Income Tax - Introduction: Computation of Capital gain has always been a complex provision under the Income-tax Act. New controversies are created dime a dozen merely because the amounts involved are usually large in case of capital gain assessments. A controversy arises where the purchaser of the land makes payment to seller for the land and furthe...
Read MoreIncome Tax - Recent Judgement of Hon’ble Supreme Court in case of NRA Iron and Steel Pvt Ltd.- After this judgement, the authorities would get right to question the integrity of every issue or reissue of share capital, especially those by company in which public are not substantially interested because these companies generally issue shares on priva...
Read MoreIncome Tax - A mutual fund distributes the returns to the investors in the form of periodic dividends and appreciation in the value of the units. The tax liability will depend upon the type of mutual fund scheme, the type of investor and the period of holding. Rules – 1. If a mutual fund scheme invests more than […]...
Read MoreIncome Tax - घर की बिक्री से मिली रकम पर कैपिटल गेंस टैक्स चुकाना पड़ता है. किशन और उनके तीन भाइयों ने हाल ही में अपना पैतृक घर बेचा है. वे इसके का...
Read MoreIncome Tax - Joint Development Agreement (JDA) means an agreement or arrangement between the landowner and the developer wherein the land owner contributes the land to the project and the developer undertakes the construction/development of the said land into a developed estate, at mutually agreeable terms and conditions. ...
Read MoreIncome Tax - Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introduced a new section 112A in the Act, to provide that long term capital gains arising from transfer of a long-term capital asset being an equity share in a company or a unit of an equity oriented fund or a unit o...
Read MoreIncome Tax - The Finance Act, 2015 has amended provisions dealing with indirect transfer of capital asset situated in India. The amendment provides clarity on certain contentious aspects with regards to taxation of income arising or accruing from such indirect transfers....
Read MoreIncome Tax - CBDT has released the draft rules prescribing ‘unquoted shares’ valuation for purposes of Sec. 56(2)(x)/50CA (an important development impacting corporate restructuring) inviting comments from public....
Read MoreIncome Tax - Third Protocol amends DTAA with effect from 1st April, 2017 to provide for source based taxation of capital gains arising on transfer of shares in a company....
Read MoreIncome Tax - CBDT, vide order dated 2nd May, 2016 has given direction to field formation, with a view to avoid disputes/Litigation and to maintain uniform approach that the income arising from transfer of unlisted shares, irrespective of period of holding, would be taxable under the head ‘Capital Gain’ except in certain circumstances where the Ass...
Read MoreShri Dinar Umeshkumar More Vs ITO (ITAT Pune) - Payment for removal of encumbrances is deductible u/s 48 (1) as expenses incurred wholly and exclusively in connection with transfer. Accordingly, value of flat allotted to Shri Uday should be accordingly reduced from the full value of consideration u/s 48....
Read MoreMukta Gupta Vs ITO (ITAT Delhi) - Mukta Gupta Vs ITO (ITAT Delhi) Conclusion: Long-term capital gains on sale of shares could not be treated as bogus on the reason that the price of these shares had risen manifolds and the reason for astronomical rise was not related to any fundamentals of market. Once the transactions were duly pro...
Read MoreShri Bhatkal Ramarao Prakash Vs ITO (ITAT Bangalore) - Assessee was entitled to the benefit of deduction u/s.54F to the whole extent of investment in purchase of new asset, even though property had been purchased in the joint names of assessee, his wife and son....
Read MoreShamim Imtiaz Hingora Vs ITO (ITAT Pune) - Shamim Imtiaz Hingora Vs ITO (ITAT Pune) It is an undisputed fact that the shares involved are Penny Stocks and the Assessing Officer did not find any mistake in the documentation furnished by the assessee. The Assessing Officer alleges that the documentation is self-serving. After considering both ...
Read MoreYatin Prakash Telang Vs ITO (ITAT Mumbai) - Where assessee had purchased new residential house utilizing own funds lying in his saving bank account, deduction under section 54F could not be denied on the allegation that assessee did not utilize capital gains for investment purpose because source of utilization of fund is irrelevant for claimi...
Read MoreClause (via) in section 28 is inserted by Finance Act, 2018, w.e.f. Financial year 2018-19 and it provides taxation of Inventory in the year in which it is converted in capital Assets. CBDT issued Draft of notification to be issued for amending Income-tax Rules, 1962 for prescribing the manner of d...
Read MoreF.No. 370149/20/2018-TPL - (04/02/2018) - Since the introduction of the Finance Bill, 2018 on 1st February, 2018, several queries have been raised in different fora on various issues relating to the proposed new tax regime for taxation of long-term capital gains. The responses to these queries are provided below....
Read MoreNotification No. 08/2017- Income Tax - (13/09/2017) - It has been brought to the notice of CBDT that in cases of deceased depositor who has made deposits under the Capital Gains Accounts Scheme, 1988; the banks are deducting TDS on the interest earned on such deposits in the hand of the deceased depositor and issuing TDS certificates in the name of th...
Read MoreNotification No. 44/2017-Income Tax [S.O. 1790(E)] - (05/06/2017) - CBDT has vice Notification No. 44/2017 notified Cost Inflation indexes with Base Year as 2001-02 for the Financial Year 2001-02 to 2017-18 and same are applicable from Financial Year 2017-18....
Read MoreLetter F.No.225/12/2016/ITA.II - (02/05/2016) - For determining the tax-treatment of income arising from transfer of unlisted shares for which no formal market exists for trading, a need has been felt to have a consistent view in assessments pertaining to such income. It has, accordingly, been decided that the income arising from transfer of unli...
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Shri Dinar Umeshkumar More Vs ITO (ITAT Pune) -
Mukta Gupta Vs ITO (ITAT Delhi) -
Shri Bhatkal Ramarao Prakash Vs ITO (ITAT Bangalore) -
Shamim Imtiaz Hingora Vs ITO (ITAT Pune) -
Yatin Prakash Telang Vs ITO (ITAT Mumbai) -