Whether addition made on the basis of DVO: In the intricate realm of tax laws, the interplay between assessments, penalties, and the role of DVO (Directorate of Valuation) reports often becomes a subject of intense scrutiny. One such contentious issue is whether additions made to a taxpayer's income based on a DVO report…
Trust Laws: A trust is a legal arrangement where a person, known as the settlor, transfers assets to a trustee to hold and manage for the benefit of another person, known as the beneficiary. Trust laws govern the creation, administration, and termination of trusts. These laws vary from jurisdiction to jurisdiction, but they…
The benefit of bonafide mistake: The Income Tax Act, 1961, imposes penalties for various tax-related defaults. One such penalty is levied under Section 270A of the Act for failure to pay tax deducted at source (TDS) or tax collected at source (TCS) on time. In certain cases, taxpayers may argue that the failure…
