Case of Ilaben Bharatbhai Amin vs ITO, recently decided by ITAT Ahmedabad, delves into intricacies of calculating capital gains tax arising from sale of agricultural land that undergoes conversion into non-agricultural land before sale.
The taxpayer vigorously argued that the disallowance was unwarranted as the supplementary partnership deed explicitly waived interest on capital and remuneration.
The key dispute centered around the disallowance of deductions under section 48(ii) of the Income Tax Act related to the indexed cost of interest paid for the acquisition of a property sold by the assessee.
The burden lies on the assessee to explain each day of the delay, and the tribunal underscored that the appellant did not substantiate her claims adequately. The reasons for the delay were deemed not bona fide and reasonable, leading to the rejection of the appeal for condonation of delay.
Read ITAT Mumbai’s order in Mitren Natvarlal Thakkar vs. DCIT case. Assessing typographical errors, ITAT dismisses tax evasion claims. Details in the full text.
Explore ITAT Ahmedabad’s order in DCIT vs. Vimal Kanubhai Patel case. Onus on Income Tax Dept to provide evidence for taxing foreign bank credits of NRI. Full text available.
Madras High Court closes the writ petition of Doss Sivakarthikeyan challenging an income tax notice after the successful processing and deposit of the refund amount.
ITAT Delhi directs reassessment as notice issued to individual, not HUF, in late Pitam Singh’s case. Analysis of the grounds and implications of the decision.
Madras High Court Rejects Bunching of Show Cause Notices to Extend Limitation Period: A Critical Analysis of Titan Company Ltd. Vs Joint Commissioner of GST & Central Excise
Charitable Registration cannot be cancelled even if gross receipts exceeds threshold limit prescribed in proviso u/s 2(15) of Income Act, 1961 and For that particular year alone, the assessee’s activities would not to be construed as charitable activities and assessee would be subjected to tax as a normal business assessee.
