Dismissal of writ appeal upheld as no mandamus lies to compel time-barred reassessment action. Issue Whether a writ of mandamus under Article 226 of the Constitution of India can be issued to compel the Income Tax authorities to act on a Tax Evasion Petition and initiate reassessment proceedings when the statutory limitation period under Section… Read More »
Final Assessment Order Passed in the Name of an Amalgamated, Non-Existent Entity is Void Issue Whether DRP directions and a final assessment order passed under Section 143(3) read with Sections 144C(13) and 144B in the name of an erstwhile amalgamated company are valid, when the fact of amalgamation and subsequent name change had already been… Read More »
TPO cannot arbitrarily value management fees at ‘Nil’ or treat interest on receivables as a standalone transaction. Issue Whether the Transfer Pricing Officer (TPO) was legally justified in reducing the Arm’s Length Price (ALP) of management fees and royalty payments to ‘Nil’, making a separate adjustment for interest on outstanding receivables, and disallowing late employee… Read More »
Show-cause notices issued after the expiry of the High Court’s strict 12-week remand deadline are legally void. Issue Whether show-cause notices issued under Section 271D read with Section 260A are legally sustainable when the 12-week time limit explicitly mandated by the High Court for passing a fresh order under remand has completely expired. Facts The… Read More »
Tax Authorities Cannot Arbitrarily Reverse Multi-Year Deductions or Disallow Reimbursed Employee ESOP Costs, But Share Issue Expenses Remain Capital in Nature Issue Whether the Assessing Officer is justified in disallowing a multi-year amortization deduction under Section 35D in its final (5th) year when the same deduction was accepted and allowed without disturbance by the Revenue… Read More »
Deductions Amortized In Prior Years Cannot Be Arbitrarily Disallowed In The Final Year And ESOP Cost Rebounds Are Revenue Expenses But Share Issue Costs Expand Capital Base Permanently Deductions Amortized In Prior Years Cannot Be Arbitrarily Disallowed In The Final Year And ESOP Cost Rebounds Are Revenue Expenses But Share Issue Costs Expand Capital Base… Read More »
NEW INCOME TAX CALCULATOR AY 2025 26 LAUNCHED FREE TAX CALCULATIONS NEW AND OLD REGIME
List of Deductions Allowed in New Tax Regime in Section 115BAC of Income Tax Act There are certain Deductions Allowed in New Tax Regime in FY 2024-25 (AY 2025-26) and FY 2025-26 (AY 2026-27) Refer Also List of Deductions Allowed in New Tax Regime in AY 2026-27 Comparison of exemption/deductions available under the old tax… Read More »
Senior Citizens ITR filing not Mandatory in 2025 | Senior Citizens Tax Benefits Senior Citizens ITR filing not Mandatory in 2025 but there are certain conditions for this Senior Citizens Tax Benefit. Did you know that filing your Income Tax Return (ITR) might not be mandatory for you? This video breaks down Section 194P of… Read More »
Cash Transaction Limits Under the Income Tax Bill 2025 The Income Tax Bill 2025 introduces significant changes to cash transaction limits in India. This video provides a comprehensive overview of the new rules, covering: Restrictions on cash receipts (₹2 lakh limit) Limits on cash expenses for businesses (₹10,000/₹35,000) Rules for accepting and repaying loans in… Read More »