Section 43B Cannot Disallow Unpaid Tax If It Was Not Claimed As An Expense in P&L. The Dispute: The “Not Claimed, Not Disallowed” Principle The Conflict: The assessee had an unpaid service tax liability at the end of the financial year. The Revenue’s Stand: The Assessing Officer (AO) invoked Section 43B, which states that certain… Read More »
Penalty Time-Barred After 6 Months of AO’s Reference; Excel Summaries Insufficient to Prove Cash Violations. I. Limitation Period: The “Reference Date” is Final The Dispute: The Revenue imposed a penalty under Section 271DA (for receiving ₹2 lakhs or more in cash). The taxpayer challenged this on the grounds of Limitation under Section 275(1)(c). The Revenue’s… Read More »
Penalty Time-Barred After 6 Months of AO’s Reference; Excel Summaries Insufficient to Prove Cash Violations. I. Limitation Period: The “Reference Date” is Final The Dispute: The Revenue imposed a penalty under Section 271DA (for receiving ₹2 lakhs or more in cash). The taxpayer challenged this on the grounds of Limitation under Section 275(1)(c). The Revenue’s… Read More »
Infrastructure EPC Firms Qualify as Developers; Physical Goods Movement Disproves “Bogus Purchase” Allegations. 1. Section 80-IA: EPC Contractor as a “Developer” The Dispute: The Revenue denied the deduction, claiming the assessee was a “Works Contractor” (who simply builds) rather than a “Developer” (who takes risks). The Judicial Verdict: The Court ruled in favour of the… Read More »
Supreme Court Confirms Lessors are Entitled to Depreciation; Slaps Cost on Revenue for Delayed Appeal. The Dispute: “Real Lease” vs. “Financial Transaction” The Conflict: The assessee had leased out various assets and claimed depreciation under Section 32. The Revenue’s Stand: The Assessing Officer (AO) argued that these were not genuine leases but mere financial transactions… Read More »
AO Can Reopen Non-Filer Cases Based on Form 26AS, But Cannot Arbitrarily Estimate Profit Rates. I. Reassessment Validity: Form 26AS as “Information” The Dispute: The assessee did not file a return for AY 2010-11. The AO discovered contract income via ITS data and Form 26AS and reopened the case under Section 147. The Assessee’s Stand:… Read More »
Form 29B User Manual 1. Overview Form 29B enables Companies to disclose book profits certified by a CA for a particular assessment year as per the provisions laid down under section 115JB of the Income Tax Act, 1961. This form can be filed in both online and offline mode. Form 29B should be filed one month… Read More »
Section 280 Income Tax Notice (Income Escaping Assessment) New Income Tax Act 2025 Under the Income-tax Act, 2025, a Section 280 Notice is the formal legal notice issued by an Assessing Officer (AO) to initiate proceedings for assessing or reassessing income that has escaped assessment for a specific tax year. This notice is the actual… Read More »
Condonation request for Form 10A u/s 12A User Manual 1. Overview In case taxpayers did not file Form 10A before the specified due date, there was no Existing functionality on e-Filing portal to condone the delay for filing of Form 10A. Now, the Taxpayer can file the Condonation request for filing Form 10A under section… Read More »
Form 121 income tax pdf download Canara bank Form 121 income tax pdf download Canara bank is to be submitted as pe New Income Tax Rules 2026 Key features of Form 121 income tax pdf download Canara bank FORM NO. 121 [See rule 211] Declaration under section 393(6) for receipt of certain incomes without deduction… Read More »