Addition Under Section 69 And Capital Gains Tax Quashed As Investment Source Stood Duly Explained Issue Whether addition made under Section 69 towards alleged unexplained cash investment in agricultural land is sustainable when the cash payment source is supported by bank withdrawals. Whether agricultural land situated beyond 8 kilometers from municipal limits (as per Notification… Read More »
ITAT Decides Key Tax Issues On Deductions, Disallowances, Capital Gains, And MAT For AY 2016-17 Issue Deduction u/s 80-IB/80-IE: Whether interest income from staff advances/deposits and trade receivables is eligible for deduction. Section 14A Disallowance: Whether interest and administrative expense disallowances apply when own interest-free funds are sufficient, and whether Section 14A adjustments apply to… Read More »
INCOME TAX CASE LAWS 18.08.2026 Relevant Act Section / Rule Case Law Title / Update Brief Summary Citation Finance Act, 2026 Notification No. 114/2026 Foreign Assets of Small Taxpayers Disclosure Scheme Rules, 2026 Govt. notified the voluntary disclosure scheme rules and FAQs enabling eligible taxpayers to declare undisclosed foreign assets/income (open from 16-Aug-2026 to 31-Dec-2026).… Read More »
Tribunal Cannot Decide Appeal Ex-Parte On Merits Without Verifying Proper Service Of Hearing Notice Tribunal Cannot Decide Appeal Ex-Parte On Merits Without Verifying Proper Service Of Hearing Notice Issue Whether the Income Tax Appellate Tribunal (ITAT) can proceed ex-parte and decide an appeal on merits without confirming that a notice of hearing was duly issued… Read More »
Penalty Under Section 271(1)(c) Inapplicable Where Prepaid Tax Exceeds Assessed Tax In Reassessment Proceedings Penalty Under Section 271(1)(c) Inapplicable Where Prepaid Tax Exceeds Assessed Tax In Reassessment Proceedings Issue Whether a penalty for concealment of income under Section 271(1)(c) read with Explanation 3 and Explanation 4(c) can be levied when the tax deducted at source… Read More »
Penalty Under Section 270A Unreasonable Where Income Subject To TDS Disclosed Under Section 148 Return Issue Whether penalty for under-reporting or misreporting under Section 270A is sustainable when a salaried taxpayer, acting under a bona fide belief, discloses her entire income (subject to TDS except a small bank interest amount) in response to a Section… Read More »
Four-Year Delay In Recording Satisfaction Note Invaluates Search Proceedings Under Section 153C Four-Year Delay In Recording Satisfaction Note Invaluates Search Proceedings Under Section 153C Issue Whether initiation of search assessment proceedings under Section 153C against a third party is legally sustainable when there is an unexplained delay of over four years between the search execution… Read More »
Retrospective Insertion Of Section 147A Validates Jurisdiction Of JAO To Initiate And Conduct Reassessment Proceedings Retrospective Insertion Of Section 147A Validates Jurisdiction Of JAO To Initiate And Conduct Reassessment Proceedings Issue Whether, in view of the retrospective insertion of Section 147A by the Finance Act, 2026 with effect from April 1, 2021, the Jurisdictional Assessing… Read More »
Technical Glitch In Delay Filing Form 10-IC Entitles Domestic Company To Concessional Tax Rate Under Section 115BAA Issue Whether a domestic company is entitled to the concessional rate of tax under Section 115BAA when Form 10-IC and the return of income were filed after the due date due to technical glitches on the e-filing portal,… Read More »
SLP Dismissed As Reassessment Cannot Be Initiated Based Solely On Bank Debit-Credit Entries Without Evidence Of Escaped Income Issue Whether reassessment under Section 148 read with Section 148A can be sustained when initiated solely on high-value bank debit and credit entries, despite the assessee explaining all banking transactions with complete documentary evidence and no cash… Read More »