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Income Tax : The Mumbai ITAT held that ownership premises received under a redevelopment scheme are acquired in exchange for valuable tenancy r...
Corporate Law : Discover the implications of the government's notification on Section 64B of the Competition Act, effective from October 26, 2023....
Income Tax : It is noticed that the amount taxed under sub-section (4) of section 45 of the Act is required to be attributed to the remaining c...
Income Tax : CBDT vide Notification No. 76/2021-Income Tax | Dated: 2nd July, 2021 amends rule 8AA which relates to Method of determination of ...
The assessee is into development and construction of a project. The case was selected for scrutiny and AO issued notices u/s 142(1) and 143(2) of the Act, calling for certain details.
In case of shares issued under amalgamation, there are no two parties to a transfer of a property. There are tripartite arrangements between amalgamated company, amalgamating company and shareholder of the amalgamating company.
CESTAT Delhi held that as per section 45 of the Customs Act, 1962, being the custodian of imported goods, appellant was burdened with the responsibility of safe custody of the imported goods.
Kerala High Court Held that money in Bank accounts is a property liable for provisional attachment under Section 281B of the Income Tax Act. Thus, writ petition is allowed.
ITAT Jodhpur held that addition of income and capital gain tax levied thereon is liable to be set aside as land not situated within the municipal limits of Sardarsahar. Accordingly, appeal of the assessee allowed.
Supreme Court held that the reduction in share capital of the subsidiary company and subsequent proportionate reduction in the shareholding of the assessee would be squarely covered within the meaning of transfer under Section 2(47) of the Income Tax Act.
Thereafter, PCIT called for the assessment records and examined the proceedings. CIT(A) after going through the case records and assessment records took a view that the order passed by the AO is erroneous and prejudicial to the interest of revenue.
ITAT Mumbai held that addition towards section 68 of the Income Tax Act deleted as assessee discharged initial onus by proving identity, creditworthiness and genuineness of transaction. Accordingly, appeal allowed.
Supreme Court granted bail to women who is accused in complaint filed u/s. 44 of the Prevention of Money Laundering Act, 2002 since there is no possibility of the trial concluding in near future.
ITAT Chennai Held that the construction of a new residential house to its existing residence with separate stair-case, kitchen, new electrical connection, water connection, etc. qualifies for deduction u/s.54F of the Act. Accordingly, deduction u/s. 54F granted.
