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...
ITAT Hyderabad held that as the parties have entered into registered Joint Development Agreement (JDA) on 04.04.2007 and the “Group of assessee” have also handed over possession to the TBPD pursuant to the agreement. Hence, transfer took place in the assessment year 2008-09.
ITAT Hyderabad held that transfer of assets of the partnership to the retiring partners would amount to the transfer of the capital assets in the nature of capital gains and business profits which is chargeable to tax under section 45(4) of the Income Tax Act.
NCLT Delhi held that an amalgamation of a Sole Proprietorship Firm with a Company is not permissible under the law. Thus, Merger and Amalgamation of sole proprietorship firm and company is not possible u/s 232 of Companies Act, 2013.
ITAT Chennai held that disallowance of interest u/s 36(1)(iii) of the Income Tax Act on loans and advances given to subsidiary company unjustified as investment in subsidiary is purely for commercial expediency.
Punjab and Haryana High Court held that non-conveying of grounds of arrest in writing is not sufficient compliance of the provisions of Section 19 of the PMLA and Article 22 of the Constitution of India. Accordingly, arrest of the present petitioner illegal and cannot be sustained.
In the case of Bombay Samachar Pvt. Ltd Vs ACIT, ITAT Mumbai rules that valuation of sale consideration must involve a Valuation Officer as per Section 50C of the Income Tax Act.
Jharkhand High Court held that interest under Section 234B of the Income Tax Act has to be charged on the assessed income and not on the returned income of an Assessee.
Bombay High Court held that the reopening notice can be sustained only on the basis of the ground mentioned in the reasons recorded. It is not open to the revenue to add and/or supplement later the reasons recorded at the time of reopening notice. Accordingly, reassessment proceedings set aside.
CESTAT Delhi held that absolute confiscation of the gold and imposition of penalty thereon justifiable on account of illicit smuggling of gold without any valid documents.
CESTAT Ahmedabad held that penalty imposed under Sub-Regulation 8 of Regulation 12 cannot be inclined for lack of due diligence on the part of the employee of CFS especially when the department did not find anything wrong when compared to employees of other CFS.
