Income Tax : The removal of the provision means companies and investors are no longer taxed on share premiums exceeding fair market value, crea...
Income Tax : This explains how fair market value governs taxation under multiple provisions including gifts, ESOPs, and slump sales. It highlig...
Income Tax : Courts hold that one-time alimony is a capital receipt arising from extinguishment of rights and not taxable. The ruling clarifies...
Income Tax : The article explains how violating the twin conditions under Section 50C(2) can block valuation relief and trigger taxation on hig...
Income Tax : Overview of income taxed under other sources, including dividends, winnings, interest, deemed income, forfeited advances, family p...
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 : Tribunal ruled that objections relating to defective title, encroachments, and legal disputes require proper valuation examination...
Income Tax : Tribunal ruled that future projections under DCF method cannot be tested solely against later actual financial performance. It obs...
Income Tax : The Supreme Court held that grants disbursed by a statutory corporation formed part of its core business functions and qualified a...
Income Tax : Madras High Court held that time-share membership fees could not be fully taxed in the year of receipt since the assessee had cont...
Income Tax : Mumbai ITAT held that Section 56(2)(x) applies to purchase of MHADA leasehold property rights despite reliance on Section 50C ruli...
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...
Holding the tolerance band as a remedial measure, the Tribunal applied it retrospectively to avoid hardship where stamp duty and actual sale values differ by less than 10%.
ITAT Chennai held that interest received on enhanced compensation forms part of the compensation and hence entitled for exemption under section 10(37) of the Income Tax Act and accordingly, not taxable. Accordingly, appeal of the assessee allowed.
ITAT Nagpur held that deduction under section 80P(2)(a)(i) of the Income Tax Act admissible in case of interest earned from fixed deposit with bank. Accordingly, deduction claimed by the assessee is allowed by deleting the addition.
Proportionate expenditure against interest income might be allowed to assessee subject to assessee establishing connection between incurring of such expenditure towards earning of interest income from nationalized banks, which was a specific requirement for claim of such expenditure u/s section 57.
Tribunal held that interest earned on FDs from borrowed funds for a highway project under construction must be capitalized against CWIP, dismissing Revenue’s claim to tax it as income from other sources.
Delhi ITAT restores Silverton Pulp And Papers Pvt. Ltd.’s appeal to the CIT(A) to verify the applicability of Section 56(2)(x)(b) to a disputed agricultural land purchase, where the stamp valuation authority valued it as residential.
ITAT Mumbai ruled that the allotment of a flat to the assessee during AY 2007-08 does not attract tax under Section 56(2)(v), as the provision at that time applied only to money received, not immovable property.
ITAT Ahmedabad ruled that a Co-op Society cannot claim Section 80P(2)(d) deduction on interest from Regional Rural Bank deposits, as an RRB isn’t a co-operative society after 2010.
ITAT Kolkata allows Begpur Samabay Krishi Unnayan Samity Ltd. 80P(2)(d) deduction on Rs.28 lakh interest. Tribunal distinguished the Totgars SC ruling, holding that interest from deposits with a cooperative bank is eligible for deduction.
ITAT Panaji rules in favor of Shirguppi Sugar Works, deleting an income tax addition. The Tribunal held that interest earned on FDs, placed to secure bank guarantees for importing capital goods, is directly linked to the project and can be set off against capital costs, not taxed as “income from other sources.
