Income Tax : Summary: As per the Finance Act 2024, the long-term capital gains (LTCG) tax on listed securities has been raised from 10% to 12.5...
Income Tax : The 2024 budget introduces changes in capital gains tax for immovable property, removing indexation and offering two tax options f...
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 : Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, a...
Income Tax : Article discusses Meaning of Cost Inflation Index (CII) which is used for Computation of Long Term Capital Gain. Cost Inflation in...
Income Tax : Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the...
Income Tax : ITAT Ahmedabad held that once the unaccounted receipts from the sale of properties are subjected to taxation as part of the capita...
Income Tax : Karnataka High Court ruled on V.S. Chandrashekar vs. ACIT regarding tax treatment of land transactions, applicability of Section 5...
Income Tax : ITAT Cuttack held that revisionary proceedings under section 263 of the Income Tax Act is liable to be quashed since assessee is e...
Income Tax : ITAT Jodhpur held that addition of income and capital gain tax levied thereon is liable to be set aside as land not situated withi...
Corporate Law : NCLAT Chennai held that after finalization of process of e-auction sale of Corporate Debtor, it cannot be permitted to consider Sc...
Corporate Law : Explore the new Competition Commission of India (CCI) Lesser Penalty Regulations 2024. Learn about conditions, procedures, and ben...
Custom Duty : Stay informed about the Union Budget 2024-25 changes in ICES. Learn how the Directorate General of Systems manages updates and the...
ITAT Ahmedabad held that once the unaccounted receipts from the sale of properties are subjected to taxation as part of the capital gains computation, the related unaccounted expenditures stand explained and cannot be taxed separately as unexplained expenses.
Karnataka High Court ruled on V.S. Chandrashekar vs. ACIT regarding tax treatment of land transactions, applicability of Section 50C, and capital gains classification.
ITAT Cuttack held that revisionary proceedings under section 263 of the Income Tax Act is liable to be quashed since assessee is entitled for exemption u/s. 11 and hence twin conditions are not satisfied in as much as there is no loss of revenue.
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.
NCLAT Chennai held that after finalization of process of e-auction sale of Corporate Debtor, it cannot be permitted to consider Scheme of Arrangement proposed under section 230 of the Companies Act.
Supreme Court held that the reduction in share capital of the subsidiary company results into the transfer of capital asset as envisaged in section 2(47) of the Income Tax Act. Accordingly, petition of revenue dismissed.
In the matter above-mentioned ITAT resored the matter to CIT (A) who did not provide opportunity of being heard by way of video conferencing despite request.
ITAT Delhi held that initial transaction of demerger of Passive Infrastructure Assets [PIAs] without any consideration qualifies as gift is already affirmed by the Hon’ble Delhi High Court while approving the demerger scheme.
ITAT Mumbai held that benefit of cost inflation index admissible as per second proviso to section 48 of the Income Tax Act. Accordingly, indexation benefit admissible even in respect of assets held in foreign countries.
ITAT Kolkata held that in terms of block assessment under section 153A of the Income Tax Act, reopening of unabated assessment without any incriminating material found with respect to concerned assessment year is impermissible in law.
