"10 August 2014" Archive

No penalty for mere failure to compute capital gains U/s. 50C

Harish Voovaya Shetty Vs ITO (ITAT Mumbai)

According to decision of Hon'ble Calcutta High Court in the case where addition is made on account of application of section 50C and Revenue failed to produce any evidence to the effect that assessee has actually received more amount than that shown by it on the sale of property then penalty under section 271(1)(c) cannot be levied. ...

HC explains law on Municipal valuation, Notional interest & Standard Rent

CIT Vs Tip Top Typography (Bombay High Court)

Bombay High Court has explained the law in the case of CIT vs. Tip Top Typography on three issues related to determination of Annual value in calculation of Income from House property:- (i) whether the municipal valuation of the property was binding on the Assessing Officer...

Consequences of failure to pay TDS demand

Consequences of failure to pay the demand: In accordance with provisions of section 201(1) of the Act, where any person, including the principal officer of a company, who is required to deduct any sum in accordance with the provisions of the Act; does not pay, or after so deducting fails to pay, the whole or […]...

Posted Under: Income Tax | ,

Section 54/54F Exemption if more than one new flats constitutes one residential house?

Shri Joseph J. Mudaliar Vs The Assistant Commissioner of Income Tax (ITAT Mumbai)

During the assessment year, the assessee has sold its factory premises from which it has been showing rental income. In the computation of total income the assessee has claimed deduction u/s 54F of Rs. 1 ,34,95,220/- on the investment in three flats....

Securities Law (Amendment) Bill- Changes made in SCRA,1956 and Depositories Act, 1996

A detailed comparative table on the amendment to securities law with respect to the Act, the provision of the law prior to the ordinance, amendment by the ordinance and actual amendment to the Act, and impact thereon is as follows...

Posted Under: Income Tax |

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December 2023