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    May 14, 2026   Case Laws GST
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May 14, 2026   Case Laws GST
Directory filing period for waiver applications upheld, and rejection for delay was quashed for fresh merits consideration.
May 14, 2026   Case Laws GST
Natural justice in ex parte adjudication: matter remanded for reply to show cause notice with merits left open
May 14, 2026   Case Laws Income Tax
Reopening of assessment and overriding title rule upheld: gross-receipt entitlement under an AOP was taxable as business income.
May 14, 2026   Case Laws Income Tax
Commercial expediency governs interest deduction where borrowed funds are used through a subsidiary for business purposes.
May 14, 2026   Case Laws Income Tax
Curative petition standards prevent reopening unless Rupa Ashok Hurra parameters are met; defective petitions were dismissed.
May 14, 2026   Case Laws Income Tax
Reassessment notices and limitation: SC required High Courts to first ermine whether cases fell in Assessment Year 2015-16.
May 14, 2026   Case Laws Income Tax
Natural justice in assessment requires full disclosure of departmental material before adverse findings can be made.
May 14, 2026   Case Laws Income Tax
Natural justice breach invalidated an assessment where relied-upon search material was not supplied to the assessee for rebuttal.
May 14, 2026   Case Laws Income Tax
Section 80P deduction upheld for credit co-operative society's bank interest earned on liquidity and operational deposits.
May 14, 2026   Case Laws Income Tax
Concessional corporate tax rate turns on prior-year turnover verification, with remand for examination of audited financials.
May 14, 2026   Case Laws Income Tax
Genuineness of political donation claim under section 80-GGC failed on surrounding facts, so deduction was denied.
May 14, 2026   Case Laws Income Tax
Defective penalty charge under section 270A and bona fide reliance on Form 16 justified deletion of penalty.
May 14, 2026   Case Laws Income Tax
Reassessment notice validity and bogus purchase additions: ITAT upheld reopening, but remanded the purchase dispute for fresh verification.
May 14, 2026   Case Laws Income Tax
Mandatory prior intimation under section 143(1)(a) is required before denying concessional tax treatment in return processing.
May 14, 2026   Case Laws Income Tax
Search-linked reassessment and cross-examination requirements shape Section 68 scrutiny; reassessment upheld, additions remanded for fresh inquiry.
May 14, 2026   Case Laws Income Tax
Valid issuance of reassessment notice must be proved within limitation; section 292BB cannot cure a jurisdictional defect.
May 14, 2026   Case Laws Income Tax
Redevelopment flat exchange falls outside section 56(2)(x), so the deemed income addition was deleted in full.
May 14, 2026   Case Laws Income Tax
Indirect transfer taxation: offshore share sale not taxable in India, so no withholding obligation arose under the then-prevailing law.
May 14, 2026   Case Laws Income Tax
Appellate enhancement without procedure cannot introduce a new head of income after section 54F controversy is resolved.
May 14, 2026   Case Laws Income Tax
Cash payment disallowance under section 40A(3) sustained where the assessee failed to prove the Rule 6DD exception.

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Income Tax

This circular relates to condonation of delay under clause (b)...

Extension for co-op societies to claim 80P deduction for delays in account audits for AY 2023-24.

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Income Tax October 31, 2024 Circulars
This circular relates to condonation of delay under clause (b) of sub-section (2) of section 119 of the Income-tax Act, 1961 for returns of income claiming deduction u/s 80P for the Assessment Year 2023-24. The Central Board of Direct Taxes received applications from co-operative societies seeking condonation of delay in furnishing returns due to delay in getting accounts audited under respective State Laws. To mitigate genuine hardship, the Board exercised powers u/s 119 and extended the applicability of Circular No.13/2023 dated 26.07.2023 to AY 2023-24, subject to conditions stipulated therein. The circular aims to provide relief to assessees facing delays in filing returns claiming deduction u/s 80P.
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