ITAT grants Section 11 relief by holding that amendment is prospective and not punitive as Onerous compliance not to apply backwards   In a decisive and well-reasoned ruling, the ITAT Bangalore allowed the appeal of Karnataka Chinmaya Seva Trust for AY 2016–17, directing the Assessing Officer to grant the exemption under Section 11 as claimed….

No need for registered deed, Investment and possession are enough for capital gain exemption: ITAT Investment and possession are enough, says ITAT – No need for registered deed under Section 54F. Revenue’s objection on title document rejected. The Income Tax Department filed an appeal against the order of the CIT(A), NFAC, dated 24.11.2023 for the…

Imposition of penalty merely on technical mistake committed by the assessee without any loss of revenue would not be sustainable.    The word ‘reasonable cause’ under Section 273B of the ITA has not been defined. Therefore, in the context of the penalty provisions, the words ‘reasonable cause’ would mean a cause which is beyond the…

Why Your Salary Disappears by Mid-Month — And How to Stop It If you’re like most salaried professionals, your phone buzzes on payday with that delightful SMS: “Salary credited.” But blink twice and somehow, within 10–15 days, your bank balance looks like it survived a zombie apocalypse. So where does all the money go? 🔍…

Cash deposit during Demonetization: ITAT deletes the addition as a trail of cash flow established the source of the deposits.   1.  The assessee challenged the order dated 18-11-2024 by the National Faceless Appeal Centre for AY 2017–18, contesting an addition of ₹15,00,000 under Section 69A of the Income Tax Act. 2. Key grounds included…