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Income Tax : Learn about the clubbing provisions under the Income Tax Act, covering income transfers, revocable transfers, and taxation of inco...
Income Tax : Understand the provisions of Sections 269SS, 269ST, and 269T under Indian tax law, their implications, and reporting requirements ...
Income Tax : Learn about Sovereign Gold Bonds (SGBs), including eligibility, investment limits, interest rates, redemption, and tax implication...
Income Tax : Rental income from sub-letting is taxed as "Income from other sources," not "Income from house property." Deemed ownership rules a...
Income Tax : Understand presumptive taxation schemes under sections 44AD, 44ADA, and 44AE, including eligibility, computation, and maintenance ...
Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...
Income Tax : Learn to handle faceless income tax assessments using AI tools like ChatGPT in a 2-hour live course on Sept 1, 2024. Enhance effic...
Income Tax : The Central Action Plan 2024-2025 by CBDT aims to optimize India's direct tax system, focusing on revenue, litigation, taxpayer se...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
Income Tax : As of August 11, 2024, net direct tax collections for FY 2024-25 stand at Rs. 6.93 lakh crores, marking a 22.48% growth compared t...
Income Tax : ITAT Mumbai deletes disallowance of capital gains by DCIT after confirming investment in property with Charity Commissioner approv...
Income Tax : ITAT Mumbai held that confirmation of addition u/s. 69A and 68 of the Income Tax Act without finding any fault with the evidence s...
Income Tax : Madras High Court held that compensation paid to ESOP holders qualifies as perquisite and hence taxable under the head ‘salary�...
Income Tax : ITAT Ahmedabad held that invocation of section 263 by PCIT unjustified due lack of sufficient evidence to support claim that the o...
Income Tax : ITAT Ahmedabad held that deduction under section 54 of the Income Tax Act towards Long Term Capital Gains admissible even when ret...
Income Tax : Finance Act 2023 updates the process for filing applications under Section 10(46A) of the Income-tax Act. Standardized procedures ...
Income Tax : On August 16, 2024, President Droupadi Murmu officially granted her assent to the Finance (No 2) Bill, 2024. With this move, the b...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Income Tax : Insight Instruction No. 79 details procedures for managing high-risk PAN cases in the Insight portal, guiding tax officers through...
Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...
Spinks Impex Vs ITO (ITAT Delhi) Hon’ble Apex court in the matter of PCIT vs. Aarham Softronics [2019] 102 com 343 (SC), pronounced on 20-02-2019. Wherein, it was held an assessee availing exemption of 100% tax on setting up of a new industry, which is admissible for 5 years, and either on the expiry of […]
Liladevi Dokania Vs ITO (ITAT Surat) It is evidently clear that assessee received the rent income, and the Tenant (Deductor) has deducted TDS but has not deposited the TDS so deducted into the Central Government Account. Considering these facts, we note that issue under consideration is no longer res integra. The Hon`ble High Court of […]
Jaykumar Mangilal Nagori Vs ITO (ITAT Pune) It is indisputable that the assessee could not lead any evidence to demonstrate that the user of the car was restricted only to business purposes and did not percolate for personal use. Even the auditor has also mentioned that the personal element in vehicle expenses could not be […]
R R M Trading Co. Vs ACIT (ITAT Delhi) ITAT find that AO has restricted the payment of interest to the related parties @ 18% to 12% on the ground that it is excessive and unreasonable looking to the fact that assessee has paid interest to the partners @ 12% which is in accordance with […]
Joharimal High School Vs ITO (ITAT Cuttack) Undisputedly rather admittedly, the assessee does not enjoy registration u/s.12AA of the Act and as per e-return filed before the Bench, as per column 3, the assessee has shown receipt of income of Rs.97,10,521/- and as per column 4(i), amount applied during the previous year or expenditure incurred […]
Sharda Educational Trust Vs JCIT (ITAT Delhi) The Bench is of firm view that the foundation of issuing show cause notice for penalty u/s 271(1)(c) of the Act, being crumbled by a verdict of this Tribunal, by deletion of additions, the penalty order alone cannot stand by its own against the assessee. Reliance in this […]
Essel Mining & Industries Limited Vs DCIT (ITAT Mumbai) ITAT held that sale of Renewable Energy Certificate (Carbon Credit) of income received by the assessee is a capital receipt and could not be business receipt or income nor it is directly linked with the business of the assessee nor any asset is generated in the […]
DCIT Vs Vinod Chimanlal Modi (ITAT Ahmedabad) It is observed that sufficient documentary evidence was placed on record by the assessee before the learned CIT(A) to establish that M/s. S.S. Enterprises is a proprietary concern of M/s. Gunesh India Pvt. Ltd. and on the basis of the same, a finding was recorded by the leaned […]
Gurmeet Kaur Khurana Vs ITO (ITAT Chandigarh) The relevant facts of the case are that the assessee had invested an amount of Rs.6 lacs for immovable property with M/s Bajwa Developers Ltd. The investment was made vide cash payments. The transaction was flagged. It was noticed that no tax return was filed by the assessee. […]
Urmila Madhukar Ved Vs ITO (ITAT Pune) This appeal by the assessee emanates from the order passed by the CIT(Appeals)-7, Pune on 11-09-2019 in relation to the assessment year 2010-11. 2. The only issue raised in this appeal is against the denial of exemption u/s.54 of the Income-tax Act, 1961 (hereinafter also called ‘the Act’) […]
