Category: Income Tax

Assessee entitled to claim deprecation u/s 11(6) if corresponding capital expenditure was not claimed as application of income – ITAT In a recent judgment ITAT has held that assessee society was entitled to claim deprecation u/s 11(6) towards application of income in view of the fact that corresponding …

Chartered Accountants issuing certificates in Form 15CB/Form146 are expected to exercise due care, diligence and professional judgment – CBDT CBDT has cautioned CAs on exercising due care, diligence and professional judgment while issuing certificates in Form 15CB/Form146 regarding foreign remittances. In its press release, CBDT has stated that …

Section 292C of the Income Tax Act 1961 indeed carries presumption of correctness of such seized documents contents but only against the searched than any third party In a recent judgment, ITAT has held that section 292C of the Income Tax Act 1961 indeed carries presumption of correctness …

PCIT directed to consider condonation of delay u/s 119(2)(b) in filing revised return to availing benefits of section 44ADA In a recent case, the High Court quashed order u/s 119(2)(b) rejecting condonation of delay for filing revised return to claim refund by availing benefits of presumptive taxation u/s …

Frequently asked Questions on Foreign Assets of Small Taxpayers Disclosure Scheme and Rule 2026.  CBDT has released a FAQs on Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS) and recently notified Foreign Assets of Small Taxpayers – Disclosure Scheme Rules, 2026  The FAQs are divided into sections namely …

Foreign Assets of Small Taxpayers- Disclosure Scheme Rules 2026 notified. Rule come into force on the 16th day of August, 2026. The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (in short, “FAST-DS”) is a one-time voluntary compliance mechanism introduced under Chapter IV (running from Sections 130 to …

Refund can not be denied on the ground that it was claimed in a return filed u/s 148 where no return had been filed u/s 139 – ITAT In a recent judgment, ITAT has held that refund can not be denied on the ground that it was claimed …

The distinction between religious and charitable purposes is determined by institution’s primary or dominant object and not merely by presence of religious practices or symbolism – ITAT In a recent judgment, ITAT has held that in the context of the Income-tax Act, the distinction between religious and charitable …

For determination of what constitutes a fit case to issue notice u/s 148, rule of relevancy of the material and application of mind to the objection raised still survive – High Court In a recent judgment, Hon’ble High Court has held that as per amended provisions, even though …

AO is under an obligation to duly consider the explanation furnished by the assessee and assign reasons for rejecting the same – High Court In a recent judgment, Hon’ble High Court has held that Assessing Officer (AO) is under an obligation to duly consider the explanation furnished by …