Housing Finance Company’s Varied Deduction Claims and Tax Disputes Resolved Addition cannot be made solely based on ITS/AIR information without further evidence Overall Theme: The case revolves around a housing finance company (assessee) and its disputes with the tax authorities regarding the eligibility and computation of various deductions claimed under the Income-tax Act, 1961. The… Read More »
Condonation of Minor Delay in Form 10B Filing Granted to Charitable Trust Issue: Whether a 15-day delay in filing Form 10B by a charitable trust under Section 12A of the Income-tax Act, 1961, should be condoned, considering the reasons provided by the trust and the principles of a liberal approach in such cases. Facts: The… Read More »
Sale is incomplete due to partial payment and the lack of a completed sale deed, the property could not be considered as being held benami Issue: Whether an agreement of sale, where only partial payment was made and ownership transfer was conditional upon full payment and execution of a sale deed, constitutes a benami transaction… Read More »
Incomplete Property Sales and Lack of Evidence Prevent Benami Transaction Designation Issue: Whether immovable properties, where partial payments were made by alleged benamidars and the title was not transferred, can be considered as held benami, and whether mere cash infusions into the benamidars’ accounts, without proof of the beneficial owner’s source, are sufficient to establish… Read More »
Bhaikaka University, Anand, Gujarat notified as a scientific research institution NOTIFICATION S.O. 673(E) [NO.15/2025/F.NO. 203/27/2024/ITA-II], DATED 10-2-2025 In exercise of the powers conferred by clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961), read with Rules 5C and 5E of the Income-tax Rules, 1962, the Central Government hereby… Read More »
Gmail KeyBoard Shortcuts List Compose and Chat Shift + Esc : Focus main window Esc : Focus latest chat or compose Ctrl + . : Advance to next chat or compose Ctrl + , : Advance to previous chat or compose Ctrl + Enter : Send Ctrl + Shift + c : Add Cc recipients Ctrl + Shift + b : Add Bcc recipients Ctrl + Shift + f : Access custom from Ctrl + Shift + d : Discard draft Ctrl + k : Insert a link Ctrl + ; : Go to… Read More »
Section 87A Rebate Income Tax New change from AY 2026-27 The Finance Bill 2025 includes several proposals for amending Section 87A of the Income-tax Act, 1961, concerning the rebate of income tax for certain individuals. Here’s a breakdown of the key changes: Increased Income Threshold The income threshold for claiming a tax rebate under Section… Read More »
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IMPORTANT GST CASE LAWS 12.02.2025 Sr No Case Law Title Brief Summary Citation Relevant Section and Act 1 Skylark Infra Engineering (P.) Ltd. v. Union of India Assessee relegated to remedy of appeal before GST Tribunal. Click Here Section 7 Integrated Goods and Services Tax Act, 2017 2 Dhanalakshmi Steels v. Assistant Commissioner… Read More »
Bail Granted in Fraudulent ITC Availment Case Due to Trial Delay and Assured Payment Issue: Whether a director arrested for fraudulent availment of ITC under the GST Act should be granted successive regular bail, considering the completion of the investigation, the nature of the offence, and the potential delay in the trial. Facts: The applicant,… Read More »