Delayed judgment pronouncement alone does not invalidate Tribunal orders, while rectification cannot reopen evidence or negate confiscation-related pe...
Agricultural-land reinvestment qualifies when transfer consideration precedes replacement purchase, while unexamined claims may be reassessed on escap...
Bona fide public fixed-deposit explanations prevent concealment penalties where unexplained-credit additions lack independent evidence of undisclosed ...
The Income-tax (Sixth Amendment) Rules, 2026 amend rule 231 to cover applications seeking waiver, as well as imposition, of penalty and substitute Form No. 161 for waiver applications. The prescribed form requires taxpayer and assessment or reassessment details, assessed and under-reported income, tax and interest payable, additional income-tax payable in lieu of penalty, and payment particulars. Additional income-tax is computed at 100% or 120% of tax on specified under-reported income categories. Applicants must verify that no appeal has been filed against the relevant order and undertake not to file one within the statutory period. The rules take effect upon Official Gazette publication.
The Income-tax (Sixth Amendment) Rules, 2026 amend rule 231 to cover applications seeking waiver, as well as imposition, of penalty and substitute Form No. 161 for waiver applications. The prescribed form requires taxpayer and assessment or reassessment details, assessed and under-reported income, tax and interest payable, additional income-tax payable in lieu of penalty, and payment particulars. Additional income-tax is computed at 100% or 120% of tax on specified under-reported income categories. Applicants must verify that no appeal has been filed against the relevant order and undertake not to file one within the statutory period. The rules take effect upon Official Gazette publication.
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