Why Is Your Tax Software Still Computing Indexation? It May Actually Be Saving You Tax   If you have recently sold a plot of land or a building acquired many years ago, you may have noticed something rather puzzling while preparing your Income Tax Return. Your tax software is still calculating the Indexed Cost of…

Redeveloped Flat Sold Soon After Possession? ITAT Holds Holding Period Starts from Development Agreement, Not Possession Date Urban redevelopment has become a common feature across metropolitan cities, particularly Mumbai. Thousands of flat owners surrender their old premises to developers and receive larger redeveloped flats after completion of the project. One recurring tax question in such…

Wrong Reassessment Procedure Can Nullify the Entire Case: Mumbai ITAT Quashes Political Donation Reopening Keywords: Section 148A political donation, bogus political donation reassessment, Section 80GGC reassessment, Section 148A proviso, search-based reassessment, Mumbai ITAT Amit Pahuja, reassessment barred by limitation, Finance Act 2021 reassessment, Section 148 notice, Income Tax reassessment. Can the Income Tax Department Follow the…

Wrong Political Donation Claim Doesn’t Automatically Mean 200% Penalty: Ahmedabad ITAT Cancels Penalty Under Section 270A Keywords: Section 270A penalty, bogus political donation, Section 80GGC deduction, misreporting of income, penalty for political donation, Section 270AA immunity, Ahmedabad ITAT Section 270A, penalty deleted, Income Tax penalty, Niket Maheshbhai Shah case. Can the Income Tax Department Levy a…

Accepted Sales Mean Purchases Cannot Be Ignored: ITAT Restricts Bogus Purchase Addition to 1% Can the Income Tax Department Treat Purchases as Bogus When the Corresponding Sales Are Accepted? Allegations of bogus purchases continue to be one of the most litigated issues under the Income-tax Act. Quite often, the Investigation Wing identifies certain suppliers as…