Presumptive Taxation vs. Stamp Duty Valuation: ITAT Draws the Line Against Double Taxation     The Income Tax Act contains several deeming provisions. Individually, they serve a specific purpose. However, when two deeming provisions intersect, disputes often arise regarding their simultaneous application. One such controversy concerns the interaction between Section 44AD, which provides for presumptive…

No GST Expense Claimed? Then No Section 43B Disallowance, Rules ITAT     Unpaid GST Shown as Liability Cannot Be Added Back If It Was Never Claimed as a Deduction Section 43B is one of the most frequently invoked provisions in income-tax assessments. It requires certain statutory liabilities, including GST, to be actually paid before…

Before You Click ‘Submit’… What Every Taxpayer Should Check in the ITR   Every year, millions of taxpayers file their income tax returns in just a few minutes. Many even proudly remark, “Done in ten minutes!” Ironically, filing the return is the easiest part of tax compliance; filing it correctly is the real challenge. Those…

Can a Recorded Bank Loan Become ‘Unexplained Money’ Under Section 69A? Mumbai ITAT Says No   Section 69A Cannot Be Invoked Merely Because the Revenue Suspects an Accommodation Entry Sections 68 and 69A are among the most frequently invoked provisions in income-tax assessments. However, courts have repeatedly reminded tax authorities that these provisions operate only…

A Wrong Section Should Not Deny the Right: Nagpur ITAT recognises Substance Over Technicalities   Registration of Charitable Trusts Cannot Be Rejected Merely Because of a Procedural Mistake A charitable trust is created to serve society, not to become a victim of paperwork. Yet, many genuine trusts find themselves caught in the web of procedural…