KISHOR KUMAR MOOLANI v. STATE OF RAJASTHAN & ORS – RAJASTHAN HIGH COURT
High Court, Rajasthan Maneesh Sharma, Justice KISHOR KUMAR MOOLANI v. STATE OF RAJASTHAN & ORS S.B. CRIMINAL MISCELLANEOUS BAIL APPLICATION No. 7338/2025 dated 18.06.2025 Law : GST Act Name : Central Goods & Services Tax Act, 2017 Relevant Section : Section 132 Decision : In favour of assessee Bail application – Tax evasion – Bogus supply – Judicial custody […]
INCOME TAX ACT 2025
CHAPTER I: Preliminary Section 1: Title, Extent & Commencement Name: This law is called the Income-tax Act. Coverage: It applies across all of India. Effective Date: Unless stated otherwise, it will begin on 1st April 2026. Section 2: Key Definitions Roles & Authorities Accountant: Defined in section 515(3)(b). Additional Commissioner/Director: Senior tax officials appointed under […]
Penalty and Compliance FAQs for Professionals
Quick Reference Box Default Penalty / Consequence Section Under-reporting of income 50% of tax on under-reported income 270A Misreporting of income 200% of tax on under-reported income 270A(9) Cash loan above ₹20,000 received 100% of amount received 271D Cash loan above ₹20,000 repaid 100% of amount repaid 271E Cash receipt above ₹2 lakh 100% of […]
Assessment and Notice FAQs for Professionals
Quick Reference Box Notice Type Section Time Limit for Reply Governing Act Reassessment show-cause 148A(b) 7–30 days IT Act 1961 (old AYs) Scrutiny selection 143(2) As specified IT Act 1961 / IT Act 2025 Information demand 142(1) As specified (usually 15–30 days) Governing Act for that AY Third-party information 133(6) As specified Governing Act for […]
Capital Gains FAQs for Tax Year 2026-27
Quick Reference Box Asset Holding Period (LTCG) LTCG Rate STCG Rate Listed equity / equity MF 12 months 12.5% (gains > ₹1.25 lakh) 20% Property (sold after 23 July 2024) 24 months 12.5% (no indexation) Slab rate Property (purchased before 23 July 2024) 24 months Lower of: 12.5% (no indexation) OR 20% (with indexation) Slab […]
ITR Filing FAQs for Tax Year 2026-27
Quick Reference Box Filing Period Governing Act ITR Form FY 2025-26 / AY 2026-27 IT Act 1961 Old ITR forms (ITR-1 to ITR-7) Tax Year 2026-27 (income from April 2026) IT Act 2025 New forms (notified under IT Rules 2026) Non-audit individual due date (AY 2026-27) IT Act 1961 31 July 2026 Audit case due […]
Compounding of Income Tax Offences: The Complete Guide
At a Glance Parameter Current Position (Post October 2024) Are all offences compoundable? Yes — CBDT October 2024 guidelines removed all non-compoundable categories Time limit for filing application No time limit — 36-month restriction eliminated Multiple applications permitted? Yes — even after prior rejection Application filed with Principal Commissioner or Commissioner of Income Tax Compounding […]
Section 276CC: Prosecution for Not Filing Income Tax Return
At a Glance Parameter Legal Position Offence Wilful failure to furnish return of income within due date Punishment Rigorous imprisonment: 3 months to 2 years + fine When rigorous imprisonment extends to 7 years If tax sought to be evaded exceeds ₹25 lakh Mens rea requirement “Wilfully fails” — deliberate non-filing required Exception 1 Tax […]
Section 270A Immunity: How to Use Section 270AA Correctly
At a Glance Parameter Legal Position Penalty for under-reporting 50% of tax on under-reported income Penalty for misreporting 200% of tax on under-reported income Eight misreporting categories Exhaustive list in Section 270A(9) — must specify which one Immunity under Section 270AA Available for under-reporting cases only Immunity application form Form 68 — filed with Assessing […]
Section 271D and 271E: The 100% Cash Penalty Guide
At a Glance Parameter Section 271D Section 271E Trigger provision Section 269SS violation Section 269T violation What is prohibited Accepting loan/deposit/specified sum in cash ≥ ₹20,000 Repaying loan/deposit/specified advance in cash ≥ ₹20,000 Penalty amount 100% of the amount received in cash 100% of the amount repaid in cash Who levies the penalty Joint Commissioner […]