Section 50C & Section 54 – MOU vs Registration Date | ITATba Mumbai  Facts: 1. The assessee, an individual, was allotted a residential flat in February 2004 and was placed in possession thereof. In March 2005, he entered into a Memorandum of Understanding (MOU) for sale of the said flat for a total consideration of…

New Income Tax Act 2025: Fewer Forms, Smarter TDS & Simpler Compliance (Part-3) For most taxpayers, TDS & TCS are not just provisions — they are silent partners in every transaction. Whether you earn salary, receive interest, pay rent or buy property, tax quietly gets deducted or collected along the way. Under the new Income…

Section 263 Revision Cannot Be Based on “Deeper Inquiry” | ITAT Draws Clear Line between No Inquiry and Inadequate Inquiry   In a significant ruling on the scope of revisionary powers under the Income-tax Act, the Tribunal has once again clarified that Section 263 cannot be invoked merely because the Principal Commissioner (PCIT) believes that a…

TDS Credit Cannot Be Denied Due to 26AS Mismatch Under Section 143(1) | ITAT Delhi Declares Such Adjustments Illegal   In a significant ruling strengthening taxpayer rights, the Delhi ITAT has held that TDS credit cannot be denied merely due to mismatch between Form 26AS and the return of income while processing under Section 143(1). The…

If the investment is yours, the exemption is yours—even if the property is registered in someone else’s name: Section 54F exemption allowed even if Property Registered in others name In a significant and practical ruling, the Tribunal has held that deduction under Section 54F cannot be denied merely because the new residential property is registered in…