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 : ITAT ruled that capital gains on sale of unlisted shares by a non-resident must be computed strictly as per Section 112(1)(c)(iii)...
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 : During the course of assessment proceedings, AO noticed that on verification of the return of income for the A.Y 2015-16, it was s...
Income Tax : ITAT Mumbai held that assessee is not entitled for concession rate of tax of 20% provided under section 112(1) of the Income Tax A...
Custom Duty : According to the petitioner, respondent No.3 imported manufacturing machines without payment of central excise duties of Rs.10,14,...
Income Tax : Bombay High Court remanded the matter of correct treatment of losses arising due to exchange rate fluctuation since order doesn’...
Income Tax : ITAT Jaipur held that mere entering into the Development Agreement would not permit invocation of section 45(2) of the Income Tax ...
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...
Held that the land in question was purchased as an agricultural land and at the time of survey, it was also not in dispute that the proceedings of Section 143 of UPZA and LR Act were not initiated and the land in question was not declared as an abadi land.
Delhi High Court held that timelines under Regulation 35A of the CIRP Regulations, 2016 for filing avoidance application are directory and not mandatory in nature.
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.
