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...
Income Tax : Income from Other Sources encompasses various taxable receipts such as dividends, gifts, family pension, lottery winnings, interes...
Income Tax : The document highlights that start-ups enjoying exemption must comply with prescribed restrictions on investments and asset acquis...
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 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 Bangalore condoned a 247-day delay in filing appeals caused by email miscommunication and change of accountants. The Tribunal restored Section 80P(2)(a)(i) deductions for cooperative society interest income.
The issue was whether an outstanding loan could be taxed as deemed dividend in a year when no loan was received. The Tribunal held that the decisive factor is the year of payment and remanded the matter for fresh examination.
ITAT Jaipur held that interest received on enhanced compensation is nothing but compensation and hence for the interest received was eligible for exemption u/s. 10(37) of the Income Tax Act. Accordingly, appeal of department dismissed.
Tribunal held that ₹15 crore received for withdrawing a civil suit was not consideration for transfer of a capital asset. It ruled that the assessee only gave up a right to sue, which is not taxable as capital gains.
The Tribunal held that receipts on surrender of tenancy rights were capital in nature and not taxable under section 56(2)(x). It ruled that such receipts qualify for capital gains treatment and related exemptions.
ITAT Lucknow held that part of commission income from sugar mills cannot be taxed since other part of commission income has already been allowed for deduction under section 80P of the Income Tax Act. Accordingly, addition of part of commission income set aside and appeal allowed.
Tribunal holds that Section 28 interest forms part of compensation for compulsory acquisition and cannot be taxed as income from other sources. Confirms exemption under Section 10(37).
Tribunal confirms that co-operative societies’ operational expenditures have business nexus with interest income; Section 57 deduction of Rs.62.57 lakh allowed.
The Tribunal allowed the appeal for statistical purposes, restoring the matter to the AO for verification of corporate credit card payments. The decision emphasizes that taxpayers must be provided a final opportunity to substantiate deposits and income before any additions are finalized. This safeguards procedural fairness in tax proceedings.
ITAT Mumbai confirmed all expense disallowances and additions for unexplained share capital, premium, and warrants. The assessee failed to prove genuineness or creditworthiness, and identity alone was insufficient under section 68.
