Income Tax : The new law treats gains from depreciable assets as short-term capital gains for all purposes, not merely for computation. This ef...
Income Tax : Courts held that investment in under-construction property qualifies as construction under Sections 54/54F. Deduction cannot be de...
Income Tax : Courts held that exemption cannot be denied merely due to lack of registration if possession and substantial payment are proven. T...
Income Tax : The Finance Act 2023 introduced a 12.5% LTCG tax without indexation as an alternative to 20% with indexation. Taxpayers must compa...
Income Tax : Judicial rulings clarify that Section 54 focuses on timely investment of capital gains, not rigid legal ownership milestones. The ...
Income Tax : Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date Vidarbha I...
CA, CS, CMA, Income Tax : We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those represent...
Income Tax : KSCAA has requested to Hon’ble Minister of Finance to extend various time limits under section 54 to 54GB of the Income-tax Act,...
Income Tax : All India Federation of Tax Practitioners (CZ) has requested CBDT that due date of filing return of income u/s 139(1) for all the ...
Income Tax : Direct Taxes Committee of ICAI has Request(s) for extension of various due dates under Income-tax Act, 1961 especially Tax Audit R...
Income Tax : The Delhi High Court held that additional documents already referred to in a criminal complaint can be filed later under Section 3...
Income Tax : The Tribunal held that for under-construction properties, the date of possession is the relevant factor for Section 54 exemption. ...
Income Tax : The tribunal held that selling only open land, even if earlier part of a residential property, does not qualify as transfer of a r...
Income Tax : The issue was denial of capital gains exemption due to claim under wrong section. The tribunal held that a genuine claim cannot be...
Income Tax : ITAT Chennai set aside the appellate order and remanded issues on protective addition, Section 54F exemption, and TDS credit misma...
CA, CS, CMA : The ICAI Disciplinary Committee reprimanded CA Jayant Ishwardas Mehta for professional misconduct involving an incorrect income t...
Income Tax : For claiming exemption Section 54 to 54 GB of the Act, for which last date falls between 01st April. 2021 to 28th February, 2022 m...
Income Tax : Vide Income Tax Notification No. 35/2020 dated 24.06.2020 govt extends Due date for ITR for FY 2018-19 upto 31.07.2020, Last...
Income Tax : Notification No. 44/2012-Income Tax In exercise of the powers conferred by sub-section (2) of section 54, sub-section (2) of secti...
Introduction: The financial year 2023-24, corresponding to the assessment year 2024-25, introduces significant amendments that impact taxability, exemptions, and deductions. These changes are pivotal for taxpayers aiming to navigate the altered fiscal landscape effectively. Understanding these amendments is crucial for optimizing tax planning and compliance. Applicable Sec Particulars Taxability Sec 50AA Taxability of Debt Fund […]
Explore the Openwave India vs Union of India case at Bombay High Court. No notice on refund request for unutilised IGST credit; court orders fresh adjudication, citing violation of natural justice.
Madras High Court’s landmark decision on Tulip Nilgiris Exports vs. Additional Commissioner allows IGST refund, permits clubbing of unutilized GST ITC claims beyond calendar months.
Madras High Court rules in favor of VSM Weavess India Private Limited, stating unutilized ITC refund cannot be denied over debit entry delays. Details and implications.
ITAT Mumbai dismisses appeal in Shalini Karan Kumar case. Non-appearance and failure to submit documentation for exemption claim under section 54 of Income Tax Act.
Explore the ITAT Delhi’s landmark decision in Simran Bagga vs. ACIT, clarifying eligibility for income tax deduction under section 54F. Insightful analysis and precedent set for property in the spouse’s name.
Explore ACIT Vs Iqbal Ali Khan case at ITAT Hyderabad, challenging disallowance of Section 54F claim on a property used for religious purposes. Detailed analysis and outcome.
ITAT Mumbai held revisionary order under section 263 of the Income Tax Act to be proper and just as assessment was completed in a routine and mechanical manner without due diligence and without due application of mind.
Income Tax Appellate Tribunal (ITAT) Bangalore’s significant order favoring Saritha Jain against the Commissioner of Income Tax (Appeals) for Assessment Year 2013-14, covering various grounds challenging income tax assessment.
Explore GST provisions for supplies between Special Economic Zone (SEZ) and Domestic Tariff Area (DTA) units. Learn tax implications, analysis, and conclusions.
