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 Ahmedabad held that the interest earned on the investment made with the Coopearitve Society which was carried out the banking business is eligible for deduction under section 80P(2)(d) of the Income Tax Act.
Delhi High Court held that the interest received on borrowed funds, which were temporarily held in interest bearing deposit, is a part of the capital cost and is required to be credited to Capital Work-in-Progress.
ITAT Ahmedabad dismisses Revenue’s appeal due to low tax effect under CBDT Circular No. 09/2024. The case involved taxability of interest income on project funds.
ITAT Nagpur held that interest income earned by co-operative society from its investments made with other co-operative bank is eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act. Accordingly, appeal of the assessee allowed.
ITAT Ahmedabad held that interest income earned from deposits with co-operative banks is allowable as deduction under section 80P(2)(d) of the Income Tax Act. Accordingly, the appeal is allowed.
As noticed earlier, the provisions of sec. 147 of the Act makes it mandatory that the AO should be clear about the alleged escapement of income while recording reasons for reopening of assessment.
The assessee is a souharda cooperative society duly registered under the Karnataka Souharda Sahakari Act, 1997 and is engaged mainly in the business of accepting deposits from members and lending credit facilities to its member.
Bombay High Court held that interest on delayed refund is payable as per section 56 of the Central Goods and Services Tax Act (CGST Act) and the period for grant of interest would begin on expiry of 60 days from the date of the shipping bill.
Delhi High Court held that keeping in abeyance refund order by exercising powers conferred u/s. 108 of the CGST Act merely on the basis of intelligence regarding wrongful availment of ITC unjustified since pre-requisite conditions for invoking section 108 not satisfied.
The First Appellate authority further directed the assessing authority to reopen the assessment proceedings for the A.Y. 2010-11 and from 2012-13 onwards to disallow the set off of the claim of unabsorbed depreciation computed from 1998-99 onwards.
