Income Tax : The Income-tax Act does not prescribe a single definition of "relative" for all purposes. Different provisions such as Sections 13...
Income Tax : The Finance (No. 2) Act, 2024 abolished angel tax from AY 2025-26 for all investors. This article explains why startups filing ret...
Income Tax : Learn when monetary, immovable, and movable property gifts become taxable under the Income-tax Act. The FAQs explain exemptions, t...
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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...
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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 Mumbai remanded the case to examine whether Section 56(2)(x) applied based on the agreement date and to consider refund of ex...
Income Tax : ITAT Delhi held that circle rate-based land valuation is valid for determining FMV under Section 56(2)(viib) and deleted the addit...
Income Tax : ITAT held that interest earned from scheduled and co-operative banks was attributable to the society's business of providing credi...
Income Tax : The Tribunal ruled that a clerical mistake in the DRP's order could not justify sustaining a ₹10 lakh addition. It held that the...
Income Tax : ITAT Delhi held that Section 56(2)(viib) could not be invoked where shares were allotted at a premium to a 100% holding company. T...
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 Mumbai remanded the case to examine whether Section 56(2)(x) applied based on the agreement date and to consider refund of excess tax paid.
The Income-tax Act does not prescribe a single definition of “relative” for all purposes. Different provisions such as Sections 13, 56(2)(x), 64, 80E, and 288 adopt different meanings depending on the legislative objective.
ITAT Delhi held that circle rate-based land valuation is valid for determining FMV under Section 56(2)(viib) and deleted the addition following its earlier order.
ITAT held that interest earned from scheduled and co-operative banks was attributable to the society’s business of providing credit facilities and qualified for deduction under Section 80P(2)(a)(i).
The Finance (No. 2) Act, 2024 abolished angel tax from AY 2025-26 for all investors. This article explains why startups filing returns for AY 2026-27 have no exposure under Section 56(2)(viib), while legacy disputes continue.
The Tribunal ruled that a clerical mistake in the DRP’s order could not justify sustaining a ₹10 lakh addition. It held that the Assessing Officer should have implemented the DRP’s directions in substance and deleted the entire addition.
ITAT Delhi held that Section 56(2)(viib) could not be invoked where shares were allotted at a premium to a 100% holding company. The Tribunal upheld deletion of the addition, finding that the transaction did not defeat the purpose of the deeming provision.
The ITAT Delhi held that Section 56(2)(viib) was not attracted where shares were allotted to existing shareholders without any change in ownership or control. It deleted the addition after finding that the purpose of the deeming provision was not defeated.
Learn when monetary, immovable, and movable property gifts become taxable under the Income-tax Act. The FAQs explain exemptions, thresholds, relatives, and key tax rules applicable to individuals and HUFs.
NCLT Ahmedabad held that the transferee failed to establish any lawful title to 21,000 equity shares, making the transfer unsustainable. The Tribunal directed restoration of the original shareholders’ names and rectification of the company’s Register of Members.
