Income Tax : This explains why recent income disclosure intimations lack statutory support and create uncertainty. The key takeaway is that vag...
Income Tax : Explains when home-loan interest can be added to the cost of acquisition and how the AY 2024-25 amendment blocks double benefits. ...
Income Tax : This guide explains the concept, calculation formula, and notified values of CII from 2001-02 to 2025-26, as per CBDT. A must-read...
Income Tax : Learn whether PMS fees can be deducted from capital gains under Section 48 of the Income-tax Act, 1961. This article explains the ...
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 : 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 Mumbai held that TDS credit cannot be denied where the employer deducted tax but failed to deposit it. Recovery must be made ...
Income Tax : ITAT held ₹33 crore settled rights over the entire land, allowing full indexed acquisition cost and rejecting proportionate rest...
Income Tax : The ITAT held that Section 54 exemption must be examined separately for each residential house sold. The benefit cannot be restric...
Income Tax : Bangalore ITAT held that allegations of capitation fee collections could not justify denial of exemption under Sections 11 and 12 ...
Income Tax : The Mumbai ITAT held that ownership premises received under a redevelopment scheme are acquired in exchange for valuable tenancy r...
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...
Delhi HC held that the settlement consideration as received was liable to be recognized as capital gains and the same couldn’t possibly or justifiably be placed in the category of ‘profit in lieu of salary’.
Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, and removal of indexation benefits.
Notice under section 148 was issued upon assessee by AO for reassessing the cash deposit as undisclosed income, following approval from the Joint Commissioner of Income Tax (JCIT).
Assessee, a resident of USA, filed his return claiming refund of Rs.58,57,820/-. During assessment year, assessee had sold two properties for consideration of Rs.1,95,00,0000/- and Rs.72,36,552/- respectively.
Delhi High Court held that initiation of reassessment based on entirely new or previously undisclosed material or reasoning deprives assessee’s right to effectively object the proposed reassessment action. Accordingly, the impugned action is rendered wholly unsustainable.
ITAT Kolkata held that loss on sale of shares on recognized stock exchange with STT paid, is eligible to be set off against the long-term capital gain (LTCG) earned from sale of unlisted shares.
Gujarat High Court allows income tax deduction for payment clearing mortgage, dismissing Revenue’s appeal under section 263. Full text of judgment explained.
Kerala High Court rules on capital gains tax for transfer of depreciable assets in PVR Tourist Home Vs CIT. Read the full judgment and detailed analysis here.
In the case of Millie Dey Vs ITO (ITAT Kolkata), the Income Tax Appellate Tribunal ruled that the benefit of indexation cannot be denied to calculate long-term capital gain. Read the detailed analysis and conclusion here.
In a case of transfer expenses, Mumbai ITAT directs to allow stamp duty & registration charges. Detailed analysis of the case provided here.
