Clipped from: https://taxguru.in/income-tax/taxation-capital-gains-india-frequently-asked-questions-faqs.html Summary (Approx. 300 Words):A capital asset refers to any property owned by a taxpayer, whether or not related to business or profession, and
*No Hypothetical Income Can Be Taxed: Bombay HC on Cancelled Land Sale Agreements
Clipped from: https://taxguru.in/income-tax/hypothetical-income-brought-tax.html CIT Vs Lok Housing & Constructions Limited (Bombay High Court) Bombay High Court held that no hypothetical income of the assessee could have been
*****Pre-Consultation Not Mandatory Before Service Tax SCN: Madras HC
Clipped from: https://taxguru.in/service-tax/pre-consultation-mandatory-service-tax-scn-madras-hc.html Brilliant Corporate Services Private Limited, (Now known as M/s. Brivas Private Limited) Vs Commissioner (Madras High Court) The petitioner, Brilliant Corporate Services Private
*******Bought Property Over ₹50 Lakh? Ensure your PAN-Aadhaar Link to Avoid High TDS Liability
Clipped from: https://www.taxscan.in/top-stories/bought-property-over-50-lakh-ensure-your-pan-aadhaar-link-to-avoid-high-tds-liability-1431542?TRN300=SvKGjlCUSADqkUiGCfJMsKgwAczDGdMbDiGcfJqhGJgMvdfciMCbJidPbMSAsx&LKD333=3125338 Buyers who had purchased property above ₹50 lakh from sellers whose PAN were inoperative were served with short-deduction notices. The Central Board of Direct
*******Man gets tax notice for depositing Rs 8 lakh in bank account, tax dept deems it as presumptive business income; he wins case in ITAT Delhi – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/man-gets-tax-notice-for-depositing-rs-8-lakh-in-bank-account-tax-dept-deems-it-as-presumptive-business-income-he-wins-case-in-itat-delhi/articleshow/124889465.cms Tax department treats Rs 8 lakh cash deposit as presumptive business income; ITAT Delhi gives relief to taxpayer When Mr. Kumar deposited Rs
*****Buyer of auctioned property to get Rs 2 crore refund as bank failed to disclose the pending legal dispute; Telangana High Court order – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/buyer-of-auctioned-property-to-get-rs-2-crore-refund-as-bank-failed-to-disclose-the-pending-legal-dispute-telangana-high-court-order/articleshow/124985590.cms Property buyer paid Rs 2 crore advance for a Rs 8 crore property auctioned by a bank; but property was tangled in legal
*******Tax dept’s Rs 22-crore notice based on WhatsApp chat struck down by ITAT Delhi for lack of credible proof – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/tax-depts-rs-22-crore-notice-based-on-whatsapp-chat-struck-down-by-itat-delhi-for-lack-of-credible-proof/articleshow/124994878.cms Man gets tax notice for Rs 22 crore unexplained investment income because someone else’s WhatsApp chat said his name for this income, ITAT
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