Clipped from: https://taxguru.in/income-tax/income-tax-implications-joint-development-agreement-property-transactions.html “Explore Income-Tax Implications of Joint Development Agreements in Property Transactions. Unveil the complexities of Section 45(5A) of the Income-tax Act, 1961, covering mechanisms,
Category: Income Tax
👌Section 148 Notice quashed as procedure adopted being per se illegal: ITAT Mumbai
Clipped from: https://taxguru.in/income-tax/section-148-notice-quashed-procedure-adopted-se-illegal-itat-mumbai.html Chemox Exports Imports Pvt. Ltd. Vs Income Tax Department Assessment Unit (ITAT Mumbai) ITAT Mumbai held that notice issued under section 148 of
👌👌👌👌👌👌👌Section 48 in The Income Tax Act, 1961
Clipped from: https://indiankanoon.org/doc/121068/ -The income chargeable under the head “Capital gains” shall be computed, by deducting from the full value of the consideration received or accruing
👌👌👌👌👌👌👌CBDT notifies Cost Inflation indexes with Base Year as 2001-02
Clipped from: https://taxguru.in/income-tax/cbdt-notifies-cost-inflation-indexes-base-year-200102.html CBDT has vice Notification No. 44/2017 notified Cost Inflation indexes with Base Year as 2001-02 for the Financial Year 2001-02 to 2017-18 and
👌👌👌👌👌👌👌Cost Inflation Index (CII): Meaning, Index from 1981-82 to 2024-25 & Benefits
Clipped from: https://taxguru.in/income-tax/cost-inflation-index-cii-meaning-index-1981-82-to-2024-25-benefits.html Introduction The Cost Inflation Index (CII) is a measure of inflation used in the computation of long-term capital gains on the sale of
👌👌👌👌👌👌👌Assessment to be made under Section 144, not 143(3), for defective returns: ITAT Delhi
Clipped from: https://taxguru.in/income-tax/assessment-section-144-1433-defective-returns-itat-delhi.html PME Power Projects India Ltd Vs DCIT (ITAT Delhi) ITAT Delhi held that in the event of defective return filed by the assessee,
👌👌👌👌👌👌👌ITAT Mumbai Invalidates section 148 Reassessment Due to Wrong Approval
Clipped from: https://taxguru.in/income-tax/itat-mumbai-invalidates-section-148-reassessment-due-wrong-approval.html Indu Pankaj Dhandharia Vs ACIT (ITAT Mumbai) ITAT Mumbai held that approval for issuance of notice to issue notice under section 148 of
👌👌👌👌👌👌👌CIT(A) Accepts Additional Evidence on LTCG in violation of Rule 46A: ITAT Remands to AO
Clipped from: https://taxguru.in/income-tax/cita-accepts-additional-evidence-ltcg-violation-rule-46a-itat-remands-ao.html ACIT Vs Sangeeta Ganpat Sawant (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) in Mumbai has recently delivered a significant ruling in the
👌Tax experts call for quicker disposal of appeals, settlement – SME News | The Financial Express
Clipped from: https://www.financialexpress.com/business/sme-tax-experts-call-for-quicker-disposal-of-appeals-settlement-3650489/ These demands have been made in the context of the ongoing comprehensive review and re-drafting of the Income Tax Act, 1961. Tax experts
👌👌👌Goodwill is an intangible asset which is eligible for depreciation: Delhi HC
Clipped from: https://taxguru.in/income-tax/goodwill-intangible-asset-eligible-depreciation-delhi-hc.html PCIT Vs Esys Information Technologies Ltd (Delhi High Court) Delhi High Court held that goodwill could be considered as an intangible asset and
👌👌👌👌👌Income Tax Department Releases Updated Timeline for Tax Notices
Clipped from: https://www.taxscan.in/income-tax-department-releases-updated-timeline-for-tax-notices/451107/ If an assessment concerns partners following a firm’s assessment, it must be completed within 12 months from the end of the month in
👌👌👌👌👌👌👌Denial of deduction u/s. 54F merely because registration date is beyond stipulated period unjustified
Clipped from: https://taxguru.in/income-tax/denial-deduction-u-s-54f-registration-date-stipulated-period-unjustified.html ACIT Vs Siva Jyothi Palam (ITAT Visakhapatnam) ITAT Visakhapatnam held that denial of deduction under section 54F of the Income Tax Act merely
👌👌👌👌👌👌👌Tax Insights on Sale of Flat & Defective Return
lipped from: https://taxguru.in/income-tax/tax-insights-sale-flat-defective-return.html Arjuna – Krishna today I have two questions for you. Can I ask you? Krishna – hey Arjuna, off course you can. Arjuna – 1st question
👌👌👌👌👌ITAT quashes Assessment Reopening Over Notice Procedural Flaws
Clipped from: https://www.taxscan.in/itat-quashes-reopening-of-assessment-due-to-procedural-flaws-in-issuance-of-notice-read-order/450482/ The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) quashed the reopening of the assessment for the assessment year ( AY ) 2017-18
👌👌👌👌👌👌👌Income Tax Appeal Portal Update: ITAT Website Migrates to New Server
Clipped from: https://www.taxscan.in/income-tax-appeal-portal-update-itat-website-migrates-to-new-server/450620/ The migration process began this week and is expected to take approximately 3-4 days to complete. By Manu Sharma – On October 25, 2024 11:54 am –
👌👌👌👌👌ITAT quashes Income Tax Assessment Due to Lack of Higher Authority Approval Reopening Beyond 3 Years
Clipped from: https://www.taxscan.in/itat-quashes-income-tax-assessment-due-to-lack-of-higher-authority-approval-u-s-151-for-reopening-beyond-3-years-read-order/450274/ Considering the revenue failed to get higher authority approval before reopening the assessment beyond 3 years, ITAT quashed the order By Kavi Priya – On October
👌👌👌👌👌👌👌CBDT Issues Revised Guidelines for Compounding Income Tax Act Offences
Clipped from: https://taxguru.in/income-tax/cbdt-issues-revised-guidelines-compounding-income-tax-act-offences.html Central Board of Direct Taxes (CBDT) has issued revised guidelines for the compounding of offences under the Income-tax Act, 1961, effective from October
👌👌👌👌👌👌👌Key Amendments to Capital Gains in Budget 2024-25
Clipped from: https://taxguru.in/income-tax/key-amendments-capital-gains-budget-2024-25.html Normally in our country Budget of Central Government is declare on 1st February every year, but due to election of Lok Sabha, on 1st February,
👌👌👌👌👌👌👌Calculation of Capital Gains on property received by Gift or Will
Clipped from: https://taxguru.in/income-tax/calculation-capital-gains-property-received-gift.html Summary: Capital gains from property received by gift or will are calculated based on the cost of acquisition by the previous owner, as per
Why Income Tax Notices for Additional Tax on Capital Gains?
Clipped from: https://taxguru.in/income-tax/income-tax-notices-additional-tax-capital-gains.html Those taxpayers who filed their income tax returns of March 2024 and had income from capital gains are now receiving notices asking them
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