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When property purchased and sold within same year both sale and purchase price has to be adopted by applying same guideline value u/s 50C – ITAT If AO adopts a deemed price u/s 50C, then where property was purchased within same year both sale and purchase price has …
ICAI defers the mandatory effective date of SQM 1 and SQM 2 The Council of ICAI, at its 451st Meeting held on 30th and 31st March 2026 considered the matter relating to the mandatory effective date of SQM 1 and SQM 2. The Council decided to defer the …
Addition deleted as it was made on the basis of letter of District Magistrate which not recovered during the search In a recent judgment, Allahabad ITAT has deleted addition made on the basis of letter of District Magistrate which had not been recovered during the search and therefore, …
Banks not required to deduct TDS under Income Tax Act 2025 on interest income below threshold limit – CBDT clarification CBDT has issued a clarification on threshold for deduction of tax on interest income by banks or banking companies under section 393 of Income Tax Act 2025. Under …
Allegations of delay in TDS deposit, role of person responsible are disputed factual matters which must be tested at trial through evidence and cross examination. In a recent judgment, Hon’ble Supreme Court has dismissed assessee’s SLP against High Court order that allegations regarding deduction of TDS, delay in …
Procedure, formats and standards for generation and allotment of Unique Identification Number (UIN) in respect of Form No. 121 declaration for payment without deduction of tax from tax year 2026-27 As per Income tax Act 2025, Section 393 provides for provisions regarding deduction of tax at source. Similar …
Penalty u/s 270A deleted as AO failed to mention under which clause the case of the assessee fall. In a recent judgment, ITAT Delhi deleted penalty u/s 270A as the Assessing Officer (AO) directly applied the higher penalty percentage provided in Section 270A(9) without mentioning under which clause …
Income of section 25 company by deploying ex-servicemen as security guards was not business activity. In a recent judgment, Kerala High Court has held that income by deploying ex-servicemen as security guards was not business activity for section 25 company established for assistance to the Ex-Servicemen. ABCAUS Case …
In absence of a valid final assessment order passed within statutory time frame, draft assessment order cannot give rise to any enforceable demand In a recent judgment, Calcutta High Court has held that in the absence of a valid final assessment order passed within the statutory time frame …
No disallowance u/s 43B can be made if expenditure has not been not claimed by the assessee in Profit and Loss Account In a recent judgment, ITAT Hyderabad has held that if the assessee has not claimed any expenditure in its Profit and Loss Account, then no disallowance …
