Clipped from: https://taxguru.in/income-tax/faceless-assessment-invalid-draft-order-served-finalization-gujarat-hc.html Kottex Industries Private Limited Vs National Faceless Assessment Centre (Gujarat High Court) In Kottex Industries Private Limited vs. National Faceless Assessment Centre, the Gujarat
Category: Seven Star
*******Bombay HC Quashes Reassessment Citing Change of Opinion, No Failure to Disclose
Clipped from: https://www.taxscan.in/bombay-hc-quashes-income-tax-reassessment-over-change-of-opinion-and-no-failure-to-disclose-facts/504935/ The High Court of Bombay, quashed an income tax reassessment proceedings initiated against the assessee for Assessment Year(AY) 2014–15, holding that the reopening was
*******No Tax on Redevelopment Flats u/s 56(2)(x) of Income Tax Act: ITAT
Clipped from: https://www.taxscan.in/no-tax-on-redevelopment-flats-u-s-x-of-income-tax-act-itat/504748/?utm_source=signinbutton&utm_medium=txn&utm_campaign=checkoutsigninbtn Receiving a new flat in place of an old one is a case of ‘extinguishment’ of property rights rather than an income-generating transaction
*******Addition under Faceless Assessment Scheme without issuance of notice not sustainable
Clipped from: https://taxguru.in/income-tax/addition-faceless-assessment-scheme-issuance-notice-sustainable.html Saurabh Rohitbhai Modi HUF Vs Addl/Joint/DY./ACIT/ITO National Faceless Assessment Centre or His Successor & Anr. (Gujarat High Court) Gujarat High Court held that addition without
*******Time period for Issue of section 148 notice wef 1.4.2021
Clipped from: https://taxguru.in/income-tax/time-period-issue-section-148-notice-wef-1-4-2021.html?utm_source=perplexity Time period for issuance of notice under section 148 under new regime wef 1.4.2021. As per substituted section 149 wef 1.4.2021 As per
*******Mere Change of Opinion Can’t Justify Reopening of an Assessment: ITAT
Clipped from: https://www.taxscan.in/reassessment-u-s-147-on-mere-change-of-opinion-invalid-itat/504240/ In a recent judgement, the Raipur bench of the Income Tax Appellate Tribunal (ITAT) held that reassessment cannot be done based on a mere change
*******CESTAT Quashes Incorrect Service Tax Demand Due to TDS Amount Inflating Taxable Value
Clipped from: https://www.taxscan.in/incorrect-service-tax-demand-based-on-tds-amount-cestat-quashes-demand-for-inflated-taxable-value/501828/ It observed that TDS was deducted from the amount paid to the appellant, making the paid amount the actual gross amount By Sneha Sukumaran
*******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 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
*******Impact of Recent Tax Reforms on MSMEs In India: Challenges & Growth
Clipped from: https://taxguru.in/goods-and-service-tax/impact-tax-reforms-msmes-india-challenges-growth.html Introduction to MSMEs[1] Micro, small, and medium enterprises (MSMEs) are a vital component of India’s economy, contributing significantly to employment generation, innovation, and
*******ITAT Directs Reassessment in ₹1.8 Crore Capital Gains & Section 54 exemption denial Case
Clipped from: https://taxguru.in/income-tax/itat-directs-reassessment-rs-1-8-crore-capital-gains-section-54-exemption-denial-case.html Badri Narayanan Vs ITO (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT) Chennai has directed the Assessing Officer (AO) to re-examine a capital
*******No tax on income up to Rs 12 lakh, but it’s a rebate, not an exemption | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/no-tax-on-income-up-to-rs-12-lakh-but-it-s-a-rebate-not-an-exemption-125020600916_1.html A rebate applies after tax is calculated, reducing the final amount payable, much like a discount Listen to This Article Budget 2025 has
*******Gift Tax : A Comprehensive Case Analysis of Gift Tax
Clipped from: https://www.taxscan.in/a-comprehensive-case-analysis-of-gift-tax/477302/?utm_source=signinbutton&utm_medium=txn&utm_campaign=checkoutsigninbtn Gift transactions in India are subject to income tax. Certain gifts received in India are subject to taxation, despite the fact that there
*******Growth gets its due – Opinion News | The Financial Express
Clipped from: https://www.financialexpress.com/opinion/growth-gets-its-due/3741581/ RBI appears willing to be a lot more flexible while targeting inflation. The good news is that the RBI now appears willing to
*******The RBI’s fine balancing act – Opinion News | The Financial Express
Clipped from: https://www.financialexpress.com/opinion/the-rbis-fine-balancing-act/3741599/ Given the global volatility and uncertainty amidst a downturn and a depreciating currency, the MPC has done so by reducing the repo rate
*******RBI’s policy: Flexible, adaptable & balanced – Opinion News | The Financial Express
Clipped from: https://www.financialexpress.com/opinion/rbis-policy-flexible-adaptable-balanced/3741637/?ref=hometop_hp MPC statement has delivered tangible as well as intangible policy blueprints. he Reserve Bank of India (RBI). (PTI) By Soumya Kanti Ghosh The
*******No tax on income up to Rs 12 lakh, but it’s a rebate, not an exemption
A rebate applies after tax is calculated, reducing the final amount payable, much like a discount Budget 2025 has proposed making normal income up to
*******MPC should wait and watch as global risks complicate rate decisions
Clipped from: https://www.business-standard.com/opinion/columns/mpc-should-wait-and-watch-as-global-risks-complicate-rate-decisions-125020501742_1.html Global uncertainty demands caution on monetary policy Listen to This Article The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India
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