Judgement

The ITAT Bangalore held that Section 199 of the Income Tax Act, read with Rule 37BA of the Income Tax Rules, mandates that TDS credit should follow the income.

ITAT Holds Individual Cannot Claim TDS Credit When Corresponding Income is Offered to Tax by Partnership Firm

Articles

A comprehensive guide to the capital gains tax implications of asset transfers between partners and partnership firms under Sections 45(3), 9B, and 45(4), along with ITR reporting requirements for AY 2026-27.

Capital Gains on Transfer of Assets between Partners and Firms

ITAT condoned the delay in filing the appeal and remanded the Section 271(1)(c) penalty matter to the CIT(A) for fresh adjudication on merits.

Partnership Firm Faced Rs. 3.10 Lakh Penalty After Switching from Mercantile to Cash Accounting; ITAT Condones Delay and Restores Appeal

ITAT held that cash deposits already recorded and taxed in the successor proprietorship concern cannot be taxed again in the hands of the dissolved partnership firm and remanded the matter for verification.

If Deposits Are Already Included in Proprietor’s Income, They Cannot Be Taxed Again: ITAT

Revenue cannot make addition in the hands of a partnership firm based on an impounded order book when the partner has already offered individual business income under presumptive taxation.

ITAT Remanded Rs 5.26 Crore Cash Deposit of Demonetisation for Fresh Adjudication

Section 194T mandates 10% TDS on specified payments exceeding Rs 20,000 made by partnership firms and LLPs to partners from April 1, 2025, increasing compliance and tax transparency.

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ITAT Holds Individual Cannot Claim TDS Credit When Corresponding Income is Offered to Tax by Partnership Firm

Capital Gains on Transfer of Assets between Partners and Firms

Partnership Firm Faced Rs. 3.10 Lakh Penalty After Switching from Mercantile to Cash Accounting; ITAT Condones Delay and Restores Appeal

If Deposits Are Already Included in Proprietor’s Income, They Cannot Be Taxed Again: ITAT

ITAT Remanded Rs 5.26 Crore Cash Deposit of Demonetisation for Fresh Adjudication

Section 194T Explained: What Partnership Firms and LLPs Must Know