Important Updates Of Case Laws, Articles And Association News
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Association News
All India Federation of Tax Practitioners announce a series of online lectures on Income Tax Act, 2025 under already Announced Weekly Webinar Series 2025.
📣 Announcement 📢 All India Federation of Tax Practitioners announce a series of online lectures on Income Tax Act, 2025 under already Announced Weekly Webinar Series 2025. Day, Date & Time: Friday, 5th September, 2025 at 5.00 p.m. Sharp Topic: Transfer Pricing - (Chapter X – Clauses 161 to 177)... [Read more]
Case Laws
Dy. CIT v. Hardcastle Restaurant Pvt. Ltd. (ITAT Mumbai)
Mumbai Tribunal : S. 153A : Assessment-Search-Abated assessment-No incriminating material was found-Alleged bogus purchases-Addition was deleted. [S. 69C, 132] Dismissing the appeal of the revenue the Tribunal held that without any incriminating material found during search proceedings the addition cannot be made in respect of abated assessment. Followed, PCIT v. Abhisar Buildwell Pvt. Ltd. (2023)454 ITR 212 /… Read More ...
Chennai Tribunal: S. 64 : Clubbing of income-Minor child-Capital gains-Sale of inherited property-Minor daughter’s share deposited in nationalized bank under Court order-Not includible in assessee’s hands. [S. 45, 54F, Hindu Minority and Guardianship Act, 1956, S.8(2)] The assessee sold property inherited from his deceased wife, being entitled along with his minor daughter to equal shares. The City… Read More ...
Chennai Tribunal: S. 54F : Capital gains- Investment in a residential house–Advance received cannot be assessed as capital gains–The AO was directed to recompute the capital gains on actual consideration and also directed to allow the exemption under section 54F. [S. 45] The assessee, an individual, sold 30.35 cents of land out of 121 cents situated at… Read More ...
ITAT, Mumbai Bench: The Assessee was a SEBI-registered foreign portfolio investor. During the assessment proceedings, the AO called upon the assessee to explain why the long term capital loss should not be set off against the long term capital gain. The assessment was concluded after considering the reply of the assessee, after which notice u/s 263 was issued.… Read More ...
ITAT, Mumbai Bench: Delay in filing appeal by 427 days due to health issues of an employee who was entrusted with income-tax compliance matters, must be condoned, since assessee does not gain anything by causing the delay. The appeal must be decided on merits. On merits, it was held that an assessee cannot be required to prove a… Read More ...
Supreme Court: Section 276C(1): Prosecution for Wilful attempt to evade tax cannot be initiated until the ITAT confirms levy of penalty (i) As per departmental circular dated 24.04.2008, Prosecution Manual, 2009, and CBDT’s circular dated 09.09.2019, prosecution under Section u/s 276C(1) shall be launched only after the confirmation of the order imposing penalty by the Income Tax… Read More ...
Article
CORRESPONDING ANALYSIS OF PENALTY PROVISIONS UNDER THE INCOME TAX ACT, 2025
By Ms. Neelam C. Jadhav Advocate: CORRESPONDING ANALYSIS OF PENALTY PROVISIONS UNDER THE INCOME TAX ACT, 2025 Read More ...
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Editorial Board