Income Tax : In Section 56(2)(viib) of Income Tax Act, Assessing Officer's wide discretion on valuation faces constraints from rules and tribun...
Income Tax : Discover the Assessing Officer's authority to challenge valuations under Section 56(2)(viib). Learn about valuation methods, legal...
Income Tax : Learn how Fair Market Value (FMV) impacts issue price of equity shares and tax implications under Income Tax Act. Essential guid...
Income Tax : The issue involves a subscription amount of Rs. 1 Crores, with a dividend rate of 0.10% over a tenure of 20 years. This brief exam...
Goods and Services Tax : Explore the Delhi High Courts ruling granting 6% interest under Section 56 of the CGST Act on delayed GST refunds, ensuring statut...
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 : Over 1700 unauthorized colonies in Delhi were regularised in December last year. Owners Delhi’s unauthorised colonies will now g...
Income Tax : ITAT Delhi rules Section 56(2)(vii) inapplicable to non-residents, deleting Rs. 9.31 Cr addition for APL Logistics Vascor Automoti...
Income Tax : Read the full text of the order by ITAT Bangalore on Mudur Vyavasaya Seva Sahakari Sangha Ltd's appeal against CIT(A)'s decision. ...
Income Tax : Delhi ITAT allows Section 80P(2)(d) deduction for Janta Adarsh Co-operative Thrift & Credit Society on interest earned from Co-ope...
Income Tax : ITAT Delhi rules Section 56(2)(x) can't be invoked for agricultural land purchases, providing relief to taxpayers in similar situa...
Income Tax : Explore the detailed analysis of the Active Securities Ltd Vs ITO (ITAT Delhi) case regarding the taxation of rental income from l...
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...
Learn about taxable incomes under Income from Other Sources with provisions, deductions, and exceptions. Stay updated on tax guidelines.
Discover the impact of India’s ‘angel tax’ modification on startup investments. Analyze arguments for and against the change and explore suggestions for improvement. Learn about enhanced oversight measures and potential effects on reverse flipping.
Learn about the tax implications of monetary and movable gifts received by individuals or Hindu Undivided Families (HUFs). Understand the exemptions and conditions for tax liability. Read more!
ITAT Delhi held that rejection of Discounted Cash Flow (DCF) Method for valuation of share price unjustified as that the methodology adopted was a recognized method of valuation and the Revenue was unable to show that the assessee adopted a demonstrably wrong approach.
Gujarat High Court held that as per provisions of section 56 of the Central Goods and Services Tax Act, 2017 [CGST Act, 2017], it is mandatory to pay interest in case of delayed refund. Accordingly, petitioner is entitled to interest on delayed refund.
Read the analysis of the ITAT Kolkata order in the case of Asha Vijay Vs ITO regarding the inapplicability of Section 56(2)(vii)(b) to transfers that took place before the accounting year 2014-15. Learn how the ITAT ruled in favor of the assessee, deleting the addition made under Section 56(2)(vii)(b) of the Income Tax Act.
Gujarat High Court held that factum of non-use and even handing over of tenancy and later resumption of possession was never in knowledge of Corporation. Further, valuation was undisputedly changed. Accordingly, the rate which was applicable at the relevant point of time is applied by the Corporation.
The Income Tax Appellate Tribunal (ITAT) Surat has dismissed the appeal of Adarsh Sahakari Ghar Bandhnari Mandali Ltd, a co-operative housing society, confirming that expenses incurred on internet subscriptions are not eligible for deduction under Section 57 of the Income Tax Act. The tribunal ruled that there was no nexus between the expenses and the interest income earned by the society.
ITAT Ahmedabad held that addition as unexplained credits to capital account unsustainable as gift from assessees aunt shown as credits to capital account.
ITAT Amritsar held that transfer of REC (Renewable Energy Certificate) is capital in nature and not liable to tax under business income as the income is offshoot from environmental concern not from offshoot of business concern.
