Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/buyer-of-auctioned-property-to-get-rs-2-crore-refund-as-bank-failed-to-disclose-the-pending-legal-dispute-telangana-high-court-order/articleshow/124985590.cms Property buyer paid Rs 2 crore advance for a Rs 8 crore property auctioned by a bank; but property was tangled in legal
Category: Income Tax
*******Tax dept’s Rs 22-crore notice based on WhatsApp chat struck down by ITAT Delhi for lack of credible proof – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/tax-depts-rs-22-crore-notice-based-on-whatsapp-chat-struck-down-by-itat-delhi-for-lack-of-credible-proof/articleshow/124994878.cms Man gets tax notice for Rs 22 crore unexplained investment income because someone else’s WhatsApp chat said his name for this income, ITAT
*****Ancestral Property Sale Tax;
Clipped from: https://maharashtratimes.com/business/real-estate-news/ancestral-property-sale-tax-dept-issue-notice-over-8-crore-payment-taxpayer-wins-case-in-itat-delhi-know-how/articleshow/124800829.cms Tax on Sale of Ancestral Land in India: वडिलोपार्जित जमिनीच्या विक्रीतून एका माणसाला 8 कोटी रुपये मिळाले आणि त्याला आयकर विभागाची टॅक्स चोरीबाबत
*******Your income tax queries: Claim deductions on rental income in new tax regime – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/your-income-tax-queries-claim-deductions-on-rental-income-in-new-tax-regime-4028245/ Under the new tax regime (Section 115BAC), individuals can still claim the 30% standard deduction on the net annual value of a let-out
*******Can I gift mutual funds without attracting capital gains tax? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/can-i-gift-mutual-funds-without-attracting-capital-gains-tax/articleshow/124872551.cms Have a question for the experts? etwealth@timesgroup.com Our panel of experts will answer questions related to any aspect of personal finance. If you
*****Reassessment Cannot Survive Once Recorded Reasons Fail: Delhi HC [Read Order]
Clipped from: https://www.taxscan.in/top-stories/reassessment-cannot-survive-once-recorded-reasons-fail-delhi-hc-1435980?TRN300=cEBwzPsDCadlBdIVKdvMskwwAsJuwdMkdiVbuvMHwZGMVuFsYMskJIuMbMSACX&LKD333=3115469 The Court’s ruling was based on the reasons recorded for reopening, which were central to establishing that the foundation for reassessment was invalid.
*****Section 50C applicable Only on Transfer of Immovable Property Compared with Stamp Duty Value: ITAT [Read Order]
Clipped from: https://www.taxscan.in/top-stories/section-50c-applicable-only-on-transfer-of-immovable-property-compared-with-stamp-duty-value-itat-1435982?TRN300=cEBwzPsDCadlBdIVKdvMskwwAsJuwdMkdiVbuvMHwZGMVuFsYMskJIuMbMSACX&LKD333=3115508 It further observed that in the husband’s identical case, the CIT(A) had already ruled that Section 50C was inapplicable, and that decision had
*******FAQs on Annual Information System (AIS) & Taxpayer Information Summary (TIS)
Clipped from: https://taxguru.in/income-tax/faqs-annual-information-system-aistaxpayer-information-summary-tis.html The Annual Information Statement (AIS) is a comprehensive statement made available to the assessee under Section 285BB of the Income-tax Act. Its purpose is to
*******FAQs on Faceless Income-tax Proceedings
Clipped from: https://taxguru.in/income-tax/faqs-faceless-income-tax-proceedings.html The Income Tax Department has introduced ‘e-proceedings’ and ‘Faceless Assessments’ as part of an e-governance initiative to digitize and simplify taxpayer interaction. The e-proceedings functionality allows the assessing authority
*******FAQs on Penalty provisions under Income Tax Act, 1961
lipped from: https://taxguru.in/income-tax/faqs-penalty-provisions-income-tax-act-1961.html The Income Tax Act prescribes several penalties for non-compliance, defaults, or misreporting by taxpayers under various sections. Under Section 221, a penalty may be
*******FAQs on Disallowance of cash expenses or limit on cash transactions
lipped from: https://taxguru.in/income-tax/faqs-disallowance-cash-expenses-limit-cash-transactions.html Indian income tax law includes several provisions to restrict cash transactions and encourage digital payments, applying limits and imposing penalties on non-compliant expenditure,
*******Reassessment Quashed: AO Lacked Jurisdiction Under Faceless Regime Section 151A
Clipped from: https://taxguru.in/income-tax/reassessment-quashedao-lacked-jurisdiction-faceless-regime-section-151a.html Vanitha Govindappa Vs ITO (Karnataka High Court) Karnataka HC quashes reassessment for AY 2020-21 as AO acted beyond scope of Section 151A; Revenue
*******Insurance Company Reassessment Quashed: Notices Invalid for Section 151A Breach
Clipped from: https://taxguru.in/corporate-law/insurance-company-reassessment-quashed-notices-invalid-section-151a-breach.html PNB MetLife India Insurance Company Limited Vs ACIT (Karnataka High Court) Karnataka HC quashes reassessment notices issued to PNB MetLife – follows Ramachandra
*******Reassessment Quashed: Karnataka HC Rules AO Exceeded Jurisdiction Under Section 151A
Clipped from: https://taxguru.in/income-tax/reassessment-quashed-karnataka-hc-rules-ao-exceeded-jurisdiction-section-151a.html Muyeen Pasha Vs ITO (Karnataka High Court) Karnataka HC Strikes Down Reassessment for Exceeding Jurisdiction under 151A; Leaves Door Open for Revival if
*******Faceless Reassessment Quashed: Notices Issued Beyond Section 151A Scope
Clipped from: https://taxguru.in/corporate-law/faceless-reassessment-quashednotices-issued-section-151a-scope.html Navnidhi Infrastructure Private Limited Vs DCIT (Karnataka High Court) Karnataka HC quashes reassessment notices issued beyond Section 151A mandate — grants liberty to
*******Precision in Penalty: Why Misreporting Must Be Pinpointed Under Section 270A
Clipped from: https://taxguru.in/income-tax/precision-penalty-misreporting-pinpointed-section-270a.html 1. Introduction Section 270A of the Income Tax Act, 1961, introduced by the Finance Act, 2016, marked a paradigm shift in the penalty
No Change of Opinion When Issue Never Examined – ITAT Delhi Upholds Reopening
Clipped from: https://taxguru.in/income-tax/change-opinion-issue-examined-itat-delhi-upholds-reopening.html Jain Textile Industries Vs ACIT (ITAT Delhi) Delhi ITAT dismissed Assessee’s appeal, holding that reopening u/s 147 was valid as the issues of
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