Substantial Compliance over Technical Glitches: Non-Denial of Section 80JJAA Deduction for Delayed Form 10DA Facts The Claim: The Assessee-company claimed a deduction under Section 80JJAA (relating to the employment of new employees) for the Assessment Year 2023-24. Audit Report: The Assessee obtained the mandatory audit report in Form No. 10DA within the prescribed time limit.… Read More »

NEW TDS SECTION CODES MAPPING FOR TDS RETURN FILING FY 2026-27 FORM 140 tds return latest update Refer Section Codes for TDS Return Income Tax Form 140 Income Tax Rules 2026 [Video] INCOME TAX PENALTY NOTICE SECTION 272A(1)(d) ISSUED! STEP BY STEP GUIDE HOW TO REPLY [Video] HOW TO DOWNLOAD TDS CERTIFICATE PURCHASE OF PROPERTY… Read More »

Securitisation Trusts are Revocable Trusts: Income Taxable in Hands of SR Holders Facts The Structure: The Assessee-trust was created by an Asset Reconstruction Company (ARC) under the SARFAESI Act and RBI Guidelines to acquire and realize Non-Performing Assets (NPAs). The Funding: Contributions were received from Qualified Institutional Buyers (QIBs), who were issued Security Receipts (SRs)… Read More »

Section 54F: Eligibility Based on Physical Existence of Residential House vs. Property Classification Facts The Transaction: The Assessee, along with co-owners, sold two non-agricultural lands during the financial year relevant to AY 2015-16. The Claim: The sale proceeds were invested in a new residential house, and a deduction was claimed under Section 54F. The Objection:… Read More »

Allowability of Statutory Interest, Cash Payment Limits, and Treatment of Customer Advances Facts The case involves a company engaged in contract works for power utilities, subjected to a scrutiny assessment for Assessment Year 2018-19. The Revenue challenged the Assessee on three distinct fronts: Statutory Interest: The Assessing Officer (AO) disallowed interest paid on delayed remittances… Read More »

Automatic Vacation of Seat vs. Procedural Validity of Meetings under CA Regulations Facts The Petitioner: An elected member of the Northern India Regional Council (NIRC) of the ICAI. The Dispute: The Petitioner received an email on 06-11-2025 stating that his seat was “deemed vacated” under Regulation 135(3) because he had absented himself from three consecutive… Read More »

Scope of Enquiry and Jurisdictional Validity in Renewal of Trust Registration Facts Background: The Assessee is an educational society originally registered under Section 12AA. Following a search on the group, its registration was cancelled, but the Tribunal later set aside that cancellation. New Scheme Compliance: Under the revamped registration regime, the Assessee obtained provisional/regular registration… Read More »

Revenue Recognition, Real Income, and Admissibility of Business Expenses (Multiple Disputations) Facts The case pertains to Assessment Year 2013-14, involving a construction company and multiple grounds of litigation regarding income characterization and expense allowability. The primary disputes included: Advance Recognition: The Department treated customer advances for land and chalet sales as income because sales weren’t… Read More »