Recent Post by the taxtalk
Interest on Borrowings for Capital Reduction Held Deductible under Section 36(1)(iii): ITAT Mumbai N.V. Projects Pvt. Ltd. v. DCIT (ITA No. 1418/Mum/2025) Facts: 1. The assessee operates and maintains an IT Park. Pursuant to the Bombay High Court’s approval, it reduced share capital by cancelling 1,65,433 redeemable optionally convertible preference shares of ₹100 each…
No Revision of Returns through Appeals: Kerala HC on Additional Evidence in 69A Cases SRAVAN KUMAR NEELA vs. Assistant Commissioner of Income Tax. (ITA Nos.58 and 59 of 2024) Facts: 1. On 19 July 2016, during an excise operation at Muthanaga Check Post, a sum of ₹ 2,39,57,500 was seized from three passengers (Sravan…
Once purchases are held to be bogus, the entire amount claimed cannot be whittled down by estimating a profit element On Bogus purchases / unexplained expenditure under Section 69C of the Income Tax Act, Bombay HC in Kanak Impex has held that once purchases are held to be bogus, the entire amount claimed cannot…
Double Pension, Single Tension: The Tale of Form 26AS Confusion! [Query 1] I retired on 31st Jan 2024 and up to 31st March 2025, only 14 months pension is received by me. SBI has included a 15 months pension in 26AS of A.Y. 2025-26. How to get it corrected? Concerned local branch says it is done…
A Win for Real Estate: ITAT, Nagpur Confirms Retrospective Application of 10% Tolerance Band for Sec. 43CA In a significant case argued by me for Shree Maya Real Estate Pvt. Ltd, the Income Tax Appellate Tribunal (ITAT), Nagpur Bench has deleted an addition of ₹57,68,020 made under Section 43CA of the Income Tax Act, 1961, for the Assessment Year 2017-18….
