Clipped from: https://economictimes.indiatimes.com/news/economy/policy/budget-has-to-fix-indian-taxpayers-nagging-dispute-management-issue-for-real/articleshow/96808764.cms Synopsis Union Budget 2023: The multiple initiatives announced clearly reflect the government’s intent to address the malaise. However, on-the-ground experience shows that the
Day: January 8, 2023
Reopening of assessment without valid reason is bad in law
Clipped from: https://taxguru.in/income-tax/reopening-assessment-valid-reason-bad-law.html Amin Badruddin Keshwani Vs CIT (ITAT Mumbai) ITAT Mumbai held that reopening of assessment without valid reason or intangible material, merely on the
Claiming exemption under wrong section is rectifiable u/s 154 of the Income Tax Act
Clipped from: https://taxguru.in/income-tax/claiming-exemption-wrong-section-rectifiable-u-s-154-income-tax-act.html University of Burdwan C/o S. N. Ghosh & Associates Vs ACIT (ITAT Kolkata) ITAT Kolkata held that inadvertent mistake of claiming exemption under
Taxation of Gifts: An In Depth Analysis
Clipped from: https://taxguru.in/income-tax/taxation-gifts-depth-analysis.html In India, gifts are not just out of natural love and affection but also carry cultural aspects that our generations have followed. At
Section 54/54F exemption – Flat Booking Vs. Possession
Clipped from: https://taxguru.in/income-tax/section-54-54f-exemption-flat-booking-vs-possession.html Pradeep Kumar Sonthalia Vs DCIT (ITAT Kolkata) The assessee has claimed exemption under section 54 and 54F of the Income Tax Act. Such
RCM applicability on Residential dwelling under GST*****
Clipped from: https://taxguru.in/goods-and-service-tax/rcm-applicability-residential-dwelling-gst.html As per Notification No. 05/2022- Central Tax (Rate) Dated: 13th July, 2022 issued by GST council which has came into effect from 18th July, 2022,
Interest earned by co-operative society out of investment with co-operative bank is deductible u/s 80P(2)(d)
Clipped from: https://taxguru.in/income-tax/interest-earned-co-operative-society-out-investment-co-operative-bank-deductible-u-s-80p2d.html Jal Ratan Deep Co-operative Housing Society Ltd Vs ITO (ITAT Mumbai) ITAT Mumbai held that interest income earned by co-operative society on its
Capital Gains derived from Sale of Property set off under current year Business Loss: ITAT upholds Disallowance of Loss on account of write-offInventory of Cotton*
Clipped from: https://www.taxscan.in/capital-gains-derived-from-sale-of-property-set-off-under-current-year-business-loss-itat-upholds-disallowance-of-loss-on-account-of-write-off-inventory-of-cotton/236732/ The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has upheld the disallowance of loss on account of write-off inventory of cotton whenthe capital gains derived
Ex-parte orders violates principles of natural justice & entails civil consequences
Clipped from: https://taxguru.in/goods-and-service-tax/ex-parte-orders-violates-principles-natural-justice-entails-civil-consequences.html National Co-operative Consumer Federation of India Limited Vs State of Bihar (Patna High Court) The Hon’ble Patna High Court in National Co-operative Consumer Federation
Capital Gain Tax on Sale of Inherited Property
lipped from: https://taxguru.in/income-tax/capital-gain-tax-sale-inherited-property.html 1 Immovable property received under a will or by way of inheritance does not have any tax liability. [Proviso to Sec 56(x)(b)]. A
GST on rent of the residential and commercial property
lipped from: https://taxguru.in/goods-and-service-tax/gst-rent-residential-commercial-property.html From the Goods and Services Tax (GST) perspective, renting of residential and commercial property is treated as a ‘supply of service’. The present
Failure to consider reply to SCN and Document produced: Bombay HC quashes demand of Service Tax
Clipped from: https://www.taxscan.in/failure-to-consider-reply-to-scn-and-document-produced-bombay-hc-quashes-demand-of-service-tax/235501/ The Bombay High Court at Goa, quashed demand of service tax on failure to consider reply to Show Cause Notice (SCN) and document
Income earned by Co-operative Society on Investment held with Co-operative Bank can be allowed as Deduction u/s 80P(2)(d): ITAT
Clipped from: https://www.taxscan.in/income-earned-by-co-operative-society-on-investment-held-with-co-operative-bank-can-be-allowed-as-deduction-u-s-80p2d-itat/235665/ The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that income earned by a Co-operative society on investment held with Co-operative Bank can be
Reliance upon ITR shall be made while determining compensation under Motor Vehicles Act
Clipped from: https://taxguru.in/corporate-law/reliance-upon-itr-made-while-determining-compensation-motor-vehicles-act.html Smt. Anjali Vs Lokendra Rathod (Supreme Court of India) Conclusion: The Hon’ble Supreme Court determined compensation under Motor vehicles Act, 1988 on basis of
Insurance Company cannot refuse to process claim when all formalities was completed: SC
Clipped from: https://taxguru.in/company-law/insurance-company-refuse-process-claim-formalities-completed-sc.html Gokal Chand (D) THR. LRS. Vs Axis Bank Ltd. & Anr. (Supreme Court of India) Conclusion: The Hon’ble Supreme Court directed Insurance Company to
Deduction u/s 54 was allowable in case capital gains were utilized within time specified but sale deed was not registered
Clipped from: https://taxguru.in/income-tax/deduction-u-s-54-allowable-case-capital-gains-utilized-time-specified-sale-deed-registered.html Dr. Sheela Puttabuddi Vs ITO (ITAT Bangalore) Conclusion: Utilisation of capital gains within time specified would entitle assessee to claim deduction under section 54,
Section 54 of Income Tax Act, 1961
Clipped from: https://taxguru.in/income-tax/section-54-income-tax-act-1961.html Prior to Finance Act, 2019 there is a restriction in investment in one residential house under section 54 of Income Tax Act, 1961
MahaRERA: Non-negotiable clauses in agreement for sale to be executed with allottees -Reg.
Clipped from: https://taxguru.in/corporate-law/maharera-non-negotiable-clauses-agreement-sale-executed-allottees-reg.html MAHARASHTRA REAL ESTATE REGULATORY AUTHORITY Order No. 38/2022 No. MahaRERA/Secy/File No.27/744/2022Date: 13/12/2022 Sub: In the matter of non-negotiable clauses in the agreement for
SC direction to honour insurance contract which met prescribed conditions
Clipped from: https://taxguru.in/corporate-law/sc-direction-honour-insurance-contract-met-prescribed-conditions.html Gokal Chand (D) Thr. Lrs. Vs Axis Bank Ltd. (Supreme Court of India) Whether an insurance company even after receiving the insurance premium,
Capital Gain Tax on Sale of Properties*******
Clipped from: https://taxguru.in/income-tax/capital-gain-tax-sale-properties.html Sale of Properties is one of the most common ways if one needs fund. But it becomes awful when one have to pay
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