Failed 35(2AB) Claim Due to Missing Form 3CL Still Eligible for 100% R&D Deduction. Issue If a taxpayer’s claim for a weighted R&D deduction under Section 35(2AB) fails due to the non-submission of the mandatory quantification in Form 3CL, can they make an alternative claim for a 100% deduction of revenue R&D expenses (under Section… Read More »
Delay in Filing Appeal Condoned as it was Caused by Bona Fide Mistake of Tax Consultant. Issue Whether a delay in filing an appeal against the rejection of Section 12A/80G registration can be condoned when the delay was caused by the assessee following the incorrect advice of their tax consultant. Facts The assessee-society’s initial applications… Read More »
Late Filing of Form 10B Not Fatal if Filed Before Assessment Completion. Issue Can a charitable trust’s exemption under Section 11 be denied on the grounds that the mandatory audit report in Form 10B was filed after the due date of the income tax return, even if it was filed before the assessment was completed?… Read More »
Late Filing of Form 10B Not Fatal if Filed Before Assessment Completion. Issue Can a charitable trust’s exemption under Section 11 be denied on the grounds that the mandatory audit report in Form 10B was filed after the due date of the income tax return, even if it was filed before the assessment was completed?… Read More »
Delay in Loss Return Condoned as CA’s Confusion on Complex TDR Issue is “Sufficient Cause”. Issue Whether a delay in filing a loss return under Section 139, caused by a Chartered Accountant’s bona fide confusion over a complex and unsettled legal issue (the tax treatment of TDR), constitutes “sufficient cause” for condonation under Section 119(2)(b),… Read More »
Public Relations Committee The Institute of Chartered Accountants of India November 03, 2025 ICAI PRESS RELEASE ICAI Submits Pre-Budget Suggestions for Union Budget 2026-27, Advocating Prudent Tax Reforms and Sustainable Growth In the Pre-budget Meeting for Union 2026-27, ICAI presented its Pre-budget Suggestions advocating prudent tax reforms aimed at facilitating ease of doing business and encouraging… Read More »
INCOME TAX PENALTY जिसका डर था वही हुआ ! 200% लगेगी ! INCOME TAX REFUND लेने वाले हो जाएं सावधान
Penalty Upheld for Mis-reporting of Income Due to Unjustified Deductions. Penalty Upheld for Mis-reporting of Income Due to Unjustified Excess Chapter VI-A Deductions. Brief Facts The case involves two appeals by the assessee, Mahesh Tukaram Matkar, for Assessment Years (AY) 2017-18 and 2018-19, challenging the confirmation of penalty levied under Section 270A of the Income Tax Act,… Read More »
IMPORTANT INCOME TAX CASE LAW 02.11.2025 Section Case Law Title Brief Summary Citation Relevant Act Section 11 National Law Institute University v. Deputy Commissioner of Income-tax (Exemption) Activity of providing hostel and mess facilities by a university, being incidental to education, is not considered ‘business’. Exemption under section 11(1)(a) is allowable at 15% on… Read More »
Penalty Recovery Stayed When Main Tax Appeal is Admitted by High Court. Issue Whether the Income Tax Department can proceed with the recovery of a penalty levied under Section 271(1)(c) for concealment of income, when the underlying tax demand (on which the penalty is based) is the subject of a pending appeal that has been… Read More »