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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 : The issue was whether a share transfer without consideration constituted taxable capital gains. The Tribunal held that genuine fam...
Income Tax : The decision underscores that failure to follow the prescribed valuation procedure under section 50C leads to invalidation of addi...
Income Tax : The Tribunal held that enhancement of income without issuing notice under section 251(2) is invalid. Such action violates principl...
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Custom Duty : The case addressed whether a custodian could be held liable for duty when container contents differed from declared goods. The Tri...
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...
Tribunal held that no capital gains arise on amalgamation or demerger carried out as part of a genuine family settlement. It ruled that such restructuring is not a “transfer” under tax law, affirming the assessee’s indexed cost and tax-neutral treatment.
NCLAT Delhi held that direction to resolution professional to release the amount to Gujarat State Tax Department treating it as secured creditor under Section 48 of the Gujarat Value Added Tax Act, 2003 is justifiable as NCLT is obliged to apply decision of Supreme Court.
ITAT held that the reassessment notice issued after the assessee’s death raised jurisdictional issues. Legal grounds like issuance to a deceased must be adjudicated before proceeding with assessments.
The Delhi ITAT held that reopening an assessment based solely on audit objections, without fresh material, is invalid. The tribunal emphasized that reassessment cannot be used for a mere change of opinion
The Tribunal held that AO must recompute capital gains considering purchase cost, indexation, and stamp duty, instead of merely adding the section 50C deemed value difference.
ITAT Visakhapatnam held that amount paid to clear mortgage/encumbrances on title of property is rightly claimed as deduction under section 48(1) of the Income Tax Act. Accordingly, appeal of revenue is dismissed.
NCLAT Delhi held that collusive bidding and bid rigging duly proved on the basis of evidence such as common IP usage; use of fake and fabricated documents. Thus, order of commission holding appellant guilty u/s. 3(3)(c) and 3(3)(d) upheld.
ITAT Delhi deletes ₹16.97 Cr addition; Denmark-based LM Wind Power AS has no PE or business connection in India. Royalty taxable u/s 115A; penalty u/s 271AA unsustainable.
Tribunal holds that when unlisted shares are sold above the prescribed fair market value, Section 50CA does not apply. The ruling rejects reclassification of part of the consideration as income from other sources.
The ITAT found the AO’s valuation incorrect, emphasizing that FMV must be determined on the date of transfer, leading to the restoration of the long-term capital loss for the Assessee.
