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Tax Updates
21:46 12 thg 3, 2026
Section 263 Revision Cannot Be Applied Retrospectively to AY 2013-14 Without Proper Inquiry by Commissioner
The ITAT held that Explanation 2 to section 263, inserted with effect from 1.6.2015, cannot be applied retrospectively to the assessment year 2013-14. The revision under section 263 requires the Commissioner to form a reasoned opinion that the assessment order was passed without necessary inquiry or verification. In this case, the assessee provided detailed explanations showing adequate verification by the AO. The Commissioner failed to specify what further inquiries were necessary or identify any defects in the assessee's submissions. Consequently, the exercise of revision jurisdiction by the Commissioner was without valid basis and amounted to invalid jurisdiction. The impugned order under section 263 was quashed, and the assessee's appeal was allowed.
Source:
https://www.taxtmi.com/highlights?id=90936
#TaxLaw #Section263 #IncomeTax #LegalUpdate - Income Tax
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Tax Updates
21:46 12 thg 3, 2026
ITAT Upholds 10% WIP Disallowance and Validates Interest on Partner's Capital Under Income Tax Rules
The ITAT upheld the CIT(A)'s reduction of disallowance on work-in-progress (WIP) expenses to 10%, finding the revenue's arbitrary adoption of this percentage without objective data impermissible, thereby allowing the assessee's ground and dismissing the revenue's claim. Regarding interest paid to a partner on capital introduced, the tribunal found the assessee's claim substantiated with adequate documentation and no evidence provided by the AO to prove the interest rate was excessive or unreasonable. The interest paid at 10.7% was deemed a legitimate financial cost integral to the project's sustenance. Consequently, the addition made by the AO was set aside, and the revenue's ground was rejected. Thus, both appeals by the revenue were dismissed, affirming the CIT(A)'s orders in favor of the assessee.
Source:
https://www.taxtmi.com/highlights?id=90937
#IncomeTax #WIPExpenses #InterestOnCapital #ITATDecision - Income Tax
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Tax Updates
21:46 12 thg 3, 2026
Income of Revocable Foreign Trust from Indian NCDs Not Taxable Under Sections 61, 63, 161 & India-UAE DTAA
The ITAT held that income earned by the revocable foreign trust from investments in non-convertible debentures of Indian companies is not taxable in India. The trust, settled by a UAE-based entity and registered as an FII, was found exempt from Indian tax liability under the combined application of sections 61, 63, and 161 of the Income Tax Act, read with Article 24 of the India-UAE DTAA. The Tribunal relied on precedent where the Bombay HC quashed the AAR's order imposing tax on a similar trust. Consequently, the additions made by the AO were deleted, and the appeal filed by the trust was allowed, confirming that income accruing to such revocable foreign trusts is not chargeable to tax in India.
Source:
https://www.taxtmi.com/highlights?id=90938
#TaxLaw #ForeignTrusts #IncomeTax #IndiaUAE - Income Tax
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Tax Updates
21:46 12 thg 3, 2026
Revision under Section 263 requires total lack of enquiry, not just inadequacy, for valid revision orders
The ITAT held that revision proceedings under Section 263 cannot be sustained where there is no total lack of enquiry by the AO, only inadequacy. The AO's investigation was confined to rental income, which was the principal issue, and thus not a complete absence of enquiry. An error or omission regarding the claim of interest under Section 24(a) amounts to inadequate enquiry, requiring the Pr. CIT to conduct independent inquiry before invoking revision powers. The Pr. CIT failed to demonstrate any inquiry or collect material to justify the revision of eight assessment orders, acting in a hurried and mechanical manner without proper application of mind. Consequently, the ITAT set aside the Pr. CIT's revision orders as legally untenable and allowed the assessee's appeal.
Source:
https://www.taxtmi.com/highlights?id=90933
#TaxLaw #Section263 #IncomeTax #LegalUpdate - Income Tax
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Tax Updates
21:46 12 thg 3, 2026
ITAT Upholds Section 263 Revision, Confirms Validity of Section 144 Ex Parte Assessment Order
The ITAT upheld the revision order passed under section 263, affirming that the assessment order issued under section 144 ex parte was justified due to the assessee's failure to appear despite proper notice. The Tribunal noted the assessee's challenge to the assessment before the CIT(A), which remains pending. The AO's additions under sections 43B, 68 read with 115BBE, and estimated long-term capital gains were scrutinized, with the PCIT highlighting procedural irregularities in income estimation and the existence of two sets of financial statements. The Tribunal found no error in the PCIT's conclusion that the assessment was prejudicial to Revenue, particularly due to non-consideration of section 45(4). Consequently, the order under sectio.....
Source:
https://www.taxtmi.com/highlights?id=90934
#TaxLaw #Section263 #IncomeTax #LegalUpdate - Income Tax
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Tax Updates
21:46 12 thg 3, 2026
ITAT directs AO to allow set-off of house property losses against short-term capital gains under Income Tax Act
The ITAT allowed the assessee's appeal, directing the AO to permit set-off of house property losses against short-term capital gains. The tribunal held that under the relevant statutory provision, where there is a net loss under any head other than capital gains and income under capital gains, the loss may be set off against income under any head, including capital gains, subject to the Act's provisions. The AO erred in denying the claim by not applying this provision correctly. Although the CIT(A) considered the argument, the denial was upheld improperly. Consequently, the AO was directed to allow the rectification application and compute the loss accordingly, thereby enabling the assessee to adjust house property losses against capital gains income.
Source:
https://www.taxtmi.com/highlights?id=90935
#IncomeTax #CapitalGains #HousePropertyLoss #TaxLaw - Income Tax
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Tax Updates
21:46 12 thg 3, 2026
Filling Toner Powder in Used Cartridges Counts as Manufacture Under Customs Rules, Duty Demand Set Aside
The CESTAT upheld the appellant's prior ruling that filling toner powder into used cartridges constitutes "manufacture" under the Customs (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 1996. The Tribunal reaffirmed that since the activity qualifies as manufacture, the demand for customs duty, denial of CENVAT credit, and penalty imposed on the appellant were unsustainable. Consequently, the impugned order was set aside, and the appeal was allowed, granting the appellant the benefit of concessional duty.
Source:
https://www.taxtmi.com/highlights?id=90931
#CustomsLaw #ManufactureDefinition #CENVATCredit #DutyConcessions - Customs
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Tax Updates
21:46 12 thg 3, 2026
Penalty under Section 114 Customs Act requires confiscation under Section 113; no confiscation means no penalty imposed
The CESTAT held that penalty under Section 114 of the Customs Act, 1962 is contingent upon confiscation of goods under Section 113. Since there was no confiscation of the exported goods, penalty under Section 114 could not be imposed. The appellant was neither involved in mis-declaration nor overvaluation of export goods, and the Revenue failed to produce evidence linking the appellant to any wrongdoing. The Tribunal relied on precedent where penalty was set aside in similar circumstances. Consequently, the penalty of Rs.4,50,000 imposed under Section 114 was quashed and the appeal was allowed.
Source:
https://www.taxtmi.com/highlights?id=90932
#CustomsLaw #Section114 #LegalUpdate #TradeCompliance - Customs
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Tax Updates
21:46 12 thg 3, 2026
Business expenses disallowed under Section 37 due to lack of valid contract and insufficient documentary evidence
The ITAT upheld the disallowance of business expenditure claimed by the assessee towards payments made to a sister concern for sub-contract execution under section 37. The tribunal concurred with the AO that the assessee failed to provide essential contractual documents, such as a valid contract agreement detailing scope, liabilities, payment terms, and enforceable signatures, thereby undermining the genuineness of the expenditure. The work order submitted lacked critical details of actual work performed and did not establish the assessee or sister concern's role as sub-contractor. The assessee also failed to furnish documentary evidence for third-party verification, reconciliation of payments, and substantiation of claimed amounts, with di.....
Source:
https://www.taxtmi.com/highlights?id=90929
#TaxLaw #Section37 #BusinessExpenses #ITAT - Income Tax
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Tax Updates
21:46 12 thg 3, 2026
SC allows complaint amendment under Section 200 Cr. P. C. before trial ends if no prejudice to accused
The SC allowed the appeal, setting aside the High Court's order that had disallowed the amendment of a complaint under Section 200 Cr. P. C. post-cognizance. The Court held that the criminal court possesses the power to permit amendments addressing curable infirmities in a complaint, provided no prejudice is caused to the accused. Here, the amendment corrected an inadvertent error concerning the product description without altering the complaint's nature or character. Since the amendment occurred before the trial's conclusion and did not prejudice the respondents, the Trial Court rightly allowed it. The High Court erred by considering extraneous issues like GST leviability, which fall outside the criminal trial's scope. The final determinatio.....
Source:
https://www.taxtmi.com/highlights?id=90930
#CriminalLaw #Section200 #LegalAmendment #CourtRuling - Indian Laws
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