Important income tax points to consider when buying or selling a property. Learn how Section 50C can affect the calculation of capital gains.
Section 194N was introduced by Finance Act 2019 and substituted by Finance Act 2020. The main ingredient of Section 194N is that TDS @ 2% shall be deducted in case any person withdraws in cash an amount exceeding Rs. 1.00 Crore In cash from his bank account in an year. A person who has not […]
As we all are aware that both Section 54 & Section 54F deal in investment in house property on sale of residential house or any asset other capital asset. There are certain similarities and differences between both these sections which are narrated below for easy understanding and shall be useful for everyone who is interested in this topic.
If a statute requires a particular action to be taken by a particular officer having jurisdiction over the assessee, then the same officer can exercise the discretion. An officer superior to him can not exercise the discretion on his behalf. In case an assessment is sought to be reopened under section 148, then reasons are […]
ACIT Vs Jain Jewellery (ITAT Delhi) In the case of Jain Jewellery vs. ACIT, ITA No. 4571/DEL/2017 (AY 2012-13) additions were made on the basis of statements of third parties regarding bogus purchases. Total amount of purchases was Rs. 20495150/-. Additions restricted to 25% by CIT(A). On appeal before ITAT entire additions were deleted due […]
PCIT Vs Daljit Singh Sra Prop M/s Sra Construction Co. Bathinda (Punjab & Haryana High Court) Case Law On Additional Evidences Filed Under Rule 46a: Pcit V. Daljit Singh Sra (2017) (P&H) Where additional evidences filed under rule 46A was relevant for calculation of real income of assessee, same was to be admitted Before the […]
Explore Income Tax Act assessments, appeals, and writ jurisdiction. Understand when to use Article 226, backed by a Supreme Court judgment.
