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...
ITAT Ahmedabad held that revisionary proceedings under section 263 of the Income Tax Act justified since PCIT correctly observed that the very basis of disallowance of depreciation was on an incorrect understanding of the facts by AO. Accordingly, revision order upheld.
The Appellants submitted that there were multiple violations of Section 30(2) of the Code, which prohibits the CoC from approving a plan that violates many laws and many provisions of the Code and Regulations.
Tax deductions for interest paid on loans play a significant role in personal tax planning, offering relief by reducing taxable income. Taxpayers can claim deductions on the interest paid on home loans and education loans, helping to lower overall tax liability.
ITAT Delhi held that different floors of a property cannot be construed as independent residential unit and instead had to be construed only as a single residential unit for purpose of claiming deduction u/s. 54F. Accordingly, grounds raised by revenue dismissed.
ITAT Mumbai orders DVO reference in Fakhruddin T. Malik case, ruling AO erred by not valuing disputed property despite assessee’s request.
Jharkhand High Court held that Jharkhand Right of Children to Free and Compulsory Education (First Amendment) Rules, 2019 levying application/ inspection fee of Rs. 25,000/- or Rs. 12,500/- are declared unconstitutional and are struck down.
Madras High Court held that provisions of Section 26E of the SARFAESI Act and Section 34 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) would prevail over the provisions of Section 24 of the Tamil Nadu General Sales Tax Act, 1959 (TNGST Act).
The petitioner is a practicing Chartered Accountant, residing in New Delhi. His name was included in a list of “Undesirable Contact Men” (UCM) which was allegedly circulated by the CBI and subsequently published in various newspaper clippings.
ITAT Mumbai held that addition under section 56(2)(x) of the Income Tax Act not justified since value adopted by the DVO and actual purchase price declared by the assessee falls within the tolerance limit of 10%. Accordingly, appeal allowed.
ITAT Delhi deletes Rs 33.9L Sec 69 addition for Ankur Goyal (AY 12-13) citing mother’s accepted assessment. Remands Sec 24 interest issue for verification.
