Tag Archives: Income tax Officer

Penalty Under Section 271(1)(c) Inapplicable Where Prepaid Tax Exceeds Assessed Tax In Reassessment Proceedings

By | August 19, 2026
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Penalty Under Section 271(1)(c) Inapplicable Where Prepaid Tax Exceeds Assessed Tax In Reassessment Proceedings Penalty Under Section 271(1)(c) Inapplicable Where Prepaid Tax Exceeds Assessed Tax In Reassessment Proceedings Issue Whether a penalty for concealment of income under Section 271(1)(c) read with Explanation 3 and Explanation 4(c) can be levied when the tax deducted at source… Read More »

Technical Glitch In Delay Filing Form 10-IC Entitles Domestic Company To Concessional Tax Rate Under Section 115BAA

By | August 19, 2026
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Technical Glitch In Delay Filing Form 10-IC Entitles Domestic Company To Concessional Tax Rate Under Section 115BAA Issue Whether a domestic company is entitled to the concessional rate of tax under Section 115BAA when Form 10-IC and the return of income were filed after the due date due to technical glitches on the e-filing portal,… Read More »

ITAT rules that profits earned by a Indian bank’s foreign branches (PEs) are non-taxable in India under Article 7(1) of applicable DTAAs.

By | August 18, 2026
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ITAT rules that profits earned by a Indian bank’s foreign branches (PEs) are non-taxable in India under Article 7(1) of applicable DTAAs. ITAT rules that profits earned by a Indian bank’s foreign branches (PEs) are non-taxable in India under Article 7(1) of applicable DTAAs. Issue Whether the business profits generated by the overseas branches (Permanent… Read More »

Reassessment Notice Quashed as Reopening Based on Original Scrutiny Records Amounts to Mere Change of Opinion

By | August 18, 2026
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Reassessment Notice Quashed as Reopening Based on Original Scrutiny Records Amounts to Mere Change of Opinion Reassessment Notice Quashed as Reopening Based on Original Scrutiny Records Amounts to Mere Change of Opinion Issue Whether a reassessment notice under Section 148 based on Investigation Wing information can be sustained when the underlying transactions were fully disclosed… Read More »

Cash Sales Credited to Profit and Loss Account Cannot Be Added Again as Section 68 Cash Credits

By | August 18, 2026
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Cash Sales Credited to Profit and Loss Account Cannot Be Added Again as Section 68 Cash Credits Issue Whether cash received from sales and already credited to the Profit and Loss Account as part of business turnover can be added again as unexplained cash credit under Section 68 of the Income-tax Act, 1961. Facts Original… Read More »

Unsubstantiated Additions Under Sections 68 and 69C for Repaid Unsecured Loans Deleted

By | August 18, 2026
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Unsubstantiated Additions Under Sections 68 and 69C for Repaid Unsecured Loans Deleted Unsubstantiated Additions Under Sections 68 and 69C for Repaid Unsecured Loans Deleted Issue Whether additions made towards unexplained cash credits under Section 68 and alleged commission expenses under Section 69C can be sustained when the unsecured loans were received via banking channels, bore… Read More »

No Movement of Shares in DEMAT Means No Transfer or Cash Addition; Write-Off Is Not Unexplained Expenditure

By | August 18, 2026
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No Movement of Shares in DEMAT Means No Transfer or Cash Addition; Write-Off Is Not Unexplained Expenditure Issue Whether an addition under Section 68 can be sustained as unexplained cash credit on a notional share transaction where no actual transfer of shares occurred in the DEMAT account, and whether the validity of such transaction warrants… Read More »

Disallowance of Interest Expenditure Deleted as AO Failed to Prove Business Funds Were Diverted for Personal Home Loans

By | August 17, 2026
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Disallowance of Interest Expenditure Deleted as AO Failed to Prove Business Funds Were Diverted for Personal Home Loans Issue Whether the disallowance of interest expenditure under Section 37(1) was justified when the accounts furnished by the assessee did not indicate that the interest claimed in the Profit and Loss account included any interest paid on… Read More »

Prosecution Under Section 276CC Unwarranted When Final Regular Assessment Entitles Taxpayer to a Refund

By | August 15, 2026
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Prosecution Under Section 276CC Unwarranted When Final Regular Assessment Entitles Taxpayer to a Refund Prosecution Under Section 276CC Unwarranted When Final Regular Assessment Entitles Taxpayer to a Refund Issue Whether a criminal prosecution under Section 276CC for failure to furnish an income tax return under Section 148 is sustainable when the regular assessment results in… Read More »

Full TDS Credit Must Be Allowed to Co-Owner If Other Co-Owners Claim No Credit

By | August 15, 2026
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Full TDS Credit Must Be Allowed to Co-Owner If Other Co-Owners Claim No Credit Issue Whether an assessee who co-owns a leased property is entitled to claim 100% credit for Tax Deducted at Source (TDS) deducted entirely under his PAN when the other co-owners offer their proportionate rental income to tax but claim zero TDS… Read More »