https://taxguru.in/income-tax/respond-it-act-section-148a-b-scn-invalid-4-days.html Clipped from: https://taxguru.in/income-tax/respond-it-act-section-148a-b-scn-invalid-4-days.html Koyambrath Puthiyapurayil Mohammed Kunhiaged Vs ITO (Kerala High Court) Introduction: In a recent judgment, the Kerala High Court has quashed a reassessment order
Category: Income Tax Cases
Will I have to pay tax on the residual amount after selling an old flat and buying a new one? – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/will-i-have-to-pay-tax-on-the-residual-amount-after-selling-an-old-flat-and-buying-a-new-one-3285149/?utm_source=Express_Newsletter&utm_medium=email&utm_campaign=newsletterid-22,newslettername-financial-express-daily,itemposition-1, Tax on Flat Sale: As per Section 54, an individual can save long-term capital gains arising on the sale of RHP by purchasing
Madras HC directs Income Tax Dept to lift Attachment of Pension Account considering old Age of Pensioner
lipped from: https://www.taxscan.in/madras-hc-directs-income-tax-dept-to-lift-attachment-of-pension-account-considering-old-age-of-pensioner/336025/ The Madras High Court directs the income tax department to lift the attachment of the pension account considering the age and ailment of
Gifts received in shape of cash “Shaguns” on various occasions like Marriages, Birthdays, Anniversaries kept in Locker shall not be treated as Unexplained Money u/s 69A of Income Tax Act: ITAT
Clipped from: https://www.taxscan.in/gifts-received-in-shape-of-cash-shaguns-on-various-occasions-like-marriages-birthdays-anniversaries-kept-in-locker-shall-not-be-treated-as-unexplained-money-u-s-6/336090/ By Aparna. M – On October 27, 2023 2:00 pm – 2 mins read The Income Tax Appellate Tribunal (ITAT), Delhi bench held that gifts received in the form
Partnership Firm and proprietorship concern having one common partner as individual could not be defined as relative u/s 2(41) of Companies Act
https://taxguru.in/excise-duty/partnership-firm-proprietorship-concern-common-partner-individual-defined-relative-u-s-2-41-companies-act.html Clipped from: https://taxguru.in/excise-duty/partnership-firm-proprietorship-concern-common-partner-individual-defined-relative-u-s-2-41-companies-act.html Asha Industries Vs C.C.E. & S.T. (CESTAT Ahmedabad) Conclusion: A proprietorship firm and the partnership firm even though the said proprietor was one
Change of Chartered Accountant resulted in Non-Receiving of Notices: ITAT grants another Opportunity to Assessee
Clipped from: https://www.taxscan.in/change-of-chartered-accountant-resulted-in-non-receiving-of-notices-itat-grants-another-opportunity-to-assessee/330522/ The Pune bench of the Income Tax Appellate Tribunal (ITAT) granted another opportunity to the assessee due to the change of chartered accountant the assessee
Proportionate municipal tax paid to society allowable against house property income
https://taxguru.in/income-tax/municipal-tax-quantified-society-proportionately-collected-flat-owner-allowable-expenditure.html Clipped from: https://taxguru.in/income-tax/municipal-tax-quantified-society-proportionately-collected-flat-owner-allowable-expenditure.html K Lalchand Pvt Ltd Vs CIT (ITAT Mumbai) Municipal tax quantified by society & proportionately collected from flat owner is allowable expenditure
👍👍👍👍👍👍👍Capital Gain Tax Exemption – Date of Acquiring New Property
https://taxguru.in/income-tax/capital-gain-tax-exemption-date-acquiring-property.html Clipped from: https://taxguru.in/income-tax/capital-gain-tax-exemption-date-acquiring-property.html Section 54 of the Income Tax Act offers taxpayers the opportunity to claim a deduction from capital gains income tax when selling
👍👍👍👍👍👍👍Consider Agreement Date for Capital Gains and Section 54/54F Exemption: SC
https://taxguru.in/income-tax/consider-agreement-date-capital-gains-section-54-54f-exemption-sc.html Clipped from: https://taxguru.in/income-tax/consider-agreement-date-capital-gains-section-54-54f-exemption-sc.html Sanjeev Lal Etc Vs CIT (Supreme Court of India) Introduction: In a significant ruling, the Supreme Court of India has provided clarity on
Flat Holding Period for Section 54F Deduction reckoned from allotment letter date
https://taxguru.in/income-tax/flat-holding-period-section-54f-deduction-reckoned-allotment-letter-date.html Clipped from: https://taxguru.in/income-tax/flat-holding-period-section-54f-deduction-reckoned-allotment-letter-date.html ACIT Vs Sanjay Kumath (ITAT Indore) In the case of ACIT Vs. Sanjay Kumath, heard at the Income Tax Appellate Tribunal (ITAT)
👍👍👍👍👍👍👍Non Filing of Income Tax Returns on belief of Exemption u/s 80P of Income Tax Act: Kerala HC directs to file ITR within 1 month
Clipped from: https://www.taxscan.in/non-filing-of-income-tax-returns-on-belief-of-exemption-u-s-80p-of-income-tax-act-kerala-hc-directs-to-file-itr-within-1-month/326856/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Non%20Filing%20of%20Income%20Tax%20Returns%20on%20belief%20of%20Exemption%20u/s%2080P%20of%20Income%20Tax%20Act:%20Kerala%20HC%20directs%20to%20file%20ITR%20within%201%20month The Kerala High Court directed to file the income tax returns within 1 month in the matter regarding non- filing of income tax
👍👍👍👍👍I purchased a flat for Rs 9 crore before selling a property inherited through Gift Deed. How can I save tax? | The Financial Express
https://www.financialexpress.com/money/i-purchased-a-flat-for-rs-9-crore-before-selling-a-property-inherited-through-gift-deed-how-can-i-save-tax-3256813/ Clipped from: https://www.financialexpress.com/money/i-purchased-a-flat-for-rs-9-crore-before-selling-a-property-inherited-through-gift-deed-how-can-i-save-tax-3256813/ An individual can save long-term capital gains tax on the sale of RHP by purchasing a new RHP within 1 year, or
Delayed Payment of TCS and GST is not “Penalty”, Allowable as Deduction u/s 37 of Income Tax Act: ITAT
Clipped from: https://www.taxscan.in/delayed-payment-of-tcs-and-gst-is-not-penalty-allowable-as-deduction-u-s-37-of-income-tax-act-itat/324694/ The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) held that delayed payment of Tax collection at source (TCS) and Goods and Services Tax (GST) is
Exemption u/s 54 Cannot Be Denied for Non-Compliance with 54(2)
https://taxguru.in/income-tax/exemption-u-s-54-denied-non-compliance-54-2.html Clipped from: https://taxguru.in/income-tax/exemption-u-s-54-denied-non-compliance-54-2.html Smt. Maninder Kartik Vs DCIT (ITAT Delhi) In the case of Smt. Maninder Kartik vs. DCIT, heard at the Income Tax Appellate
👍👍👍👍👍👍👍Wealthy individuals get I-T summons over non-resident status – The Hindu BusinessLine
https://www.thehindubusinessline.com/news/wealthy-individuals-get-i-t-summons-on-non-resident-status/article67325213.ece Clipped from: https://www.thehindubusinessline.com/news/wealthy-individuals-get-i-t-summons-on-non-resident-status/article67325213.ece Income-tax summons based on information linking Indians with offshore trusts, corporate entities, bank accounts Wealthy individuals are receiving summons from the investigation
Request of 10-days Adjournment to file SCN Response not Considered by Income Tax Dept: Delhi HC sets aside Assessment Order
Clipped from: https://www.taxscan.in/request-of-10-days-adjournment-to-file-scn-response-not-considered-by-income-tax-dept-delhi-hc-sets-aside-assessment-order/320653/ The Delhi High Court invalidated the assessment order made by the Income Tax authorities, neglecting the request to postpone the response to the Show
Date of Dispatch of Assessment order Beyond the Limitation Period Prescribed u/s 153(1) of Income Tax Act : ITAT Quashes Assessment Order
Clipped from: https://www.taxscan.in/date-of-dispatch-of-assessment-order-beyond-the-limitation-period-prescribed-u-s-1531-of-income-tax-act-itat-quashes-assessment-order-read-order/321338/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=%20Date%20of%20Dispatch%20of%20Assessment%20order%20Beyond%20the%20Limitation%20Period%20Prescribed%20u/s%20153(1)%20of%20Income%20Tax%20Act%20:%20ITAT%20Quashes%20Assessment%20Order By Ipsita Das – On September 15, 2023 4:00 pm – 3 mins read The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the assessment order, though passed on
Interest incurred for acquisition of clear title of property allowable as cost of acquisition
https://taxguru.in/income-tax/interest-incurred-acquisition-clear-title-property-allowable-cost-acquisition.html Clipped from: https://taxguru.in/income-tax/interest-incurred-acquisition-clear-title-property-allowable-cost-acquisition.html DCIT Vs Simplex Realty Limited (ITAT Mumbai) ITAT Mumbai held that interest cost incurred towards acquisition of the clear title of the
Tax Query: Available Exemptions on LTCG and Final Tax Liability – The Hindu BusinessLine
https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-available-exemptions-on-ltcg-and-final-tax-liability/article67255250.ece Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-available-exemptions-on-ltcg-and-final-tax-liability/article67255250.ece Under the new tax regime, the limit of ₹7 lakh shall be calculated without allowing deductions under Chapter VIA and certain other
👍👍👍👍👍👍👍No Recording of Service of Notice: ITAT Sets Aside Revision Order
https://taxguru.in/income-tax/recording-service-notice-itat-sets-aside-revision-order.html Clipped from: https://taxguru.in/income-tax/recording-service-notice-itat-sets-aside-revision-order.html Citron Infraprojects Ltd. Vs PCIT (ITAT Mumbai) Introduction: In a recent judgment dated 27th July 2023, the Income Tax Appellate Tribunal (ITAT) Mumbai
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