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 : The Tribunal held that capital gains must be computed using the final stamp value determined after litigation, not an earlier infl...
Income Tax : ITAT Bangalore held that at the relevant time co-founder of Flipkart stayed in India for 141 days and balance days in other countr...
Income Tax : The Tribunal upheld taxation of rental receipts as income from house property because the companys principal object was not proper...
Income Tax : The issue was whether stamp duty value as on registration could override actual consideration received earlier. The Tribunal held ...
Income Tax : The Tribunal ruled that repeated reopening cannot survive where statutory timelines are breached. A reassessment initiated beyond ...
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...
Delhi ITAT held that adding hypothetical interest on security deposits to compute ALV is impermissible. The decision reverses lower authorities, confirming that only real contractual rent counts as income under section 23(1).
ITAT Jaipur held that Urban Improvement Trust is a “State” within the meaning of Article 289(1) of the Constitution of India being an instrumentality of State within the meaning thereof. Hence, income is not chargeable to tax under the Income Tax Act.
ITAT Delhi directed the AO to compute Annual Letting Value (ALV) only for the portion of the house property actually rented out (third/fourth floors). Taxing the entire property based on assumptions, ignoring the owner’s self-occupation, was held to be unjustified.
Summary of key tax rules for rental and house property income under the Income Tax Act, including sub-letting, deemed ownership, composite rent, computation of annual value, and treatment of self-occupied properties.
Understand Benami property and transactions as per the PBPT Act. Learn what constitutes Benami, who the Benamidar and Beneficial Owner are, the exceptions, and the serious consequences, including rigorous imprisonment, fines, and confiscation of assets by the Central Government.
Limitation under Rule 68B of the second schedule to the Income Tax Act did not apply to RDDB Act (Recovery of Debts Due to Banks and Financial Institutions Act, 1993) proceedings as Rule 68B of the IT Act had no mandatory application to recoveries under the RDDB Act
ITAT Mumbai held that transfer of an undertaking under a court-approved scheme cannot be characterised as a slum sale within the meaning of section 2(42C) hence provisions of section 50B not attracted.
Earth Minerals successfully challenged the detention and penalty orders by Uttar Pradesh GST authorities for the inter-state movement of a Motor Grader to a project site. The Allahabad High Court relied on Central Board of Excise and Customs (CBEC) circulars, holding that such movement for self-use in a works contract is ‘neither a supply of goods nor service’ and is not liable for IGST.
The ITAT Ahmedabad upheld the deletion of a Rs.2.23 crore addition made under Section 68, ruling that the assessee had fully discharged the onus of proving the identity, genuineness, and creditworthiness of the unsecured loan creditors. Since complete evidence (confirmations, PAN, ITRs, bank statements) was filed and no adverse material was found, the addition could not be sustained.
Supreme Court held that the Successful Resolution Applicant [SRA] cannot be forced to deal with claims that are not a part of the Request for Resolution Plan [RfRP] issued in terms of Section 25 of the IBC or a part of its Resolution Plan.
