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Clerical Error in Claiming Wrong Exemption Section Cannot Deny Benefit to Educational Trust: ITAT Agra in Om Charitable Chikitsa Samiti v. AO (Exemption)
Assessee, an educational institution, was registered under section 12AA and was also granted exemption under section 10(23C)(vi). During the year, due to a clerical omission, deduction was claimed under section 10(23C)(i...
Bombay High Court Grants Full Stay of Demand Where Revenue Taxed Gross Receipts of Educational Trust Without Considering Expenditure, Godavari Shikshan Prasarak Mandal Sindhi v. CIT (Exemption), Pune and Others
Revenue erred in taxing gross receipts of Trust without considering expenditure; grants full stay of demand.The Writ Petition was filed challenging the order dated 11.07.2025 passed by Respondent No. 1. By the impugned o...
Subsequent Supreme Court Ruling Not a Ground for ITAT Rectification under Section 254(2): Bombay High Court, Sila Solutions (P) Ltd. v. ITO
Subsequent Superior Court ruling no ground for ITAT to invoke Section 254(2); no mistake apparent in ITAT’s original order.In the present case, initially, the Assessing Officer made a disallowance of Rs. 2,25,94,571/- ...
Rate of Exchange for Conversion into Rupees of Income Expressed in Foreign Currency, (Rule 115 of the Income-tax Rules, 1962)
Rate of Exchange for Conversion into Rupees of Income Expressed in Foreign Currency
(Rule 115 of the Income-tax Rules, 1962)
Foreign income and capital gains are becoming increasingly common as Indian residents invest ...
Disclosed Foreign Investments in Minors’ Names Not Unexplained u/s 69; Foreign Tax Credit Cannot Be Denied for Procedural Lapse in Form 67 – ITAT Delhi
Core Issue:-The
principal controversy before the Delhi Bench of the Income Tax Appellate
Tribunal was whether investments made in foreign shares in the names of the
assessee’s minor daughters could be treated as une...
“Reasonable Cause” and “Sufficient Cause” under the Income-tax Act, 1961 – Conceptual Distinction, Statutory Application and Judicial Approach
“Reasonable
Cause” and “Sufficient Cause” under the Income-tax Act, 1961 – Conceptual
Distinction, Statutory Application and Judicial ApproachIntroductionThe
Income-tax Act, 1961, while prescribing strict ti...
Taxability of Ex-gratia / Retrenchment Compensation Paid Under Government-Supported Schemes – Statutory Framework, Judicial Interpretation and Admissibility of New Claim
Taxability
of Ex-gratia / Retrenchment Compensation Paid Under Government-Supported
Schemes – Statutory Framework, Judicial Interpretation and Admissibility of New
ClaimThe
taxability of ex-gratia compensation paid...
Delhi High Court Upholds Prosecution in ₹348 Crore Tax Evasion Case; Rejects Constitutional Challenge to CBDT Circulars on Prosecution
In a significant ruling, the Delhi High Court has upheld the initiation of prosecution under the Income-tax Act in a case involving alleged tax evasion amounting to ₹348 crores, while categorically rejecting the consti...
Government has undertaken specific initiatives and policies to strengthen Ease of Doing Business in the country since 2014
Ministry of Corporate Affairs Government has undertaken specific initiatives and policies
to strengthen Ease of Doing Business in the country since 2014Government has focused on further decriminalization to e...
Penalty proceedings u/s 274 r/w section 271(1)(c) - estimation of income - bogus purchases
Penalty
proceedings u/s 274 r/w section 271(1)(c) - estimation of income - bogus
purchases ITAT
MUMBAI:-Amish Anantrai Modi Versus Deputy Commissioner of Incometax, Central
Circle 2 (1), Mumbai,No.- I. T. A No....