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...
The removal of Angel Tax is a major relief for startups. Discover implications, benefits, and potential downsides of this significant change.
Detailed analysis of the Sujauddian Kasimsab Sayyed Vs ITO (ITAT Mumbai) case involving immovable property and tax implications under Section 56(2)(vii)(b) of the Income Tax Act.
Finance Bill 2024 proposes the sunset of Section 56(2)(viib) from April 2025, eliminating the tax on shares issued above face value for non-public companies.
Read the full text of the ITAT Mumbai order in Laxman Gore Shreshtha Vs DCIT. Analysis of reassessment based on incorrect details and implications for assessment under Income Tax Act.
ITAT Delhi rules Section 56(2)(vii) inapplicable to non-residents, deleting Rs. 9.31 Cr addition for APL Logistics Vascor Automotive Pvt. Ltd. Read full order and analysis.
Read the full text of the order by ITAT Bangalore on Mudur Vyavasaya Seva Sahakari Sangha Ltd’s appeal against CIT(A)’s decision. Detailed analysis on eligibility under Section 80P(2)(D).
Delhi ITAT allows Section 80P(2)(d) deduction for Janta Adarsh Co-operative Thrift & Credit Society on interest earned from Co-operative Bank. Read the full judgment.
ITAT Delhi rules Section 56(2)(x) can’t be invoked for agricultural land purchases, providing relief to taxpayers in similar situations.
Explore the detailed analysis of the Active Securities Ltd Vs ITO (ITAT Delhi) case regarding the taxation of rental income from letting out buildings and assets. Understand the implications under ‘Income from other sources’ and ‘Income from house property’.
In Section 56(2)(viib) of Income Tax Act, Assessing Officer’s wide discretion on valuation faces constraints from rules and tribunal judgments. This article explores three issues: changing valuation methodology, challenging FMV due to lack of documents, and rejecting Discounted Cash Flow based on cash flow variations.
