Clipped from: https://taxguru.in/income-tax/tax-sale-property-belonging-father-leviable-son.html Gurbinder Singh Mahal Vs ITO (ITAT Amritsar) ITAT Amritsar held that the assessee is not liable for payment of tax related to sale
Month: May 2023
👍👍👍👍👍Gift of Immovable Property to Sister Not Taxable: ITAT
Clipped from: https://www.taxscan.in/gift-of-immovable-property-to-sister-not-taxable-itat/274028/ Top Stories The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that a gift of immovable property to sister is neither taxable as capital
👍👍👍👍👍👍👍New GST Rule in effect from May 1st 2023 for Businesses with 100 Crore and above Turnover
Clipped from: https://www.taxscan.in/new-gst-rule-in-effect-from-may-1st-2023-for-businesses-with-100-crore-and-above-turnover/273921/ Top Stories The Government of India has introduced a new rule for businesses with turnover above 100 crores from May 1st 2023. The Goods
👍👍👍👍👍CESTAT sets aside Revenue’s Demand for Extended Period in Absence of Malafide Act for Service Tax Evasion
Read More: https://www.taxscan.in/cestat-sets-aside-revenues-demand-for-extended-period-in-absence-of-malafide-act-for-service-tax-evasion/273686/ lipped from: https://www.taxscan.in/cestat-sets-aside-revenues-demand-for-extended-period-in-absence-of-malafide-act-for-service-tax-evasion/273686/ Top Stories The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), sets aside the Revenue’s Demand for Extended Period in the
Income offered towards Excess Stock not Unexplained Investment u/s 69B, No Income Tax levy u/s 115BBE : ITAT
Clipped from: https://www.taxscan.in/income-offered-towards-excess-stock-not-unexplained-investment-u-s-69b-no-income-tax-levy-u-s-115bbe-itat/273896/ Top Stories By Aparna. M – On May 2, 2023 7:30 am – 3 mins read The Chennai bench of Income Tax Appellate Tribunal (ITAT) has recently held that income offered
👍👍👍👍👍Brought forward unabsorbed depreciation can be set-off against income from other sources allowed
Clipped from: https://taxguru.in/income-tax/claim-set-brought-forward-unabsorbed-depreciation-earlier-years-income-sources-allowed.html Petrofils Cooperative Ltd Vs DCIT (ITAT Ahmedabad) ITAT Ahmedabad held that the assessee is entitled to claim of unabsorbed brought-forward depreciation to be
Service Tax Liability of Sub-Contractor not cease on tax payment by main contractor
Clipped from: https://taxguru.in/service-tax/service-tax-liability-sub-contractor-not-cease-tax-payment-main-contractor.html Molax Powder Coating Vs Commissioner of Central Excise and Service Tax (CESTAT Chennai) Service Tax liability of sub-contractor not cease, even when main
👍👍👍👍👍Companies Act Section 140(5) not become nugatory on auditor resignation: SC
Clipped from: https://taxguru.in/company-law/companies-act-section-1405-nugatory-auditor-resignation-sc.html Union of India and Another Vs Deloitte Haskins and Sells LLP & Anr (Supreme Court of India); Criminal Appeal No. 2305-2307 of 2022;
👍👍👍👍👍👍👍Taxation of Alternate Accommodation during Redevelopment
Clipped from: https://taxguru.in/income-tax/taxation-alternate-accommodation-redevelopment.html What is Redevelopment? Redevelopment refers to the process of reconstruction of the premises by demolition of the existing structure and construction of new
👍👍👍👍👍👍👍How to file GST return online
Clipped from: https://taxguru.in/goods-and-service-tax/file-gst-return-online.html Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It has replaced
👍👍👍👍👍👍👍Any person registered or desirous of obtaining GST registration can seek Advance Ruling
Clipped from: https://taxguru.in/goods-and-service-tax/person-registered-desirous-obtaining-gst-registration-advance-ruling.html Anmol Industries Limited Vs West Bengal Authority for Advance Ruling (Calcutta High Court) Under the provisions of the Central Goods and Services Tax
Ignoring debit side entries, entire amount of credit entries cannot be added to taxable income
Clipped from: https://taxguru.in/income-tax/ignoring-debit-side-entries-entire-amount-credit-entries-added-taxable-income.html Ajay Kumar Aggarwal Vs ACIT (ITAT Delhi) On careful consideration of rival submission first of all we note that the Assessing Officer is
👍👍👍👍👍👍👍Income Tax Portal Update: Dept adds New Functionality “Download CSI File” for TAN based Payment
Read More: https://www.taxscan.in/income-tax-portal-update-dept-adds-new-functionality-download-csi-file-for-tan-based-payment/274468/ Clipped from: https://www.taxscan.in/income-tax-portal-update-dept-adds-new-functionality-download-csi-file-for-tan-based-payment/274468/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Income%20Tax%20Portal%20Update:%20Dept%20adds%20New%20Functionality%20%22Download%20CSI%20File%22%20for%20TAN%20based%20Payment Top Stories The Income Tax Department has added a new functionality to the income tax portal to enable downloading Challan Status Inquiry or
🙏🙏🙏🙏🙏🙏🙏Maharashtra Real Estate Regulatory Authority issues SCN to Chartered Accountant for Violation of Regulations
Clipped from: https://www.taxscan.in/maharashtra-real-estate-regulatory-authority-issues-scn-to-chartered-accountant-for-violation-of-regulations/274420/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Maharashtra%20Real%20Estate%20Regulatory%20Authority%20issues%20SCN%20to%20Chartered%20Accountant%20for%20Violation%20of%20Regulations Top Stories A Show Cause Notice was sent to a chartered accountant by the Maharashtra Real Estate Regulatory Authority (MahaRERA) for infringing the regulations under
Central Govt brings Transactions by CA, CS and CWA for Clients under the Radar of PMLA Act
Read More: https://www.taxscan.in/central-govt-brings-transactions-by-ca-cs-and-cwa-for-clients-under-the-radar-of-pmla-act/274649/ Clipped from: https://www.taxscan.in/central-govt-brings-transactions-by-ca-cs-and-cwa-for-clients-under-the-radar-of-pmla-act/274649/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Central%20Govt%20brings%20Transactions%20by%20CA,%20CS%20and%20CWA%20for%20Clients%20under%20the%20Radar%20of%20PMLA%20Act Top Stories The Central Government, through a recent Gazette notification has notified that the financial transactions carried out Chartered Accountants, Company
Advance Amount Forfeited on Cancellation of Sale Agreement is Deductible from the Cost of Acquisition: ITAT
Read More: https://www.taxscan.in/advance-amount-forfeited-on-cancellation-of-sale-agreement-is-deductible-from-the-cost-of-acquisition-itat/274676/ Clipped from: https://www.taxscan.in/advance-amount-forfeited-on-cancellation-of-sale-agreement-is-deductible-from-the-cost-of-acquisition-itat/274676/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Advance%20Amount%20Forfeited%20on%20Cancellation%20of%20Sale%20Agreement%20is%20Deductible%20from%20the%20Cost%20of%20Acquisition:%20ITAT Top Stories The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, held that advance amount forfeited on
Supreme Court upholds quashing of Income Tax Assessment Proceedings initiated u/s 153C for Lack of Incriminating Evidence
Clipped from: https://www.taxscan.in/supreme-court-upholds-quashing-of-income-tax-assessment-proceedings-initiated-u-s-153c-for-lack-of-incriminating-evidence/274750/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Supreme%20Court%20upholds%20quashing%20of%20Income%20Tax%20Assessment%20Proceedings%20initiated%20u/s%20153C%20for%20Lack%20of%20Incriminating%20Evidence Top Stories The Supreme Court has recently upheld the quashing of reassessment proceedings by the jurisdictional High Court and dismissed a bunch of
👍Purchase of Furniture, AC to Make New House Habitable Eligible for Capital Gain Deduction: ITAT
Clipped from: https://www.taxscan.in/purchase-of-furniture-ac-to-make-new-house-habitable-eligible-for-capital-gain-deduction-itat/274719/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Purchase%20of%20Furniture,%20AC%20to%20Make%20New%20House%20Habitable%20Eligible%20for%20Capital%20Gain%20Deduction:%20ITAT Top Stories The Chennai Bench of the Income Tax Appellate Tribunal (ITAT), recently observed that the purchase of Furniture, Air Conditioner to make new house habitable is
🙏🙏🙏🙏🙏Cooperative Credit Society Eligible for Income Tax Exemption u/s 80(P)(2) of Income Tax Act: Supreme Court
Clipped from: https://www.taxscan.in/cooperative-credit-society-eligible-for-income-tax-exemption-u-s-80p2-of-income-tax-act-supreme-court/274337/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Cooperative%20Credit%20Society%20Eligible%20for%20Income%20Tax%20Exemption%20u/s%2080(P)(2)%20of%20Income%20Tax%20Act:%20Supreme%20Court Top Stories In a major decision the Supreme Court of India ruled that the cooperative credit society is eligible for income tax exemption
