Income Tax : Understand the tax rules for capital gains on compulsory land acquisition (Section 45(5)), including the taxation of initial and e...
Income Tax : Summary of taxability of gifts under the Income Tax Act for individuals and HUFs—covering monetary, movable, and immovable gifts...
Income Tax : The Income Tax Act, 1961, uses different definitions of 'relative' depending on the section, impacting tax-free gifts (Sec 56(2)(x...
Income Tax : A summary of Income from Other Sources (I.F.O.S.), covering the basis of charge, list of specific incomes like dividends, winnings...
Income Tax : Understand Hindu Undivided Family (HUF) tax rules for asset transfers, including gifts from members and non-relatives, and how clu...
Income Tax : Finance Bill 2024 proposes the sunset of Section 56(2)(viib) from April 2025, eliminating the tax on shares issued above face valu...
Income Tax : Amendment to section 56(2)(viib) of Act extending the applicability of section to issue of shares to non-residents has been made a...
Income Tax : CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities In the Finance Act, 2023, ...
Income Tax : IMB Certificate of Eligible Business is not a pre-requisite to avail the benefits of non-application of the provisions of clause (...
Income Tax : Representation for widening the scope of benefit in case of difference in agreement price and Circle Rate of property is upto 20 p...
Income Tax : ITAT Jaipur held that Rs. 8.9 lakh surrendered during a survey and included in books as business income cannot be taxed under sect...
Income Tax : AO made an addition based on difference between stamp value and purchase price without referring matter to a Valuation Officer des...
Income Tax : Penalty of Rs. 25.53 Cr. on Hindustan Coca-Cola was quashed as assessee had not collected any amount by way of sales tax during th...
Income Tax : ITAT ruled that 5% tolerance for difference in stamp duty value and sale consideration applies retrospectively. This allowed asses...
Income Tax : The ITAT Bangalore directed the AO to allow the full deduction under Section 80P(2)(a)(i) for a primary cooperative credit society...
Income Tax : Notification regarding Income-tax Act Section 56(2)(viib) and assessment of Startup Companies. Clarifications for assessing recogn...
Income Tax : CBDT) amends Income Tax Rule 11UA regarding valuation of unquoted equity shares for tax purposes. Learn about changes in this amen...
Income Tax : Details of Sixteenth Amendment to Income Tax Rules (2023) on computation of income chargeable under life insurance policies as per...
Income Tax : In the Finance Act, 2023, an amendment was introduced in this provision to bring the consideration received from non-residents wit...
Income Tax : CBDT issued Notification No. 29/2023- Income-Tax specifying certain classes of persons for the purpose of sub-clause (ii) of th...
ITAT Jaipur held that Rs. 8.9 lakh surrendered during a survey and included in books as business income cannot be taxed under section 69C or 115BBE of Income Tax Act.
Understand the tax rules for capital gains on compulsory land acquisition (Section 45(5)), including the taxation of initial and enhanced compensation, cost basis, and exemptions. Details on TDS under Section 194LA, including rates (10%), thresholds (₹5L), and compliance.
AO made an addition based on difference between stamp value and purchase price without referring matter to a Valuation Officer despite assessee’s objection. ITAT held this omission violated Section 56(2)(x) and principles of natural justice. It observed that assessee’s registered valuer report showing a lower market value was ignored. Consequently, addition was quashed.
Penalty of Rs. 25.53 Cr. on Hindustan Coca-Cola was quashed as assessee had not collected any amount by way of sales tax during the exemption period, and the Revenue’s assumption of implicit tax collection was unsustainable.
Summary of taxability of gifts under the Income Tax Act for individuals and HUFs—covering monetary, movable, and immovable gifts, exemptions, limits, relatives, and COVID-19-related relief.
ITAT ruled that 5% tolerance for difference in stamp duty value and sale consideration applies retrospectively. This allowed assessee’s appeal against an addition under Section 56(2)(x).
The ITAT Bangalore directed the AO to allow the full deduction under Section 80P(2)(a)(i) for a primary cooperative credit society, holding that the Supreme Court’s ruling in Mavilayi confirms that these societies are not excluded by Section 80P(4). The Tribunal confirmed the society’s income was derived solely from transactions with its members.
The Income Tax Act, 1961, uses different definitions of ‘relative’ depending on the section, impacting tax-free gifts (Sec 56(2)(x)), clubbing of income (Sec 64), trust exemptions (Sec 13), and authorized representation (Sec 288). This divergence requires specific legal analysis.
The Pune ITAT quashed a Section 263 revision, holding that interest earned by a credit society from deposits in co-operative banks qualifies for the Section 80P deduction as part of business income. The ruling affirms that the AO’s acceptance of the claim, being a plausible view based on precedents, cannot be set aside merely because the PCIT holds a different opinion.
ITAT Delhi ruled that the Assessing Officer cannot alter the share valuation method chosen by the assessee under Rule 56(2)(viib) of the Income Tax Rules. Consequently, the revenue’s appeal was dismissed.
