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
Category: Income Tax
*******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
*Why your bank deposits, withdrawals high value transactions are under Tax Dept’s lens – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/why-your-bank-deposits-withdrawals-high-value-transactions-are-under-tax-depts-lens-499489-2025-10-24 Frequent or high-value transactions in savings accounts are increasingly being tracked by the Income-tax Department, as data-driven monitoring systems flag inconsistencies between declared
*****All your queries related to Income Tax answered here – Details inside – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/all-your-queries-related-to-income-tax-answered-here-details-inside-2-4020775/ You can get tax break on home renovation loan Will a loan under home renovation qualify for tax break under Section 80C and
*****Credit Card Payments Treated as Unexplained Investment u/s 69C:ITAT Deletes ₹21.69 Lakh Addition
Clipped from: https://www.taxscan.in/top-stories/credit-card-payments-treated-as-unexplained-investment-us-69citat-deletes-2169-lakh-addition-1435144?transaction_id=sekwZRSUCADPkuxhkEFMSkWGACZDWDMKuHhkVFlhwJhMEDFCiMCkJiUPbMsasH&link_id=3089477 The assessee had successfully explained the source of all credit card payments. The Pune Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the
Diwali gift tax rules: He got Diwali gifts worth Rs 2.21 lakh — then a Rs 33,000 tax shock – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/diwali-gift-tax-rules-he-got-diwali-gifts-worth-rs-221-lakh-then-a-rs-33000-tax-shock-499220-2025-10-22 Under income tax laws, gift taxation depends on the giver and the total value received in a financial year. Gifts from close relatives
Section 87A Rebate Confusion: CIT(A) Approves STCG, CBDT Says No
lipped from: https://taxguru.in/income-tax/section-87a-rebate-confusion-cita-approves-stcg-cbdt-says-no.html Section 87A on Special-Rate Income: CIT(A) Allows but CBDT Says No – What Should Taxpayers Really Do? A Confusing Fortnight for Taxpayers Within
*****Capital Gains Taxable in Year of Possession, Not Registration: ITAT Mumbai
Clipped from: https://taxguru.in/income-tax/capital-gains-taxable-year-possession-registration-itat-mumbai.html Maimoon Fashion Accessories Pvt. Ltd. Vs ITO (ITAT Mumbai) Background: Maimoon Fashion Accessories Pvt. Ltd. (“the assessee”) appealed before the ITAT Mumbai against the
*****Temporary lull in business not cessation, allows tax deductions: SC | Industry News – Business Standard
Clipped from: https://www.business-standard.com/industry/news/supreme-court-business-lull-tax-relief-pride-foramer-judgment-125102100609_1.html Apex court says firms remain ‘in business’ for tax purposes even during temporary inactivity if efforts to continue operations are evident The company,
aniltikotekar4sme.com 