Clipped from: https://www.business-standard.com/finance/news/income-tax-dept-receives-6-500-suggestions-on-review-of-income-tax-act-124110401230_1.html Public inputs and suggestions were invited in four categories simplification of language, litigation reduction, compliance reduction, and redundant/obsolete provisions Last month, the CBDT’s
Category: Income Tax
👌👌👌👌👌👌👌LTCG exemption cannot be denied for mere suspicion without concrete evidence
Clipped from: https://taxguru.in/income-tax/ltcg-exemption-denied-mere-suspicion-concrete-evidence.html Bhavna Lalit Jain Vs ITO (ITAT Mumbai) In a recent ruling, the Income Tax Appellate Tribunal (ITAT) in Mumbai reversed the additions made
👌ITAT Upholds Deletion of Additions u/s 68 Due to Sufficient Cash Balance
Clipped from: https://www.taxscan.in/itat-upholds-citas-deletion-of-additions-u-s-68-citing-sufficient-cash-balance-and-lack-of-evidence-for-accommodation-entries-read-order/453097/ The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax (Appeals)[CIT(A)]’s decision to delete additions made under Section
👌👌👌👌👌करावे कर समाधान : नवीन घरातील गुंतवणूक आणि कर सवलत
Clipped from: https://www.loksatta.com/business/personal-finance/new-home-investment-and-tax-exemption-print-eco-news-ssb-93-4687722/ अल्प आणि दीर्घमुदतीच्या भांडवली नफ्यावरील कराच्या आकारणीत आमूलाग्र बदल झाले आहेत. हे आपण मागील काही लेखांमधून समजून घेतले. संपत्ती अल्प किंवा दीर्घमुदतीची ही
👌👌👌👌👌👌👌Immovable Property Sold at less than Stamp Duty Value – Tax Impact on Seller
Clipped from: https://taxguru.in/income-tax/immovable-property-sold-stamp-duty-tax-impact-seller.html Income-Tax Implications for the Sellers, if any Immovable Property is Sold for a consideration less than Stamp Duty Value When any person sells
👌👌👌👌👌👌👌Long-Term Capital Gains on Sale of Immovable Property in India
Clipped from: https://taxguru.in/income-tax/long-term-capital-gains-sale-immovable-property-india.html As per the Indian Income-tax Act, income arising from the sale of a capital asset is taxed under the head ‘Income from Capital
👌👌👌👌👌👌👌Income-Tax Implications: Joint Development Agreement & Property Transactions
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,
👌👌👌👌👌👌👌Income-Tax Implications: Joint Development Agreement & Property Transactions
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,
👌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
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