The Tribunal held that the relevant date for Section 54 is possession of the new residential house, not the agreement date. Since possession was taken within two years of sale, exemption was allowed.
Traders are governed by both Income-tax and GST laws, creating layered compliance obligations. This article explains computation rules, judicial tests, and reporting requirements affecting trading businesses.
This article explains how Section 2(24) adopts an inclusive definition of income, covering monetary, non-monetary, and even illegal gains. It highlights key judicial doctrines that determine taxability.
ITAT deleted ₹60 lakh addition as the Revenue relied solely on a third-party confession without independent verification. Documentary evidence such as confirmations, ITRs and bank statements discharged the assessee’s onus.
ITAT ruled that once the Assessing Officer makes no addition on the issue forming the basis of reopening, other additions cannot survive. MAT demand under Section 115JB was therefore struck down as unlawful.
A step-by-step guide explaining name reservation, SPICe+ filing, required documents, and MCA approvals. The article also covers mandatory post-incorporation compliances and FEMA requirements.
Appeals dismissed as time-barred through FORM GST APL-02, without a reasoned order under Section 107, may deny taxpayers access to GSTAT. The key issue is whether an acknowledgment can substitute a statutory appellate order.
Emphasizing judicial consistency, the Tribunal dismissed the Revenues appeal on referral fees and reimbursements. Identical issues decided in earlier years were followed, leading to deletion of all additions.
ITAT held that penalty under Section 271(1)(c) cannot survive where tax is ultimately levied under Section 115JB. Additions under normal provisions did not result in tax evasion.
The Tribunal deleted ₹2 lakh cash addition as no incriminating material directly linked the assessee to alleged on-money. Reliance solely on pen drive data and third-party statements without cross-examination was held insufficient.
