Section 35(2AB) R&D deduction cannot be denied merely because DSIR approval was granted in a subsequent assessment year. Issue Whether an assessee is entitled to weighted deduction under Section 35(2AB) for in-house R&D expenditure from the current assessment year when the application was submitted during the relevant year but formal DSIR approval was granted in… Read More »
Reconciliation of BSNL Form 26AS gross receipts with net discount books warrants deleting business income addition. Issue Whether the Assessing Officer was justified in treating the gross amounts reflected in Form 26AS as taxable commission income without considering the trade discount allowed by BSNL, which was netted off in the assessee’s books of account. Facts… Read More »
Multiple tax issues resolved: Share allotment without cash inflow escapes Section 56(2)(viib), non-deduction disallowances clarified, and bad debt write-offs upheld. Issues Whether Section 56(2)(viib) applies to share allotments made without cash inflow as consideration for acquiring a business. Whether write-off of unrecovered fees/interest previously offered to tax is deductible as bad debt under Section 36(1)(vii).… Read More »
CIT(E) cannot reject Section 12AB registration for object modification delay without examining charitable eligibility CIT(E) cannot reject Section 12AB registration for object modification delay without examining charitable eligibility Issue Whether the CIT(E) was justified in rejecting an assessee’s registration application under Section 12AB solely due to procedural non-compliance with Section 12A(1)(ac)(v) for modification of objects,… Read More »
Non-registration under State Trust Act cannot justify rejection under Section 12AB without verifying its applicability. Non-registration under State Trust Act cannot justify rejection under Section 12AB without verifying its applicability. Issue Whether the CIT(E) erred in rejecting the Section 12AB registration renewal for non-registration under a State Public Trust Act without first verifying if the… Read More »
Corpus donations received with specific directions remain capital receipts and cannot be taxed merely because exemption was claimed under Section 10(23C)(vi) instead of Section 11. Issue Whether voluntary contributions received with a specific direction to form part of the corpus of an educational institution can be treated as taxable income solely because the assessee claimed… Read More »
CIT(E) cannot reject Section 12AB registration by overstepping into assessment-stage matters or misclassifying charitable activities under the residual proviso. Issue Whether the CIT(E) exceeded his jurisdiction under Section 12AB of the Income-tax Act by examining activity-wise profitability, commercial receipts, and accounting presentation to reject registration renewal, rather than restricting the scope of inquiry strictly to… Read More »
CSB Bank Application for Change/Correction of PAN Card CSB Bank Application for Change/Correction of PAN Card This form is used to request a replacement PAN card, update data, or correct errors in an existing PAN profile. Unlike the previous allotment form, this document includes specific indicators to signal exactly which fields require corrections. Here are… Read More »
CSB Bank PAN Card Application Form (49A) CSB Bank PAN Card Application Form (49A) Download CSB Bank provides Form 49A for Indian citizens and entities to apply for a Permanent Account Number (PAN). The document is a standard structured application form issued under Rule 114 of the Income Tax Rules, 1962. Here are the key… Read More »
In exercise of the powers conferred by sub section 1 read with clauses a of sub section 2 of Section 38 of the Payment and Settlement Systems Act, The Gazette of India CG-MH-E-31082026-275882 EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 519] NEW DELHI, TUESDAY, AUGUST 25, 2026/BHADRA 3, 1948 RESERVE BANK OF INDIA NOTIFICATION… Read More »