Day: January 11, 2023
Deduction of interest on loan to purchase a residential home for which possession is pending*
lipped from: https://taxguru.in/income-tax/deduction-interest-loan-purchase-residential-home-possession-pending.html Mr. Abeezar Faizullabhoy Vs CIT (ITAT Mumbai) Appeal Number : ITA No.4831/MUM/2019, Date of Order : 01/09/2021 Issues Whether or not the assessee
No addition towards notional rent as residential asset held as stock-in-trade
Clipped from: https://taxguru.in/income-tax/addition-notional-rent-residential-asset-held-stock-in-trade.html ACIT Vs Balkrishna Shanmugham Chettiar Alias S. Balan (ITAT Pune) ITAT Pune held that addition of notional rental not sustainable as the residential
Mere issuance of SCN or letters of personal hearing is not adequate*******
Clipped from: https://taxguru.in/service-tax/issuance-scn-letters-personal-hearing-adequate.html Sai Construction Vs Assistant Commissioner of Central Tax (Telangana High Court) HC held that Mere issuance of show cause notice or letters of
HC upheld section 68 addition as Assessee failed to prove 3 conditions*****
Clipped from: https://taxguru.in/income-tax/hc-upheld-section-68-addition-assessee-failed-prove-3-conditions.html Rupal Jain Vs CIT (Allahabad High Court) Considering the provision of Section 68 that the assessee has to prove three conditions i.e. (i)
Deduction u/s 54 is eligible in respect of more than one property
Clipped from: https://taxguru.in/income-tax/deduction-u-s-54-eligible-respect-more-one-property.html K. Gopalakrishnan Vs ITO (ITAT Chennai) ITAT Chennai held that as per the ratio of decision of jurisdictional High Court in CIT V/s Gumanmal
Assessee can challenge reopening notice at the stage of challenging consequential Assessment order: HC
Clipped from: https://taxguru.in/income-tax/assessee-challenge-reopening-notice-stage-challenging-consequential-assessment-order-hc.html Auroglobal Comtrade Private Limited Vs Chairman, CBDT & Others (Orissa High Court) HC declined to accept challenge to the Reopening notices under Section
Section 80P2D–Judgement sent by CA Mr. Amey Sane*****
80P2D-Judgemen t sent by Society CA
Supreme Court rules Writ Petition can be entertained to examine if conditions for Issuance of Notice u/s 148 have been satisfied [Read Order]*****
Read More: https://www.taxscan.in/supreme-court-rules-writ-petition-can-be-entertained-to-examine-if-conditions-for-issuance-of-notice-u-s148-have-been-satisfied/244720/ Clipped from: https://www.taxscan.in/supreme-court-rules-writ-petition-can-be-entertained-to-examine-if-conditions-for-issuance-of-notice-u-s148-have-been-satisfied/244720/ The Supreme Court of India in a major ruling held that writ petition can be entertained to examine if conditions for
Budget may see another dispute resolution scheme as tax arrear surges – The Hindu BusinessLine*
lipped from: https://www.thehindubusinessline.com/economy/budget-may-see-another-dispute-resolution-scheme-as-tax-arrear-surges/article66361098.ece Tax arrears during FY17 to FY21 surged from ₹9-lakh crore to over ₹16-lakh crore Finance Minister Nirmala Sitharaman may get some satisfaction on
‘Copy-paste’ appeals from Micromax, Karbonn riles NCLAT – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/info-tech/copy-paste-appeals-from-micromax-karbonn-riles-nclat/article66360122.ece NCLAT bench to examine Google appeal’s similarities with Karbonn, Micromax pleas File image | Photo Credit: Dado Ruvic An uncanny similarity in the
Policies to double farm income can be improved upon – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/editorial/policies-to-double-farm-income-can-be-improved-upon/article66361237.ece Improved storage, productivity and efficient markets, including futures, can transform the fortunes of India’s farmers As aggregators of small farmers’ produce, FPOs can
Imports from China, a big worry – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/imports-from-china-a-big-worry/article66362125.ece Despite the PLI scheme, India’s import dependency remains alarming. The Budget must address this issue Global supply chain disruptions caused by Covid have
What is in a number? | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/what-is-in-a-number-123011001334_1.html The system of releasing numerous GDP growth estimates over three years calls for an overhaul. Budget making will also benefit as a result
Conservative budgeting | Business Standard Editorials
Clipped from: https://www.business-standard.com/article/opinion/conservative-budgeting-123011001349_1.html Fiscal space should be used carefully The Union government is confident of achieving the fiscal deficit target of 6.4 per cent of gross domestic product
Taxing demands | Business Standard Editorials*
Clipped from: https://www.business-standard.com/article/opinion/taxing-demands-123010901357_1.html Unrealistic revenue targets will affect business environment A recently reported directive by the Central Board of Direct Taxes to senior tax officials to focus on recovering 40
Financialising the economy | Business Standard Editorials
Clipped from: https://www.business-standard.com/article/opinion/financialising-the-economy-123011001352_1.html The sector is expected to outperform Even as large parts of the broader Indian corporate world struggle to return to historical levels of
Real Estate News: Pent-up demand in real estate will continue in 2023: Knight Frank India | Business Standard News
Clipped from: https://www.business-standard.com/article/companies/pent-up-demand-in-real-estate-will-continue-in-2023-knight-frank-india-123011000470_1.html Despite geopolitical challenges, the office sector saw a strong recovery in demand and saw a rise of 36 per cent YoY Indian real estate will
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