Clipped from: https://taxguru.in/income-tax/tax-implications-nris-selling-property-india.html Summary: NRIs selling property in India must navigate various tax rules, including capital gains tax. Short-term capital gains (STCG) apply if the property is
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☆Will take back Indian illegal immigrants, says MEA amid Trump crackdown | World News – Business Standard
“For Indians not just in the United States, but anywhere in the world, if they are Indian nationals and they are overstaying, or they are
*******Furnishing Reasons at Fag End & Hasty Reassessment Proceedings Unconstitutional: Bombay HC
Clipped from: https://taxguru.in/corporate-law/furnishing-reasons-fag-hasty-reassessment-proceedings-unconstitutional-bombay-hc.html Jayant Avinash Dave Vs ACIT (Bombay High Court) The Bombay High Court ruled in favor of petitioner Jayant Avinash Dave, quashing the reopening
*******Section 54F Exemption Allowed Despite Wife’s Name on Property Title; ITAT Deletes Addition of ₹168.55 crore unexplained cash credit
Clipped from: https://taxguru.in/income-tax/section-54f-exemption-allowed-wifes-property-title-itat-deletes-addition-rs-168-55-crore-unexplained-cash-credit.html ACIT Vs Jay Bharat Mehta (ITAT Mumbai) Section 54F Exemption Allowed Despite Wife’s Name on Property Title In this case, the Assessee claimed
आवश्यक*******No addition for LTCG as property transfer u/s 2(47) required verification of buyer possession and receipt of consideration
Clipped from: https://taxguru.in/income-tax/addition-ltcg-property-transfer-u-s-2-47-required-verification-buyer-possession-receipt-consideration.html Sachin Ramesh Pawar Vs ITO (ITAT Pune) Conclusion: Since assessee’s claims regarding possession and consideration were supported by documents that were not presented before
आवश्यक*******DPDP rules: Parental consent and data localisation shake up big tech in new digital data rules–Courtesy Telangana Today
The draft DPDP rules propose mandatory parental consent for children’s accounts, data localisation requirements, and complex consent management challenges for businesses The draft DPDP rules
आवश्यक*******Assessment Ignoring Indexed Cost of Acquisition Set Aside: Karnataka HC
Clipped from: https://taxguru.in/income-tax/assessment-ignoring-indexed-cost-acquisition-set-aside-karnataka-hc.html Devanur Thimmasetty Srinivasa Vs ITO (Karnataka High Court) Assessment order taking entirety of the sale consideration without taking note of the indexed cost
आवश्यक*******No addition for LTCG as property transfer u/s 2(47) required verification of buyer possession and receipt of consideration
Clipped from: https://taxguru.in/income-tax/addition-ltcg-property-transfer-u-s-2-47-required-verification-buyer-possession-receipt-consideration.html Sachin Ramesh Pawar Vs ITO (ITAT Pune) Conclusion: Since assessee’s claims regarding possession and consideration were supported by documents that were not presented before
*******Bad economics is corrupting politics, undermining good governance in India | Economy & Policy Analysis – Business Standard
Clipped from: https://www.business-standard.com/economy/analysis/bad-economics-is-corrupting-politics-undermining-good-governance-in-india-125011900471_1.html Economic reformers should not remain beholden to free-market ideologies, corporate lobbies, or the sentiments of fickle stock markets Arun Maira is former member,
आवश्यक*******Notice issued u/s. 148 after period of six years for AY 2015-16 is barred by limitation: ITAT Mumbai
lipped from: https://taxguru.in/income-tax/notice-issued-u-s148-period-years-ay-2015-16-barred-limitation-itat-mumbai.html ACIT Vs Manish Financial (ITAT Mumbai) ITAT Mumbai held that validity of notice issued under section 148 of the Income Tax Act for
*India’s internet users to exceed 900 mn in 2025, driven by Indic languages | India News – Business Standard
Clipped from: https://www.business-standard.com/india-news/india-s-internet-users-to-exceed-900-mn-in-2025-driven-by-indic-languages-125011600835_1.html Nearly all internet users (98 per cent) accessed content in Indic languages, with Tamil, Telugu, and Malayalam emerging as the most popular due
*******Non-Response To Notices: ITAT Reduces Penalty Citing Assessee’s Depression & Losses
Clipped from: https://taxguru.in/income-tax/non-response-notices-itat-reduces-penalty-citing-assessees-depression-losses.html Jayasakthi Knit Wear Vs ITO (ITAT Chennai) In the case of Jayasakthi Knit Wear Vs ITO, the Income Tax Appellate Tribunal (ITAT) Chennai addressed
*******Apppellate authorities must decide cases on merits, even in ex parte Cases: Patna HC
Clipped from: https://taxguru.in/goods-and-service-tax/apppellate-authorities-decide-cases-merits-ex-parte-cases-patna-hc.html Silverline Vs State of Bihar (Patna High Court) In the case of Silverline vs State of Bihar, the Patna High Court examined the dismissal
*******ITAT Remands Case for Fresh Adjudication After CIT(A) Denies Fair Hearing
Clipped from: https://taxguru.in/income-tax/itat-remands-case-fresh-adjudication-cita-denies-fair-hearing.html Kamlesh Babalal Shah Vs ACIT (ITAT Ahmedabad) In the case of Kamlesh Babalal Shah Vs. ACIT, the ITAT Ahmedabad reviewed an appeal challenging the
*******Non-Receipt of Hearing Notices: ITAT Sets Aside Ex-Parte Order
Clipped from: https://taxguru.in/income-tax/non-receipt-hearing-notices-itat-sets-aside-ex-parte-order.html Dhaval Nalinbhai Patel Vs DCIT (ITAT Ahmedabad) In the case of Dhaval Nalinbhai Patel Vs. DCIT, the ITAT Chennai addressed an appeal concerning
*******No Income Tax on Cash Gift from Father & Father-in-Law: ITAT Delhi
Read more at: https://taxguru.in/income-tax/income-tax-cash-gift-father-father-in-law-itat-delhi.htmlCopyright © Taxguru.in The assessee, married in February 2011, claimed that the amount comprised gifts of ₹5,00,000 from his father and ₹5,80,000 from
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