5 gardening tips you can try right in Search 5 gardening tips you can try right in Search Whether you’re a pro gardener or just getting started, Google’s tools can help your plants thrive. This year, gardening is taking on new life. Google Trends shows that people in the U.S. are ditching perfectly manicured plots… Read More »
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Important Income Tax Case Laws 04.05.2026 Relevant Act Section Case Law Title Citation Brief Summary Income Tax Sec 4 & 5 ACIT v. Aamby Valley Ltd. Click Here Real vs. Notional Income: Customer advances and interest-free advances to related parties cannot be taxed as hypothetical income if business transactions are genuine and settled later. Income… Read More »
Retrospective Application of the 5% Safe Harbour Rule under Section 50C Facts The Transaction: The Assessee, a joint owner of an immovable property, sold their share during the financial year relevant to AY 2017-18. The Valuation Gap: Actual Consideration: The Assessee received ₹42 lakhs (representing their 50% share of a ₹84 lakh total sale). Stamp… Read More »
Mandatory vs. Directory: Validity of New Tax Regime (115BAC) for Delayed Form 10-IE Facts The Choice: For the Assessment Year 2021-22, the Assessee intended to opt for the “New Tax Regime” under Section 115BAC. The Procedure: To exercise this option, the taxpayer was required to file Form No. 10-IE before the due date specified under… Read More »
Substantial Compliance over Technical Glitches: Non-Denial of Section 80JJAA Deduction for Delayed Form 10DA Facts The Claim: The Assessee-company claimed a deduction under Section 80JJAA (relating to the employment of new employees) for the Assessment Year 2023-24. Audit Report: The Assessee obtained the mandatory audit report in Form No. 10DA within the prescribed time limit.… Read More »
NEW TDS SECTION CODES MAPPING FOR TDS RETURN FILING FY 2026-27 FORM 140 tds return latest update Refer Section Codes for TDS Return Income Tax Form 140 Income Tax Rules 2026 [Video] INCOME TAX PENALTY NOTICE SECTION 272A(1)(d) ISSUED! STEP BY STEP GUIDE HOW TO REPLY [Video] HOW TO DOWNLOAD TDS CERTIFICATE PURCHASE OF PROPERTY… Read More »
Securitisation Trusts are Revocable Trusts: Income Taxable in Hands of SR Holders Facts The Structure: The Assessee-trust was created by an Asset Reconstruction Company (ARC) under the SARFAESI Act and RBI Guidelines to acquire and realize Non-Performing Assets (NPAs). The Funding: Contributions were received from Qualified Institutional Buyers (QIBs), who were issued Security Receipts (SRs)… Read More »
Section 54F: Eligibility Based on Physical Existence of Residential House vs. Property Classification Facts The Transaction: The Assessee, along with co-owners, sold two non-agricultural lands during the financial year relevant to AY 2015-16. The Claim: The sale proceeds were invested in a new residential house, and a deduction was claimed under Section 54F. The Objection:… Read More »
Allowability of Statutory Interest, Cash Payment Limits, and Treatment of Customer Advances Facts The case involves a company engaged in contract works for power utilities, subjected to a scrutiny assessment for Assessment Year 2018-19. The Revenue challenged the Assessee on three distinct fronts: Statutory Interest: The Assessing Officer (AO) disallowed interest paid on delayed remittances… Read More »