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...
Article discusses Meaning of Cost Inflation Index (CII) which is used for Computation of Long Term Capital Gain. Cost Inflation index are Notified by CBDT every year and till date CBDT has notified Cost Inflation Index for the Financial Year 1981-82 to Financial year 2024-25. Cost Inflation index are used for computing indexed cost of […]
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.
NCLAT Delhi held that as creation of security interest on the assets of Corporate Debtor not proved by any documents, Resolution Professional duly declared Appellant as unsecured Financial Creditor.
In the case of Krishnamurthy Thiagarajan vs ACIT (ITAT Mumbai), AO’s failure to record dissatisfaction u/s 14A led to ITAT allowing expenditure claim under Section 14A related to earning exempt income.
Allahabad High Court held that provisions of section 50(2) of PMLA Act empowers Directorate of Enforcement to summon any person whose attendance he considers necessary whether to give evidence or to produce any records during the course of any investigation/ proceeding.
ITAT Mumbai deletes addition on whole amount from sale of shares in Nikunj Kaushik Shah Vs ITO case, criticizing unwarranted litigation, incompetence & casual approach
ITAT Mumbai held that non-examination of the details clearly makes the order of AO erroneous and prejudicial to the interest of revenue. Accordingly, PCIT correctly assumed the revisional jurisdiction under section 263 of the Income Tax Act.
ITAT Mumbai ruled that no addition is warranted under Sec 56(2)(x)(b)(B)(ii) of Income Tax Act when difference between purchase value and fair market value is less than 10%.
ITAT Guwahati held that the exemption of 10(26) of the Income Tax Act is available to the individual members of the Scheduled Tribe and the said benefit cannot be extended to a partnership firm.
