GSTPedia

11/07/2026

Can housing loan interest be included in cost of acquisition while computing capital gains?

In ACIT Vs Smt. Sadhna Aggarwal, ITAT Delhi considered whether interest paid on borrowed funds used for purchase of property can be added to the cost of acquisition under Section 48.

The Tribunal accepted the taxpayer’s claim where the borrowed funds were directly linked to acquisition of the property and the interest was not separately claimed as deduction.

However, the current law must be read carefully. If housing loan interest has already been claimed under Section 24(b) or Chapter VIA, the same amount cannot again be added to cost of acquisition.

This ruling is useful for property sellers, taxpayers and professionals dealing with capital gains computation, especially in cases involving housing loans, builder payments, delayed possession and capital loss claims.

Detailed article here:

The Revenue challenged the relief granted by the CIT(A) on the following major issues: Whether housing loan interest of ₹1,82,53,834 could be included in cost of acquisition. Whether loss on stamp paper of ₹1,35,930 could be treated as part of acquisition cost. Whether enhanced basic cost of the...

09/07/2026

क्या आयकर विभाग केवल इस आधार पर कोई बड़ी addition कर सकता है कि आपका नाम किसी अन्य व्यक्ति की diary या pen drive में लिखा हुआ पाया गया है?
इस प्रश्न पर ITAT Hyderabad ने SVS Projects India Private Limited vs ACIT के मामले में एक महत्वपूर्ण सिद्धांत को फिर से स्पष्ट किया है।
Tribunal ने माना कि third-party document यानी किसी तीसरे व्यक्ति के पास से मिला हुआ document, diary, loose paper या pen drive केवल संदेह पैदा कर सकता है। लेकिन केवल संदेह के आधार पर किसी taxpayer की taxable income नहीं मानी जा सकती।
जब तक Revenue यह स्वतंत्र और ठोस evidence से साबित न करे कि वास्तव में transaction हुआ था, cash का actual movement हुआ था, और उसका सीधा संबंध assessee से है, तब तक ऐसी addition sustainable नहीं हो सकती।
किसी third-party diary या pen drive में नाम आ जाना inquiry का कारण हो सकता है, लेकिन tax addition का आधार नहीं बन सकता। Suspicion जांच शुरू कर सकता है, परंतु suspicion alone taxable income नहीं बना सकता।

Can the Income Tax Department make a huge addition only because your name appears in someone else’s diary or pen drive? A third-party document may create suspicion, but suspicion alone cannot become taxable income unless the Revenue proves the transaction with independent evidence.

09/07/2026

Cash Received on Property Sale: Can Section 271D Penalty Apply? ITAT Hyderabad Gives Major Relief - If cash is received as part of the sale consideration at the time of registration of a sale deed, can the Income Tax Department levy penalty under Section 271D for violation of Section 269SS? ITAT Hyderabad in Mohammed Shabbir Bhojani vs ITO deleted Section 271D penalty, holding that cash received as final property sale consideration at registration does not attract Section 269SS penalty where no AO satisfaction was recorded. The Tribunal deleted the penalty of ₹36,00,000 under Section 271D and gave an important ruling on the scope of Section 269SS in immovable property transactions.

ITAT Hyderabad in Mohammed Shabbir Bhojani vs ITO deleted Section 271D penalty, holding that cash received as final property sale consideration at registration does not attract Section 269SS penalty where no AO satisfaction was recorded.

09/07/2026

The CCFS 2026 extension to 31 August 2026 is a valuable opportunity for companies to clear old ROC filing defaults and restore compliance at a lower cost. Companies with pending AOC-4, MGT-7, MGT-7A, ADT-1 or related forms should act immediately.
This extension should be used as a compliance clean-up window, not as a reason to delay. Companies should review their MCA master data, prepare missing documents, complete accounts and audits, and file all eligible forms well before the revised deadline.
For professional support, connect with CA Alok Kumar’s team for ROC filing services in Delhi, Company Registration & LLP Formation, Accounting and Virtual CFO Services, and Audit & Assurance Services.

CCFS 2026 extension gives companies time up to 31 August 2026 to complete pending ROC filings under the Companies Compliance Facilitation Scheme, 2026.

08/07/2026

Penalty under Section 271(1)(c) is not automatic merely because income was disclosed during reassessment.
ITAT Chennai, in Mangadu Natarajan Balasundharam vs ITO, deleted the concealment penalty where the assessee disclosed Long-Term Capital Gain in the return filed under Section 148 and the Assessing Officer accepted that return without making any further addition.
Key point:
If the Section 148 return is accepted as filed, penalty cannot be imposed mechanically only by comparing it with the original return.
Read the detailed case analysis:
https://caalokkumar.com/my-writing/section-271-1-c-penalty/
Need help with income tax notice or demand response?
https://caalokkumar.com/income-tax-demand-notice-response.html

03/07/2026

sensex

01/07/2026

Celebrating CA Day, GST Day & Doctors’ Day — honoring the professionals who strengthen India’s economy, compliance, trust and public well-being.
Gratitude to Chartered Accountants, tax professionals and doctors for their dedication, integrity and service to the nation.

30/06/2026

Wealth4india # Market update 2026

26/06/2026

Budget 2026 Income tax penalty reforms may change how taxpayers handle assessment, penalty, reassessment and prosecution matters. Assessment-stage replies now need greater care. Pre-payment reduced from 20% to 10% of core tax demand, updated return after reassessment, and prosecution rationalisation — Budget 2026 brings important direct tax compliance changes. Foreign asset disclosure, ITR-U, demand notices and penalty proceedings should now be reviewed carefully in light of Finance Act, 2026 and the new Income-tax Act, 2025 framework.
READ in Detail - Click Here - https://caalokkumar.com/my-writing/income-tax-penalty-reforms/
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Budget 2026 income tax penalty reforms simplify assessment, penalty, prosecution, updated returns and foreign asset relief. Key taxpayer impact explained.