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Archive: 18 January 2024

Posts in 18 January 2024

Indexed cost of interest paid for acquisition of property not allowable

January 18, 2024 2664 Views 0 comment Print

The key dispute centered around the disallowance of deductions under section 48(ii) of the Income Tax Act related to the indexed cost of interest paid for the acquisition of a property sold by the assessee.

Royalty u/s 9(1)(vi): Broadcasting rights for live event not chargeable to tax as royalty

January 18, 2024 759 Views 0 comment Print

ITAT Delhi held that broadcasting “Live events” does not amount to a work in which copyright subsists i.e., “Live Rights”, is not “copyright” and therefore any payment made thereto can’t be said to be chargeable to tax as royalty under section 9(1)(vi).

Section 263: Revision unjustified as AO took possible view based on available records

January 18, 2024 390 Views 0 comment Print

ITAT Mumbai held that revision under section 263 of the Income Tax Act unjustified as AO while allowing the exemption in the order passed under section 144 r.w.s.263 has taken a possible view upon verifying the details available on record.

Amount Received At The Time Of Maturity of Life Insurance Policy Is Exempt?

January 18, 2024 2094 Views 0 comment Print

Explore Income Tax Act Section 10(10D) exemptions for life insurance maturity payouts. Understand criteria, amendments, and implications.

No Bonafide Cause: ITAT Rejects 1040 Days Appeal Delay Condonation request

January 18, 2024 321 Views 0 comment Print

The burden lies on the assessee to explain each day of the delay, and the tribunal underscored that the appellant did not substantiate her claims adequately. The reasons for the delay were deemed not bona fide and reasonable, leading to the rejection of the appeal for condonation of delay.

Customs Exchange Rates effective from 19th January, 2024

January 18, 2024 2634 Views 0 comment Print

Explore the latest Customs Exchange Rates in India for 2024 issued by the Ministry of Finance. Stay updated on foreign currency conversions for imported and export goods.

Government notifies New Financial Services in International Financial Centres

January 18, 2024 846 Views 0 comment Print

Discover the latest financial services notified by the Ministry of Finance in International Financial Service Centres. Learn about book-keeping, accounting, taxation, and financial crime compliance services.

Increase in exempt income due to typographical error: ITAT deletes addition

January 18, 2024 492 Views 0 comment Print

Read ITAT Mumbai’s order in Mitren Natvarlal Thakkar vs. DCIT case. Assessing typographical errors, ITAT dismisses tax evasion claims. Details in the full text.

Non-resident cannot be taxed in India unless income is proven to accrue or arise within India

January 18, 2024 4857 Views 0 comment Print

Explore ITAT Ahmedabad’s order in DCIT vs. Vimal Kanubhai Patel case. Onus on Income Tax Dept to provide evidence for taxing foreign bank credits of NRI. Full text available.

HC validates Notification No. 14/2017-Central Tax & legality of officers’ appointments

January 18, 2024 522 Views 0 comment Print

Allahabad High Court, in case of R.C. Infra Digital Solutions vs Union of India, has recently upheld validity of Notification No. 14/2017-Central Tax, affirming legality of appointments and powers of officers.

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