No Additions Can Be Made Under Section 153A in Unabated Search Assessments Without Incriminating Material Issue Whether the Assessing Officer is legally justified in making an addition under Section 68 in a search assessment completed under Section 153A for an unabated/completed assessment year, in the absence of any incriminating material seized during the Section 132… Read More »
Cash Deposits by Bank Mitra and Accounted Rent Are Non-Taxable; Penalty Applies Once Per Default Category Issue Whether cash deposits in the bank account of a “Bank Mitra” representing customer transactions can be added as unexplained money under Section 69A, whether an ad hoc addition for rental income already accounted for is sustainable, and whether… Read More »
Corporate Guarantee Settlement Liability Crystallized in Previous Year 1997-98 Is Deductible Business Expenditure Under Section 37(1) Issue Whether the liability of ₹3.50 crores incurred by the assessee-company pursuant to a corporate guarantee settlement crystallized in the previous year 1997-98, making it an allowable business expenditure under Section 37(1) for the Assessment Year 1998-99. Facts Corporate… Read More »
Ad Ad Hoc Disallowance of Purchases and Business Expenses Is Unsustainable Without Independent Verification or Defect in Books Issue Whether the Assessing Officer is justified in making an ad hoc disallowance of 50% of purchases under Section 69C and ad hoc disallowances of labor/salary and business expenses under Section 37(1), without conducting independent inquiries, issuing… Read More »
Irrecoverable VAT/CST Refunds and Valid Debt Write-Offs Are Allowable Deductions Under Income-Tax Act Issue Whether write-offs of irrecoverable VAT/CST refunds and trade debts with proper accounting entries constitute allowable deductions under Sections 28/37(1) or 36(1)(vii), and whether Section 14A interest disallowance applies when own interest-free funds exceed investments. Facts Issue I (Write-off of VAT/CST Refund):… Read More »
Absence of Express Irrevocability Clause Cannot Justify Rejection of Section 80G Approval Issue Whether the CIT(E) can reject an application for regular approval under Section 80G/12AB on the ground that the trust deed lacks an express irrevocability or dissolution clause, and whether selecting “Yes” to the irrevocability question in Form 10AB constitutes furnishing false or… Read More »
The Tribunal Reform Mines and Minerals The Kerala The National Cooperative Bill 2026 The Gazette of India CG-DL-E-11082026-275358 EXTRAORDINARY PART II — Section 2 PUBLISHED BY AUTHORITY No. 20] NEW DELHI, MONDAY, AUGUST 10, 2026/SRAVANA 19, 1948 (Saka) Separate paging is given to this Part in order that it may be filed as a separate… Read More »
Notification u/s 45(3)(a)(i) r.w.s. 45(4)(b) of the Income Tax Act, 2025 in the case Sir Ganga Ram Trust, Delhi The Gazette of India CG-DL-E-10082026-275343 EXTRAORDINARY PART II—Section 3—Sub-section (ii) PUBLISHED BY AUTHORITY No. 4247] NEW DELHI, MONDAY, AUGUST 10, 2026/SHRAVAN 19, 1948 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New… Read More »
Condonation of Delay in Filing Form 10 Must Be Allowed for First-Time E-Filing Oversights Condonation of Delay in Filing Form 10 Must Be Allowed for First-Time E-Filing Oversights Issue Whether the CIT (Exemptions) erred in rejecting the assessee-trust’s application under Section 119(2)(b) for condonation of delay in filing Form 10, thereby denying exemption under Section… Read More »
Share Premium Valuations Under Rule 11UA and Bona Fide Service Payments Are Non-Taxable Business Expenses Issue Whether tax authorities can reject a DCF valuation carried out under Rule 11UA for CCPS issued under Section 56(2)(viib), whether conversion of earlier CCPS into equity or unevidenced management fee reversals trigger additions, and whether service payments with assured… Read More »