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...
ITAT Jaipur allows deduction u/s 80P on interest earned from bank FDs and investments for a credit co-operative society, distinguishing the Totgars case and following CBDT clarifications.
ITAT Panaji held that, in order to verify violation provisions of section 18(1) of the Karnataka Cooperative Societies (Amendment)Act 2014, AO is directed to verify list of all members of society and examine whether associate members exceeds 15% of total membership or not.
The AO completed the assessment u/s.147 r.w.s. 144B of the Act vide order dated 02.03.2023. In the said reassessment order, the AO treated the income received from Kanchipuram Central Co-operative Bank Ltd.
ITAT Bangalore upholds the deletion of a Section 56 addition. The sale of jewellery inherited through a will constitutes a long-term capital gain, allowing the assessee to claim a Section 54F deduction.
ITAT Ahmedabad allows a co-operative society to deduct interest earned from co-operative bank deposits under Section 80P, clarifying its distinction from other bank types.
ITAT Rajkot has quashed a PCIT’s order to tax interest on enhanced land compensation, holding it is part of compensation and not taxable as income from other sources.
The ITAT Kolkata deleted an addition under Section 69 and a tax addition under Section 56(2), ruling that a taxpayer’s salary account was a valid source for property investment.
ITAT Chennai deletes a ₹832 Cr tax addition on share purchases, ruling that statutory valuation rules under Rule 11UA take precedence over third-party pricing.
ITAT Chennai has ruled that 5% tolerance limit under Section 56(2)(x) is retrospective. ITAT also clarified that stamp duty and registration fees are not deductible from the property’s consideration.
The ITAT Delhi ruled in favor of an assessee, stating the AO cannot reject a Discounted Cash Flow (DCF) valuation report merely because future projections didn’t match actual performance.
