According to the Income Tax Act, there is no requirement for active agricultural activity to be present at the time of selling agricultural land. The key condition is that the land must qualify as agricultural land. The Honourable Third Member supported this view and dismissed the Revenue’s appeal, concluding that the consideration received from the sale of agricultural land was not subject to capital gains tax.
CBIC Notification 57/2023 declares new forex rates effective from 4th August 2023, superseding Notification 54/2023. Check the updated currency exchange rates.
Learn about the Young Professional Scheme introduced by the Income Tax Department to enhance departmental representation in ITAT for tax litigations. Find details and deployment regions.
In July 2023, India’s GST revenue collection reached ₹1,65,105 crore, marking an 11% YoY growth. Domestic transactions saw a 15% YoY rise.
Ministry of Finance reveals significant year-on-year growth in monthly average gross GST collection for the financial years 2021-22 and 2022-23. Discover the key reforms and measures implemented to enhance GST compliance and boost collection.
ITAT has deleted an ad-hoc disallowance related to the expenses for repair and maintenance for City Lifeline Travels Pvt. Ltd.
An exploration of CESTAT Chennai’s judgement on CVD exemption under Notification No. 30/2004-CE for a trader not availing CENVAT credit.
Read Notification No. 56/2023 under the Income Tax Act, 1961, specifying the details of a zero coupon bond issued by REC Ltd. Learn about the bond’s period, maturity amount, discount, and more.
In a landmark ruling, Delhi High Court quashes TDS penal action against DLF Homes Panchkula Pvt Ltd for the FY 2013-14. Detailed verdict here.
Based on the information provided, it appears that the Government of National Capital Territory of Delhi (Amendment) Bill, 2023, has been introduced in Lok Sabha on 1st August, 2023. The bill aims to amend the Government of National Capital Territory of Delhi Act, 1991. The Statement of Objects and Reasons explains the need for the […]
