Income Tax : The New Tax Regime restricts Section 24(b) benefits, disallowing set-off of home loan interest against salary income. Taxpayers mu...
Income Tax : Summary of key tax rules for rental and house property income under the Income Tax Act, including sub-letting, deemed ownership, c...
Income Tax : Understand Benami property and transactions as per the PBPT Act. Learn what constitutes Benami, who the Benamidar and Beneficial O...
Income Tax : Tax deductions for interest paid on loans play a significant role in personal tax planning, offering relief by reducing taxable in...
Income Tax : Learn how to optimize home loan interest tax benefits for self-occupied and rented properties. Strategies include reducing capital...
Income Tax : While presenting interim Budget 2019-20 FM proposed to exempt the levy of income tax on notional rent on a second self-occupied ho...
Income Tax : ITAT Delhi ruled that the holding period for capital gains purposes began from the date of full payment and transfer of possession...
Income Tax : The Supreme Court held that grants disbursed by a statutory corporation formed part of its core business functions and qualified a...
Income Tax : ITAT observed that Assessing Officer had treated jewellery sale proceeds as unexplained mainly because no wealth tax returns were ...
Income Tax : The issue was whether compensation paid to flat buyers was capital or revenue expenditure. The Court held it to be revenue expendi...
Fema / RBI : The Tribunal held that once allegations of money laundering are established, the burden shifts to the accused. Failure to prove le...
Fema / RBI : 2. With a view to disseminating information on the SLR status of a Government security, it has been decided that: (i) the SLR stat...
ITAT Delhi ruled that the holding period for capital gains purposes began from the date of full payment and transfer of possession under the agreement to sell, not the later registration date. The property was therefore treated as a long-term capital asset.
The Supreme Court held that grants disbursed by a statutory corporation formed part of its core business functions and qualified as deductible revenue expenditure. The ruling clarified that such grants were not mere application of income.
ITAT observed that Assessing Officer had treated jewellery sale proceeds as unexplained mainly because no wealth tax returns were filed. Tribunal restored the matter for fresh examination in light of supporting vouchers and legal precedents.
The issue was whether compensation paid to flat buyers was capital or revenue expenditure. The Court held it to be revenue expenditure as it was incurred for business purposes and commercial expediency.
The Tribunal held that once allegations of money laundering are established, the burden shifts to the accused. Failure to prove legitimate income led to continuation of freezing and seizure.
The Tribunal held that incorrect identification of property does not invalidate proceedings when benami investment is established. It allowed attachment of assets derived from bogus share premium.
The New Tax Regime restricts Section 24(b) benefits, disallowing set-off of home loan interest against salary income. Taxpayers must compare regimes carefully before opting.
The Tribunal held that capital gains must be computed using the final stamp value determined after litigation, not an earlier inflated valuation, and directed deletion of the resulting addition.
ITAT Bangalore held that at the relevant time co-founder of Flipkart stayed in India for 141 days and balance days in other countries. Hence, assessee is an Indian national and thus the appeal of the assessee is dismissed.
The Tribunal upheld taxation of rental receipts as income from house property because the companys principal object was not property letting. It ruled that business income treatment cannot be claimed merely based on incidental objects in the memorandum.
