Time limit for passing a revision order under Section 263 should be calculated from the date of the original assessment order :Dismissal of SLP Challenging High Court Order Summary in Key Points: Issue: Whether the Supreme Court should entertain a Special Leave Petition (SLP) filed by the revenue department challenging a High Court order regarding… Read More »

Assessee Entitled to Interest on Refunds Arising from Excess Self-Assessment Tax and Delayed Refunds Summary in Key Points: Issue 1 (Interest on Self-Assessment Tax): Whether the assessee is entitled to interest on a refund arising from excess self-assessment tax paid. Issue 2 (Additional Interest on Delayed Refunds): Whether the assessee is entitled to additional interest… Read More »

 Condonation of Delay in Filing Revised Returns Allowed Based on Recasted Accounts Summary in Key Points: Issue: Whether the delay in filing revised income tax returns can be condoned when the delay is caused by the recasting of accounts ordered by the National Company Law Tribunal (NCLT). Facts: The assessee’s accounts were recasted and audited… Read More »

Budget 2025 Expectations : Restore word “False” in Undisclosed Income defination This article discusses a subtle but potentially significant change in the definition of “undisclosed income” under India’s new block assessment scheme for income tax. Here’s a breakdown: New Definition of “Undisclosed Income” (Section 158B(b)): Includes: Money, bullion, jewelry, valuable items, expenditures, income based on entries… Read More »

Budget 2025 Expectations Reomove Ambiguity in the New Block Assessment Scheme This article discusses an ambiguity in the New Block Assessment Scheme under the Income Tax Act, 1961, regarding the classification of additions made during the assessment process. Here’s a breakdown: New Block Assessment Scheme: Scope: Introduced in 2024, it allows for the assessment of… Read More »

Budget 2025 Expectations :  provide relaxation from prosecution for non-disclosure of foreign movable assets under Black Money Act This Aarticle discusses an inconsistency in India’s Black Money Act (BMA) regarding penalties and prosecution for non-disclosure of foreign assets. Here’s a breakdown: Recent Amendment (Finance Act 2024): Relaxation of Penalty: Increased the threshold for penalty on… Read More »