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 Mumbai ruled in favor of Jitendra Vanigota, deleting the ₹595,000 addition under Section 56(2)(x) for AY 2020-21. Learn more about the case details and judgment.
ITAT Ahmedabad held that interest income earned from deposits with Cooperative Banks shall be allowed as deduction u/s 80P(2)(d) of the Income Tax Act.
ITAT Bangalore held that interest/ dividend from co-operative society is eligible for deduction u/s. 80P(2)(d) of the Income Tax Act. However, if payer bank is co-operative bank then deduction u/s. 80P(2)(d) is not available.
Mumbai ITAT rules gift from non-resident brother exempt from tax for Abul Wais Abdus Salam, overturning previous additions to income.
Accordingly, the interest on deposits would qualify for deduction under the said section. Appellant Cooperative society is entitled for deduction u/s 80P as claimed in the return.
ITAT Ahmedabad held that addition on account of interest income earned on fixed deposits from Banks and rental income earned by the Society are eligible to set off of maintenance expenses. Thus, addition deleted.
Madras High Court held that compensation paid to ESOP holders qualifies as perquisite and hence taxable under the head ‘salary’. The same cannot be treated as capital receipt.
Notice under section 148 was issued upon assessee by AO for reassessing the cash deposit as undisclosed income, following approval from the Joint Commissioner of Income Tax (JCIT).
ITAT Bangalore held that AO not allowed to interfere in method selected for valuation of share by the assessee u/s. 56(2)(viib) of the Income Tax Act read with rule 11UA(2) of the Income Tax Rules. Thus, AO cannot change the method from DCF to NAV method.
The removal of Angel Tax is a major relief for startups. Discover implications, benefits, and potential downsides of this significant change.
