Income Tax : SEO Meta Description: Understand Section 56(2)(x) of the Income Tax Act, 1961, which taxes gifts and property transfers without or...
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Income Tax : Explore tax implications under Section 56(2)(vii)(b) and reassessment norms in property transactions. Judicial rulings emphasize e...
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Goods and Services Tax : The Petitioner was under the mistaken impression that only Input Tax Credit could be distributed through the ISD account and the c...
Income Tax : Income Tax Tribunal rules on Rs. 23.33 lakh addition, clarifying Section 56(2)(vii)(b)(ii) for land held as stock-in-trade versus ...
Income Tax : ITAT Kolkata ruled on taxing property received with an unregistered agreement in one FY and sale deed in another, clarifying Secti...
Income Tax : Assessee, i.e., the father of the minor, Mr. Yogesh Mafatlal Bhansali had originally filed his income tax return declaring a total...
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Delhi High Court held that valuation of unquoted equity shares held by the assessee by Discounted Cash Flow [DCF] method is permissible under rule 11UA(2) of the Income Tax Rules. Accordingly, appeal of revenue dismissed.
The Petitioner was under the mistaken impression that only Input Tax Credit could be distributed through the ISD account and the cash deposit was not permissible for distribution.
Income Tax Tribunal rules on Rs. 23.33 lakh addition, clarifying Section 56(2)(vii)(b)(ii) for land held as stock-in-trade versus personal asset.
SEO Meta Description: Understand Section 56(2)(x) of the Income Tax Act, 1961, which taxes gifts and property transfers without or for inadequate consideration, covering scope, taxable transactions, and key exemptions for specified relatives.
ITAT Kolkata ruled on taxing property received with an unregistered agreement in one FY and sale deed in another, clarifying Section 56(2)(x) applicability.
To facilitate ease of fundraising and to promote entrepreneurship, the Government has introduced specific exemptions for DPIIT-recognised startups from the rigors of Section 56(2) (viib). This article explains the significance of this exemption and why it is crucial for startups in India.
Assessee, i.e., the father of the minor, Mr. Yogesh Mafatlal Bhansali had originally filed his income tax return declaring a total income of ₹2,71,630, which was accepted after a limited scrutiny assessment under Section 143(3).
ITAT Nagpur held that the provisions of section 56(2)(vii) (b)(ii) of the Income Tax Act came into statute by Finance Act 2013 w.e.f. 01.04.2014 i.e., A.Y.2014-15. Accordingly, provisions cannot be made applicable to date of agreement before 01.04.2014.
ITAT Delhi holds interest on enhanced land acquisition compensation under Section 28 is tax-free under Section 10(37), not taxable under Section 56.
ITAT Mumbai restricts tax addition on share allotment in ITO vs Rajeev R Tulshyan case, citing proportionate rights issue and lack of disproportionate gain.
