Income Tax : PGBP governs the computation of business and professional income. It defines chargeable income (Sec. 28, 41) including statutory a...
Income Tax : Section 50C: For property sales, if the sale price is lower than the value assessed by Stamp Valuation Authority, that value is co...
Income Tax : Learn about tax implications for sellers and buyers of immovable property. Understand capital gains, stamp duty, tax withholding, ...
Income Tax : Understand how Sec 50C & 43CA of Income Tax Act affect taxation of immovable property sales. Learn about capital gains, business i...
Income Tax : Understanding double taxation on the sale of unquoted shares in India. Learn about the implications and requirements under the Inc...
Income Tax : Representation for widening the scope of benefit in case of difference in agreement price and Circle Rate of property is upto 20 p...
Income Tax : Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May...
Income Tax : ITAT Mumbai held that CIT(A) cannot enhance income by introducing a new issue not examined by the Assessing Officer. The ruling cl...
Income Tax : The case examined whether minor valuation differences can trigger taxation under Section 56(2)(x). ITAT held that differences with...
Income Tax : ITAT Pune held that reopening of assessment under section 148 of the Income Tax Act based on audit objection is merely change of o...
Income Tax : ITAT held that vacant unsold flats attract tax on notional rent under house property. The key takeaway is that ownership triggers ...
Income Tax : The tribunal set aside excessive addition by recognizing both the allotment agreement and joint ownership. It directed proportiona...
Income Tax : In order to boost demand in the real-estate sector and to enable the real-estate developers to liquidate their unsold inventory at...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
ACIT Vs Mahavir Infracon Pvt. Ltd. (ITAT Raipur) Admittedly, it is a matter of fact borne from record that the assessee company which is engaged in the business as that of a developer, had in order to promote its sales incurred expenses towards stamp duty and registration fees with respect to the properties sold by […]
ITAT Mumbai held that provisions contained in section 56(2)(x) of the Income Tax Act are not attracted in case of the trust created for the benefit of the members / relatives of the settler who have been identified as beneficiaries.
ITAT held that provisions of sub-section (4) would be applicable in respect of agreement to sell for transfer of an asset which has been executed on or after 1st April, 2013.
ITAT Kolkata held that liabilities which are incurred as trading liabilities with corresponding purchases cannot be subject matter of addition under section 68 of the Income Tax Act.
ITAT Pune held that with regard to first proviso to section 43CA of the Income tax Act effect of the tolerance margin of 10% is to be given retrospective effect i.e. made applicable even for the prior assessment years
Income tax addition could not be made under section 43CA in absence of element of transfer. When assessee was not an owner of any asset, there couldn’t be any question of transferring the same to someone else whether provisions of sec43CA was complied with or not would be a secondary issue.
Understanding double taxation on the sale of unquoted shares in India. Learn about the implications and requirements under the Income Tax Act.
Understand the income tax provisions for cash transactions in the agriculture sector. Learn how farmers can protect their interests in sales and auctions.
Understanding the restrictions on cash transactions in real estate under income tax laws. Learn how these provisions aim to prevent tax evasion and promote transparency.
Lokhandwala Construction Industries Private Limited Vs DCIT (Bombay High Court) Once a query is raised during assessment proceedings and assessee has replied to it, it follows that the query raised was a subject matter of consideration of the Assessing Officer while completing the assessment. It is not necessary that an assessment order should contain reference […]
