Enforcement Directorate issues directive on summoning legal practitioners, emphasizing compliance with Section 132 of the Bharatiya Sakshya Adhiniyam, 2023.
This essay explores the judicially recognized circumstances under which Indian courts have lifted the corporate veil to prevent misuse of corporate personality, drawing on both Indian and foreign case law for illustration.
Understand income tax & GST rules for freelancers in India, including Sections 44ADA, 44AD, TDS, ITR filing, and tax-saving measures for FY 2025-26.
#AD Saving money regularly can be challenging, especially when expenses continue to accumulate. But having a system to build your savings step by step makes things easier. That’s where a Recurring Deposit (RD) comes into the picture. It helps you save a fixed amount every month and earns you interest, similar to a fixed deposit, […]
ITAT Mumbai clarifies tax on builders’ unsold inventory, stating no deemed rental income on stock-in-trade. Also addresses 80G deduction for CSR expenses, citing judicial precedents.
Income Tax Appellate Tribunal (ITAT) Pune recently ruled that notional rent on unsold flats held as stock-in-trade by a builder cannot be taxed as business income or income from house property for the Assessment Year 2013-14. This decision predates the 2017 amendment to Section 23(5) of the Income-tax Act.
Delhi ITAT allows Shivsagar Builders’ appeal, deleting additions for notional rent on inventory and clarifying taxable revenue based on contractual agreements.
ITAT Mumbai rules on Progressive Homes’ appeal, addressing tax on unsold flats as stock-in-trade and disallowing expenses under Section 14A.
ITAT Mumbai rules on Girdharilal Lulla’s appeal, asserting unsold flats are stock-in-trade, not subject to notional house property income tax.
ITAT Mumbai rules on Runwal Constructions’ appeal, asserting unsold flats are stock-in-trade not subject to notional house property income.
