HO-driven services via field engineers do not create a place of business or require separate GST registration. Issue Whether the repair and maintenance services provided by a Maharashtra-based Head Office through Field Service Engineers (FSEs) in Odisha, alongside the temporary storage of spare parts and toolkits there, constitute a “Place of Business” under Section 2(85)… Read More »
Section A – Business Account (Indian Accounting Standards) AY 2026-27 Schedule Part A – Trading Ind AS in the Income Tax Return (ITR) form applies to companies that are required to prepare their financial statements in compliance with Indian Accounting Standards (Ind AS). This schedule captures the trading results of the business, reflecting the gross… Read More »
Schedule 112A – From sale of equity share in a company or unit of equity-oriented fund or unit of a business trust on which STT is paid under section 112A AY 2026-27 ‘Schedule 112A’ in the Income Tax Return (ITR) forms deals with the computation of long-term capital gains (LTCG) arising from the sale of… Read More »
INCOME TAX CASE LAWS 14.5.2025 Section Case Law Title Brief Summary Citation Relevant Act 11 Breach Candy Hospital Trust v. ACIT Appeal disposition without considering pending writ and interim relief regarding exemption approval was improper; must await final writ outcome. Click Here Income-tax Act, 1961 11 T.K. Raja Educational Charitable Trust v. ITO Exemption cannot… Read More »
SLP Dismissed As Reassessment Notice Issued After Six Years From Assessment Year End Is Barred By Limitation Issue Whether the Special Leave Petition (SLP) filed by the Revenue should be dismissed, confirming the High Court’s ruling that a reassessment notice under Section 148 issued for the assessment year 2016-17 on 31-03-2024 was completely barred by… Read More »
Interim Stay or Invalidation of Third-Party Search Does Not Divest Assessing Officer of Section 148 Reassessment Jurisdiction Issue Whether a reassessment notice issued to a non-searched assessee under the Second Explanation to Section 148—based on material seized during a third-party search—becomes invalid or loses jurisdiction if the underlying search is subsequently stayed or declared illegal… Read More »
Ad-Hoc Profit Additions and Cash Credit Disallowances Are Impermissible Without Formally Rejecting Books or Provable Discrepancies Issue Issue I (Estimation of Income): Whether the Assessing Officer (AO) was legally justified in making an ad-hoc addition of 1 per cent to the assessee’s net profit rate purely because of a declining net profit ratio, without rejecting… Read More »
Intimation Order Merges With Final Scrutiny Assessment Rendering Parallel Appeals Against Intimation Infructuous Issue Whether an intimation order passed under Section 143(1) merges into the final scrutiny assessment order under Section 143(3) once a case is selected for scrutiny, thereby rendering any parallel appellate proceedings against the initial intimation infructuous. Facts Profile: The assessee is… Read More »
Schedule Part A- Audit information AY 2026-27 About the Schedule ‘Schedule – Audit Information’ in the Income Tax Return (ITR) forms captures audit information. The Audit Information Schedule is a crucial disclosure section for taxpayers engaged in business or profession. It ensures compliance with statutory requirements under sections 44AA and 44AB of the Income-tax Act, 1961. Taxpayers are required to… Read More »
Schedule Nature of Business or Profession AY 2026-27 About the Schedule ‘Schedule – Nature of Business’ in the Income Tax Return (ITR) form is used to report the specific nature of the business or professional activity carried out by the taxpayer during the financial year. This schedule is mandatory for all individuals, HUFs, firms, companies,… Read More »