Section 87A Rebate Litigation: Is the ITAT Appeal Fee Always ₹10,000? A Fresh Perspective Can an Appeal Against Denial of Rebate Under Section 87A Be Filed with a Fee of Just ₹500? The recent litigation surrounding the denial of rebate under Section 87A has resulted in thousands of appeals before the Commissioner (Appeals) and the Income Tax…

Can CPC Apply the Supreme Court’s Checkmate Judgment Retrospectively? ITAT Says No A Debatable Issue Cannot Be Adjusted Under Section 143(1) by Applying a Later Supreme Court Decision The landmark judgment of the Supreme Court in Checkmate Services (P.) Ltd. v. CIT fundamentally changed the legal position regarding delayed deposit of employees’ contributions towards Provident Fund (PF)…

Section 153C Cannot Be Invoked Mechanically: ITAT Jaipur Quashes Proceedings for Lack of Independent Satisfaction   AO Cannot Simply Copy the Satisfaction Note of the Searched Person-Independent Application of Mind Is Mandatory Search assessments under Sections 153A and 153C of the Income-tax Act confer extraordinary powers upon the Income Tax Department. However, these powers are…

One House Sold… Two Houses Bought! Will Section 54 Still Save Your Tax?   [Query 1] I am having an inherited house, 1 residential flat and a residential plot. My wife is having a residential flat. Now, we plan to sell our ancestral house. Can we purchase 2 flats and claim capital gain exemption? The…

Section 68 Cannot Be Invoked Mechanically: Gujarat High Court Says One-to-One Matching of Bank Credits with Sales Is Not Mandatory   Assessing Officer Must Give Cogent Reasons Before Treating Business Receipts as Unexplained Cash Credits Section 68 of the Income-tax Act is one of the most frequently invoked provisions during assessments and reassessment proceedings. Whenever…