Clipped from: https://www.scconline.com/blog/post/2024/05/15/decoding-tax-dynamics-unravelling-legal-complexities-in-income-tax-reassessment-notices-under-section-148-it-act-post-finance-act-2021/#fn16 Introduction The landscape of the Income Tax Act of 19611 underwent a substantial transformation with the implementation of the Finance Act, 2021 (FA)2, bringing about significant revisions
Category: Seven Star
1👍👍👍👍👍👍👍Indexation benefit admissible even in respect of assets held in foreign countries: ITAT Mumbai
Clipped from: https://taxguru.in/income-tax/indexation-benefit-admissible-respect-assets-held-foreign-countries-itat-mumbai.html DCIT Vs Aarav Fragrances and Flavors Pvt. Ltd. (ITAT Mumbai) ITAT Mumbai held that benefit of cost inflation index admissible as per second
1👍👍👍👍👍👍👍Denial of capital gain exemption u/s 54F for property described in registered sale deed as “Makaan” was justified as having Brick-Kiln construction
Clipped from: https://taxguru.in/income-tax/denial-capital-gain-exemption-u-s-54f-property-registered-sale-deed-makaan-justified-brick-kiln-construction.html Himanshu Garg VS ACIT (Delhi High Court) Conclusion: Tribunal was justified in declining capital gain exemption under Section 54F with respect to a property
1👍👍👍👍👍👍👍CIT(A) failed to examine the validity of jurisdiction u/s. 148 hence matter remanded: ITAT Delhi
Clipped from: https://taxguru.in/income-tax/citafailed-examine-validity-jurisdiction-u-s-148-matter-remanded-itat-delhi.html Trinity Touch Pvt Ltd Vs ACIT (ITAT Delhi) ITAT Delhi remanded the matter back to CIT(A) since CIT(A) failed to examined the validity
1👍👍👍👍👍👍👍Fair market value on area allotted under occupancy certificated accepted: ITAT Bangalore
Clipped from: https://taxguru.in/income-tax/fair-market-area-allotted-occupancy-certificated-accepted-itat-bangalore.html ITO Vs Govindappa Jayaram Doddiah (HUF) (ITAT Bangalore) ITAT Bangalore held that CIT(A) rightly accepted the fair market value on the area allotted
2👍👍👍👍👍👍👍Notice issued u/s. 148 after period of six years for AY 2015-16 is barred by limitation: ITAT Mumbai
Clipped from: https://taxguru.in/income-tax/notice-issued-u-s148-period-years-ay-2015-16-barred-limitation-itat-mumbai.html ACIT Vs Manish Financial (ITAT Mumbai) ITAT Mumbai held that validity of notice issued under section 148 of the Income Tax Act for
👍👍👍👍👍👍👍ITAT Jodhpur: Crypto Gains Taxed as LTCG, Allows Section 54F deduction
lipped from: https://taxguru.in/income-tax/itat-jodhpur-crypto-gains-taxed-ltcg-allows-section-54f-deduction.html Raunaq Prakash Jain Vs ITO (ITAT Jodhpur) In the case of Raunaq Prakash Jain vs. ITO, the ITAT Jodhpur addressed the taxation of cryptocurrency
1👍👍👍👍👍👍👍Exemption u/s. 54F admissible in respect of only one residential property: Delhi HC
Clipped from: https://taxguru.in/income-tax/exemption-u-s-54f-admissible-respect-residential-property-delhi-hc.html Kamla Ajmera Vs PCIT (Delhi High Court) Delhi High Court held that in case of investment in two residential properties, exemption under section
👍👍👍👍👍👍👍The legal gaps in India’s unregulated AI surveillance – The Hindu
Clipped from: https://www.thehindu.com/opinion/lead/the-legal-gaps-in-indias-unregulated-ai-surveillance/article68996389.ece There needs to be a comprehensive regulatory framework that addresses AI’s implications for civil liberties In 2019, the Indian government made headlines by
👌👌👌👌👌👌👌The new RBI should revert to old rupee policy to address challenges | Economy & Policy News – Business Standard
Clipped from: https://www.business-standard.com/economy/news/the-new-rbi-should-revert-to-old-rupee-policy-to-address-challenges-124121700031_1.html In our earlier piece in these pages, we highlighted the unwelcome consequences of the exchange rate policy adopted under the outgoing Reserve Bank
👌👌👌👌👌👌👌Punjab & Haryana HC sets aside order Income Tax SCN issued without following procedure u/s 144 B
Clipped from: https://www.taxscan.in/income-tax-scn-issued-without-following-procedure-u-s-144-b-punjab-haryana-hc-sets-aside-order/466206/ Top Stories The bench set aside the notice issued by the Jurisdictional Assessing Officer under Section 148 of the Income Tax Act and
👌👌👌👌👌👌👌Delhi HC Rules Reassessment Based on Insight Portal Information Must Be u/s 147/148, Not Section 153C
Clipped from: https://www.taxscan.in/reassessment-based-on-insight-portal-information-must-be-u-s-147-148-not-section-153c-delhi-hc-read-order/462724/ In a recent ruling, the Delhi High Court ruled that reassessment was initiated based on insight portal information so it must be under
👌👌👌👌👌👌👌Reassessment u/s 147 After Issuance of Intimation u/s 143(1) – An Analysis of Conflicting Decisions – Taxmann
These would be cases where the return is accepted without scrutiny and no formal assessment is made.9 A perusal of the provisions clearly shows that
👌👌👌👌👌👌👌Income Tax on Gifts from Relatives and Friends in India
Clipped from: https://www.taxscan.in/qna-can-i-claim-income-tax-benefits-on-selling-gifted-jewellery-key-questions-on-gift-taxation-in-india-answered/463841/ Are gifts from relatives taxable in India? A: Gifts from relatives are exempted from Tax in India. It is defined under section 56(2)(x)
👌👌👌👌👌👌👌Analysis of Section 45(5A) of Income Tax Act, 1961
Clipped from: https://taxguru.in/income-tax/analysis-section-455a-income-tax-act-1961.html SPECIAL PROVISIONS FOR COMPUTATION OF CAPITAL GAINS IN CASE OF JOINT DEVELOPMENT AGREEMENT [Section 45(5A)] Sub-section (5A) was inserted in section 45 with
👌👌👌👌👌👌👌Dimension to Service of Notices/ Orders Under GST
Clipped from: https://taxguru.in/goods-and-service-tax/dimension-service-notices-orders-gst.html Introduction Service of a notice or an order is an extremely critical event in tax litigation and has been a matter of dispute
👌👌👌👌👌👌👌Re-opening of Assessment: dilemma of opinions!
Clipped from: https://database.taxsutra.com/articles/eceb7adb222b44360f06df5b8b5aa6/expert_article Advocate Yojit Pareek Associate AZB & Partners The assessment proceedings, completed under Section 143(3) of the Income-tax Act, 1961 (“Act”), have to be conferred sanctity
👌👌👌👌👌👌👌Reopening assessment u/s. 147 void-ab-initio as issue already dealt in original assessment
Clipped from: https://taxguru.in/income-tax/reopening-assessment-u-s-147-void-ab-initio-issue-dealt-original-assessment.html DCIT Vs Cadila Pharmaceuticals Limited (ITAT Ahmedabad) ITAT Ahmedabad held that reopening of assessment u/s. 147 on the issue which is already dealt
👌👌👌👌👌👌👌Gifting assets to relatives? Types of assets you can gift, tax rules and more
Gifting assets to relatives? Types of assets you can gift, tax rules and more https://www.msn.com/en-in/money/news/gifting-assets-to-relatives-types-of-assets-you-can-gift-tax-rules-and-more/ar-AA1oCVfe?ocid=msedgntp&pc=DCTS&cvid=b6c7e275bfbc452aa857682003284624&ei=69 Gifting assets to relatives is a way to distribute wealth
👌👌👌👌👌👌👌Delhi HC Rules Reassessment Based on Insight Portal Information Must Be u/s 147/148, Not Section 153C
Clipped from: https://www.taxscan.in/reassessment-based-on-insight-portal-information-must-be-u-s-147-148-not-section-153c-delhi-hc-read-order/462724/ In a recent ruling, the Delhi High Court ruled that reassessment was initiated based on insight portal information so it must be under
