Category: Income Tax
15 days minimum time to be given to respond to hearing notices: ITAT Pune
Clipped from: https://taxguru.in/income-tax/15-days-minimum-time-respond-hearing-notices-itat-pune.html Dnyanagan Education Society Vs CIT Exemption (ITAT Pune) Dnyanagan Education Society, a trust, applied for registration under Section 12A(1)(ac)(iii) of the Income Tax
@ITAT Rules Step-Siblings Are ‘Relative’, Gift Received Not Taxable u/s 56(2) of Income Tax
Clipped from: https://www.taxscan.in/step-siblings-included-in-relative-definition-gift-received-not-taxable-u-s-of-income-tax-itat/501493/ The ITAT held that a gift received from a step-sister qualifies as exempt under Section 56(2)(vii) of the Income Tax Act, recognizing step-siblings
*******Sending Notices Merely by Mail is Denial of Hearing Opportunity: ITAT Bangalore
Clipped from: https://taxguru.in/income-tax/sending-notices-mail-denial-hearing-opportunity-itat-bangalore.html Heggur Nanjundappa Vishwanath Vs ITO (ITAT Bangalore) In the case of Heggur Nanjundappa Vishwanath Vs The Income Tax Officer, Circle – 7(1)(1), Bengaluru,
Income Tax Proceedings against Deceased Person Invalid, must be Initiated against Legal Heirs u/s 159: Bombay HC [Read Order]
Clipped from: https://www.taxscan.in/income-tax-proceedings-against-deceased-person-invalid-must-be-initiated-against-legal-heirs-u-s-bombay-hc/499147/ Bombay HC quashes tax proceedings against deceased, rules notices must be issued to legal heirs under Section 159 of the Income Tax Act
@Tolani Shipping Co.Ltd, Mumbai vs Dcit Cir 5(3), Mumbai on 31 March, 2023
We find that the benefit of indexation while computing long term capital gains had been statutorily provided to the assessee. Hence, in view of the
*******Income from ‘Profits and Gains of Business or Profession’
Clipped from: https://taxguru.in/income-tax/income-profits-gains-business-profession.html Summary: This section of the Income Tax Act, 1961, defines and clarifies income from “Profits and Gains of Business or Profession.” It distinguishes between
@Reopening beyond 4 years without new material facts not sustainable in law: Gujarat HC
Clipped from: https://taxguru.in/income-tax/reopening-4-years-material-facts-sustainable-law-gujarat-hc.html PCIT Vs IOT Anwesha Engineering And Projects Ltd. (Gujarat High Court) Gujarat High Court held that in the absence of new material facts
Attachment of Property by Income Tax Dept. Cannot be made Indefinitely Without Pursuing Steps to Resolve Matter
Clipped from: https://www.taxscan.in/attachment-of-property-by-income-tax-dept-cannot-be-made-indefinitely-without-pursuing-steps-to-resolve-matter-delhi-hc/496522/ The Delhi High Court has held that the Income Tax Department cannot, suspecting escapement of tax on income by an assessee, indefinitely attach its properties
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