The case examined whether minor valuation differences can trigger taxation under Section 56(2)(x). ITAT held that differences within 10% fall within permissible tolerance. The ruling protects genuine ...

The case examines whether penalty applies when a deduction claim is disallowed. ITAT held that full disclosure and bona fide claim prevent penalty under Section ...

The case examines whether estimated expense disallowances can be made without rejecting books of account. ITAT held such additions invalid, emphasizing that Section 145(3) rejection is a prerequisite.

Step-loans can unintentionally violate Section 185 by creating indirect loans to directors. Companies often overlook how layered transactions breach legal provisions. The key takeaway is to review ...

The Act grants the Board general managerial powers unless expressly restricted by provisions like Section 180. Section 179(3) merely regulates decision-making procedures for specific matters. This ...

CBDT corrected multiple ITR forms to fix structural and computational errors. The update ensures accurate tax reporting and reduces filing ...

ITAT Mumbai rules that Section 11(5) investment shortfall of earlier years cannot be taxed in the current year, holding amendment prospective. Only current year violation is taxable, restricting ...

The scheme allows companies to clear pending filings by paying only 10% of additional fees. It offers a limited-time relief ...

The court held that dependency under motor accident law is not confined to family members. Religious institutions relying on the deceased can claim compensation for institutional ...

The case addressed whether agricultural income claims can be rejected due to lack of initial evidence. ITAT held that substantial supporting documents cannot be ignored and remanded the matter for ...

The case addresses whether reassessment is valid when approval is granted by the wrong authority. ITAT held that sanction under Section 151 is jurisdictional and must be from the correct authority.

The circular resolves confusion between CPC Bengaluru and jurisdictional authorities regarding condonation powers. It clearly assigns this power to the jurisdictional PCIT/CIT. This ensures that ...