Many times we observed in property transaction that buyer enter into the transaction paid advance money against the consideration and then after some time if something went wrong he cancelled the transaction. In such cases, generally seller of that property forfeit the advance money received by buyer. So if such situation occur how tax will be levied on such advance money forfeited by seller? Hence today I am covering this topic to enlighten you all regarding taxability of advance money forfeited by seller.
There is always a doubt and confusion in the industry among professionals as well as tax payers regarding availment of exemption under section 54 and 54F against capital gains. Whether investment is allowed to be made only in one residential property or more than one residential property can be allowed? Therefore, today I am covering […]
The issue under consideration is whether land sold by assessee engaged in property development taxable as capital gains or business income?
Broad guidelines to conduct such virtual hearing are being provided so that ongoing Customs work of appeals and adjudications are completed expeditiously for quick delivery of justice – through quasi-judicial proceedings and in compliance of overall directions given by Hon’ble Supreme Court under Article 142 of the Constitution of India (refer Suo moto Writ (Civil) No. 5/2020).
Exclusion of comparables from the list of comparables on basis of turnover, functional difference for determination of Arms Length Price was valid.
Detection of a travel related/unrelated suspect case of novel Coronavirus Disease (COVID-19) will be followed by rapid isolation of such cases in designated health facilities and line listing of all contacts of such cases.Home quarantine is applicable to all such contacts of a suspect or confirmed case of COVID-19.
The present guidelines are in addition to guidelines on appropriate management of suspect/confirmed case of COVID-19 issued by MoHFW on 7th April, 2020. All suspected (awaiting test results) and confirmed cases of COVID-19 disease are currently being isolated and managed in a hospital setting with the intent to break the chain of transmission.
Authorities was not justified in holding that it was a turnkey project, importation of equipment and post-importation project implementation exercise were mutually dependent as reading such implied conditions into the contracts would be impermissible in the absence of any other material to demonstrate subsistence of such conditions.
Ministry of Information & Broadcasting No reduction in retirement age of Central Government employees, PIB Fact Check busts fake news Posted On: 26 APR 2020 Fact Check Unit of Press Information Bureau has today clarified in a tweet that Central Government is not mulling a reduction in retirement age of Central Government employees. The tweet […]
There is some report circulating on social media regarding suggestions by a few IRS officers on tackling Covid-19 situation. It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report. No permission was sought by the officers before going public with their personal views & suggestions, which is […]
