ITR filed after death is valid proof for Income for Motor Accident Claim : Supreme court Case Sayar & Ors. v. Ramkaran & Ors., here is a breakdown of the case’s facts, core issue, and the Supreme Court’s decision: 1. Facts of the Case Incident: The accident occurred on 27th June 2006. Deceased: Rajendra… Read More »
Buying Land: How to Avoid a Income Tax Notice Buying a plot of land is a major financial milestone, but it can quickly turn into a tax nightmare if the transaction attracts scrutiny from the Income Tax Department. Tax notices are often triggered when there is a mismatch between the declared funds used for… Read More »
How to make tds payment on purchase of property The specific challan-cum-statement used to deposit TDS on property purchase under Section 194-IA is Form 26QB. Procedure for TDS Payment on Property (Form 26QB) This process is mandatory when the sale consideration or stamp duty value is ₹50 Lakh or more. 1. Preparation and Deduction… Read More »
Agricultural Income Accepted; Addition u/s 68 Deleted as AO Failed to Rebut Affidavits Issue Whether the Assessing Officer (AO) can treat a portion of declared agricultural income as unexplained cash credit under Section 68 based on estimates from a Verification Unit and general internet rates, while ignoring specific affidavits and evidence furnished by the assessee… Read More »
Cash Deposits from Prior Withdrawals for Failed Property Deal Not Unexplained Money. Issue Whether cash deposits made by an assessee (a Scheduled Tribe member claiming Section 10(26) exemption) can be treated as “unexplained money” under Section 69A when the assessee demonstrates through bank statements that the source was cash withdrawals made earlier for a property… Read More »
ITR REFUND PROCESSING! तूफानी रफ्तार ! INCOME TAX REFUND DELAY !
ITAT Restores Appeal Dismissed In Limine Due to Delay; Directs Adjudication on Merits Issue Whether the Commissioner (Appeals) [CIT(A)] was justified in dismissing the assessee’s appeal at the threshold (in limine) solely due to a delay of 45 days in filing, without adjudicating the substantive addition of Rs. 18.47 Lakhs made by the Assessing Officer… Read More »
ITAT Remands Cash Deposit Addition to CIT(A) to Consider Additional Evidence Regarding Agricultural Source Issue Whether the addition of Rs. 7.02 Lakhs (sustained by the CIT(A) out of an original Rs. 10.02 Lakhs addition) on account of unexplained cash deposits should be confirmed, or if the matter requires fresh adjudication to consider additional evidence produced… Read More »
ITAT Restores Appeal to CIT(A) for Adjudication on Merits; Condoning Delay of 207 Days Issue Whether the Commissioner (Appeals) [CIT(A)] was justified in dismissing the assessee’s appeal in limine (at the threshold) solely on the ground of a 207-day delay in filing, without considering the merits of the addition made under Section 144 (Best Judgment… Read More »
Rejection of Books u/s 145(3) Set Aside by CIT(A) as No Specific Defects Found; ITAT Dismisses Revenue’s Appeal Issue Rejection of Books: Whether the Assessing Officer (AO) was justified in rejecting the books of account under Section 145(3) and estimating net profit at 8% on the grounds of non-submission of sales/purchase accounts and creditor confirmations,… Read More »