Daily Archives: June 11, 2026

Provision for Doubtful Debts Must Be Added Back to Book Profits under Section 115JA, but Infrastructure Deduction Audit Reports Can Be Submitted at the Appellate Stage

By | June 11, 2026
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Provision for Doubtful Debts Must Be Added Back to Book Profits under Section 115JA, but Infrastructure Deduction Audit Reports Can Be Submitted at the Appellate Stage Issue Whether a provision for bad and doubtful debts must be added back to the book profits under Section 115JA of the Income-tax Act, 1961 as a provision for… Read More »

PCIT Must Apply CBDT Condonation Circular Universally to All Assessment Years to Mitigate Genuine Hardship for Form 10IC

By | June 11, 2026
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PCIT Must Apply CBDT Condonation Circular Universally to All Assessment Years to Mitigate Genuine Hardship for Form 10IC Issue Whether a Central Board of Direct Taxes (CBDT) Circular issued under Section 119(2)(b) to condone delays in filing Form 10IC to mitigate genuine hardship is applicable universally to all assessment years (including Assessment Year 2023-24), or… Read More »

Reopening of Assessment Unjustified as Records Proved Assessee Offered Short-Term Capital Gains to Tax

By | June 11, 2026
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Reopening of Assessment Unjustified as Records Proved Assessee Offered Short-Term Capital Gains to Tax Issue Whether the Assessing Officer was justified in reopening the assessment under Section 147 of the Income-tax Act based on information that the assessee claimed a Long-Term Capital Gain (LTCG) exemption, when the records established that the assessee had actually offered… Read More »