Ad-Hoc Profit Estimations and Cash Credit Additions Cannot Stand in Absence of Tangible Evidence or Books Rejection Issue Issue I (Method of Accounting): Whether the Assessing Officer (AO) was justified in making an ad-hoc 1 per cent addition to the net profit rate based on a general decline in profit margins, without rejecting the assessee’s… Read More »
Assessments Must Restrict Additions to Relevant Financial Year, Avoid Transaction Duplication, and Apportion Co-ownership Shares Equally Issue Whether the Assessing Officer (AO) was justified in making additions for undisclosed sales and investments when the transactions included a sale from a different financial year, a rectification deed that caused duplication, and the full value of a… Read More »
SLP Dismissed Following Precedent Confirming Depreciation is Allowable to Lessor on Assets Given Under Lease Issue Whether the Special Leave Petition (SLP) filed by the Revenue should be dismissed following an earlier Supreme Court dismissal in the assessee’s own case, which confirmed that the lessor is entitled to depreciation on leased assets despite the Revenue’s… Read More »
Exemption Under Section 11 Cannot Be Denied If Audit Form 10B Was Available Before Return Processing Issue Whether the Central Processing Centre (CPC) was justified in denying the exemption under Section 11 under Section 143(1) solely because the prescribed audit report in Form 10B was filed after the return of income, even though the report… Read More »
Assessee Entitled to Fresh Consideration as Appellate Order Overlooked High Court Interim Orders Pending Writ Outcome Issue Whether the first appellate authority’s order should be set aside and the matter restored for fresh consideration because it completely overlooked the pendency of a writ petition before the High Court and the interim orders passed therein, while… Read More »
Schedule 80E – Interest on Loan Taken for Higher Education AY 2026-27 ‘Schedule 80E’ in the Income Tax Return is used to claim deduction for interest paid on education loans under section 80E. It requires the assessee to provide details such as the name of the lender (bank, financial institution, or approved entity), loan account number, date… Read More »
Schedule 80EE – Interest on Loan Taken for Residential House Property AY 2026-27 ‘Schedule 80EE’ in the Income Tax Return is used to claim the deduction under section 80EE for interest paid on home loans availed for the purchase of a residential house property. The assessee is required to furnish key information such as the name of… Read More »
Schedule 80EEA – Deduction in Respect of Interest on Loan Taken for Certain House Property AY 2026-27 ‘Schedule 80EEA’ in the Income Tax Return facilitates the reporting of interest paid on housing loans eligible for deduction under Section 80EEA. This deduction, up to Rs. 1,50,000, is available to individual assessees (resident or non-resident) for loans sanctioned between… Read More »
Schedule 80EEB – Deduction in Respect of Interest Paid on Purchase of Electric Vehicle AY 2026-27 ‘Schedule 80EEB’ in the Income Tax Return is used to claim deduction under section 80EEB for interest paid on loans taken for the purchase of electric vehicles. This schedule applies to individual taxpayers and supports the government’s initiative to promote eco-friendly transportation.… Read More »
Schedule Part A-BS – Balance Sheet AY 2026-27 Schedule Part A—Balance Sheet (Part A-BS) in the ITR form requires taxpayers to furnish details of their Balance Sheet as of March 31st of the relevant financial year. This schedule applies to individuals, Hindu Undivided Families (HUFs), firms, LLPs, companies, and other entities that earn income from… Read More »