Devanur Thimmasetty Srinivasa Vs ITO (Karnataka High Court) Assessment order taking entirety of the sale consideration without taking note of the indexed cost of acquisition.
Day: December 23, 2024
1👍👍👍👍👍👍👍Application of Section 147 of Income Tax Act by AO having Tangible Material in Possession indicating Escapement of Income Chargeable to Tax is Valid: ITAT
lipped from: https://www.taxscan.in/application-of-section-147-of-income-tax-act-by-ao-having-tangible-material-in-possession-indicating-escapement-of-income-chargeable-to-tax-is-valid-itat/322680/ The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the application of Section 147 of the Income Tax Act 1961, by an
1👍👍👍👍👍👍👍No Assessment Order shall be passed u/s 153C of Income Tax Act when Seized documents did not establish any correlation with that Assessment Year :ITAT
Clipped from: https://www.taxscan.in/no-assessment-order-shall-be-passed-u-s-153c-of-income-tax-act-when-seized-documents-did-not-establish-any-correlation-with-that-assessment-year-itat/322122/ The Income Tax Appellate Tribunal (ITAT) Delhi bench held that no assessment order should be passed under Section 153C of the Income Tax Act, 1961 when seized
1👍👍👍👍👍👍👍Reopening of Assessment. u/s 147 of Income Tax Act not Valid in Absence of an Allegation Failure to Disclose Material Fact: Delhi HC
Clipped from: https://www.taxscan.in/reopening-of-assessment-u-s-147-of-income-tax-act-not-valid-in-absence-of-an-allegation-failure-to-disclose-material-fact-delhi-hc/302460/ The Delhi High Court has held that reopening of assessment under section 147 of the Income Tax Act, 1961 is not valid in
1👍👍👍👍👍👍👍ITAT Remands CIT(A)’s Addition Matter for Ignoring NRI’s 50% Property Ownership Claim
lipped from: https://www.taxscan.in/cita-makes-addition-without-considering-nris-only-50-ownership-claim-in-property-itat-remands-matter-for-proper-hearing/469648/ Considering CIT(A) made an addition ignoring the assessee’s 50% property ownership, the ITAT remanded the matter for fresh consideration By Kavi Priya – On December 23,
1👍👍👍👍👍👍👍Assessee not expected to keep E-Portal of Income Tax Dept Open all time to have Knowledge of what is being Done: Punjab and Haryana HC
Clipped from: https://www.taxscan.in/assessee-not-expected-to-keep-e-portal-of-income-tax-dept-open-all-time-to-have-knowledge-of-what-is-being-done-punjab-and-haryana-hc-read-order/390764/ Individual or an Assessee not expected to keep e-portal of Income Tax Dept open all time to have knowledge of what is being
👍👍👍👍👍👍👍Annual Tax Cases Digest 2024: Supreme Court and High Court
Clipped from: https://www.taxscan.in/annual-digest-supreme-court-and-high-court-cases-on-taxation-part-16/468447/ This annual round-up analytically summarizes the key Direct and Indirect Tax Judgments of the Supreme Court and all High Courts of India reported
👍👍👍👍👍Fed’s rate cuts reflect uncertainty amid Trump’s tariff policies, inflation | Expert Views – Business Standard
Clipped from: https://www.business-standard.com/opinion/columns/fed-s-rate-cuts-reflect-uncertainty-amid-trump-s-tariff-policies-inflation-124122001432_1.html Mr Powell brought to Wednesday’s press conference details from 2018 Fed research that suggested looking past tariff-induced inflation Credit: Bloomberg By Jonathan Levin
RBI’s many roles hinder core monetary policy mandate, resolution is crucial | Expert Views – Business Standard
Clipped from: https://www.business-standard.com/opinion/columns/rbi-s-many-roles-hinder-core-monetary-policy-mandate-resolution-is-crucial-124121901351_1.html Most central banks (CB) are narrowly focused on monetary policy. The RBI has a sprawling mandate. The trouble is these roles contain many
Fed’s rate cut disappoints markets, sticky inflation adds to global woes | Editorial Comment – Business Standard
Clipped from: https://www.business-standard.com/opinion/editorial/fed-s-rate-cut-disappoints-markets-sticky-inflation-adds-to-global-woes-124121901431_1.html FOMC projections, dollar surge, and policy uncertainties pressure emerging markets Listen to This Article Adjusting to changing policy realities is often difficult for
👍👍👍👍👍Need to guard against risks of currency appreciation: RBI MPC member Kumar | Interviews – Business Standard
Clipped from: https://www.business-standard.com/economy/interviews/need-to-guard-against-risks-of-currency-appreciation-rbi-mpc-member-kumar-124122001128_1.html Says expanding the manufacturing sector could also help in containing inflationary pressures by enhancing the supply capacity Nagesh Kumar, RBI MPC member Listen
1👍👍👍👍👍👍👍Income Tax tribunal paves way for double deduction claims – The Hindu BusinessLine
https://www.thehindubusinessline.com/business-laws/income-tax-tribunal-paves-way-for-double-deduction-claims/article68557951.ece Income Tax Appellate Tribunal allows simultaneous deduction claims under Section 54 and 54F in Ramdas Sitaram Patil vs ACIT case In Ramdas Sitaram Patil vs
👍👍👍👍👍Fed’s hawkish turn could trouble emerging economies – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/editorial/feds-hawkish-turn-could-trouble-emerging-economies/article69004860.ece Financial markets are unhappy that interest rates are expected to remain elevated until 2026 The Federal Open Market Committee’s December meeting was among
Cigarette pack, gutaka pouch to soon have new mark to check GST evasion – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/cigarette-pack-gutaka-pouch-to-soon-have-new-mark-to-check-gst-evasion/article69014951.ece Tobacco products are the fifth largest contributor in total GST contribution, with around 5 per cent share A cigarette pack or gutaka pouch
GST Council defers key decisions, tackles complexity of tax system | Editorial Comment – Business Standard
Clipped from: https://www.business-standard.com/opinion/editorial/gst-council-defers-key-decisions-tackles-complexity-of-tax-system-124122200605_1.html It was clarified that ready-to-eat popcorn mixed with salt and spices attracted a 5 per cent GST rate. It attracts a 12 per
GST Council defers key decisions, tackles complexity of tax system
Clipped from: https://www.business-standard.com/opinion/editorial/gst-council-defers-key-decisions-tackles-complexity-of-tax-system-124122200605_1.html It was clarified that ready-to-eat popcorn mixed with salt and spices attracted a 5 per cent GST rate. It attracts a 12 per
2024 financial wrap: Inflation, GDP, and RBI’s regulatory vigilance | Expert Views – Business Standard
Clipped from: https://www.business-standard.com/opinion/columns/2024-financial-wrap-inflation-gdp-and-rbi-s-regulatory-vigilance-124122200185_1.html The overarching theme of this year has been the RBI’s new approach to vigilance Photo: Bloomberg As 2024 comes to a close, let’s
👍Banks urge RBI to extend deadline for overlapping lending rules – Banking & Finance News | The Financial Express
Clipped from: https://www.financialexpress.com/business/banking-finance-banks-urge-rbi-to-extend-deadline-for-overlapping-lending-rules-3697677/?ref=hometop_hp The banking sector regulator issued a draft circular on ‘forms of business and prudential regulations for investments’ in October, stating that only a
Can Trump save dollar hegemony? – Opinion News | The Financial Express
Clipped from: https://www.financialexpress.com/opinion/can-trump-save-dollar-hegemony/3696676/ If Trump were to retaliate against the BRICS with 100% tariffs, the move could backfire. To be sure, a gradual global shift away
India to see a surge in AI applications in 2025: Nasscom – Digital Transformation News | The Financial Express
Clipped from: https://www.financialexpress.com/business/digital-transformation-india-to-see-a-surge-in-ai-applications-in-2025-nasscomnbsp-3697715/ The adoption of AI among Indian enterprises is progressing from proof-of-concept stages to full-scale production, particularly in the fintech and healthcare sectors, according
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