Ad-Hoc 30% Site Maintenance Expense Disallowance Reduced to 10% Due to Partial Supporting Voucher Evidence Issue Whether an ad-hoc disallowance of 30% on site maintenance expenditure was justified when the expenses were supported by internal self-made vouchers and muster rolls, or whether a lower disallowance of 10% would meet the ends of justice. Facts Business… Read More »
Disallowance of Interest Expenditure Deleted as AO Failed to Prove Business Funds Were Diverted for Personal Home Loans Issue Whether the disallowance of interest expenditure under Section 37(1) was justified when the accounts furnished by the assessee did not indicate that the interest claimed in the Profit and Loss account included any interest paid on… Read More »
Delay in E-Verifying Form 10B Due to Covid-19 Inadvertence Condoned Under CBDT Circular No. 16/2024 Delay in E-Verifying Form 10B Due to Covid-19 Inadvertence Condoned Under CBDT Circular No. 16/2024 Issue Whether the Commissioner should be directed to grant registration under section 12AB (and consequential 80G approval) to an assessee-trust set up under a national… Read More »
Failure to E-Verify Audit Report Form 10B Due to Inadvertence During COVID-19 Condoned Under CBDT Circular No. 16/2024 to Prevent Genuine Hardship to Charitable Trust Failure to E-Verify Audit Report Form 10B Due to Inadvertence During COVID-19 Condoned Under CBDT Circular No. 16/2024 to Prevent Genuine Hardship to Charitable Trust Issue Whether the delay by… Read More »
SECTION 10(46A) OF THE INCOME-TAX ACT, 1961 – EXEMPTIONS – STATUTORY BODY/AUTHORITY/BOARD/TRUST/COMMISSION – NOTIFIED BODY OR AUTHORITY NOTIFICATION S.O. 3203(E) [NO. 114 /2025/F. NO. 196/23/2014-ITA-I(PT.1)], DATED 14-7-2025 In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of… Read More »
INCOME TAX CASE LAWS 14.08.2026 Relevant Act Section / Rule Case Law Title Citation Brief Summary Income-tax Act, 1961 Section 9 DCIT (IT) v. Standard Chartered Bank Click Here Reimbursed expatriate salary paid initially by overseas HO for Indian PE is wholly for business, has suffered tax in India, and cannot be disallowed under section… Read More »
Prosecution Under Section 276CC Unwarranted When Final Regular Assessment Entitles Taxpayer to a Refund Prosecution Under Section 276CC Unwarranted When Final Regular Assessment Entitles Taxpayer to a Refund Issue Whether a criminal prosecution under Section 276CC for failure to furnish an income tax return under Section 148 is sustainable when the regular assessment results in… Read More »
PCIT Cannot Invoke Section 263 for Reverification When AO Throroughly Examined DVO Valuation and Property Sale Issue Whether the Principal Commissioner of Income Tax (PCIT) can validly exercise revisional powers under Section 263 to set aside an assessment order for reverification, when the Assessing Officer (AO) had already examined the sale of flats, called for… Read More »
Supreme Court Dismisses SLP Upholding High Court Order Setting Aside Perverse ITAT Relief on Bogus Share Loss Supreme Court Dismisses SLP Upholding High Court Order Setting Aside Perverse ITAT Relief on Bogus Share Loss Issue Whether the Supreme Court should interfere with the High Court’s order setting aside the Tribunal’s decision, where the High Court… Read More »
Full TDS Credit Must Be Allowed to Co-Owner If Other Co-Owners Claim No Credit Issue Whether an assessee who co-owns a leased property is entitled to claim 100% credit for Tax Deducted at Source (TDS) deducted entirely under his PAN when the other co-owners offer their proportionate rental income to tax but claim zero TDS… Read More »