use… Read More »
Assessment orders passed in the name of a company that has ceased to exist due to amalgamation are void ab initio. The Dispute The Amalgamation: Two companies, RPPL and RPEL, merged into the assessee-company (RIL). The Revenue’s Action: Despite being explicitly informed of the merger and acknowledging it (evidenced by earlier refund adjustments in RIL’s… Read More »