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...
The Tribunal held that member-based receipts may be exempt under the principle of mutuality. The matter was remanded to verify whether contributors and beneficiaries are identical.
The Tribunal held that interest earned on surplus funds is business income of a credit society. Such income qualifies for deduction under Section 80P(2)(a)(i).
The Tribunal held that deduction under Section 80P on bank interest cannot be re-examined once earlier order attained finality. The issue was restricted to allowing related expenses under Section 57.
The Tribunal ruled that interest earned from mandatory bank deposits by a co-operative credit society qualifies as business income and is eligible for deduction under Section 80P.
The tribunal held that the safe harbour limit applies to valuation determined by the DVO, not just stamp duty value. It ruled in favour of the assessee as the variation was within 10%.
The Tribunal held that tenancy supported by rent receipts, bills, and agreements cannot be treated as a sham. It upheld exemption under Section 54F on surrender of tenancy rights.
ITAT set aside the addition made under Section 68 due to incomplete verification of a large gift transaction. It remanded the case for fresh examination with proper evidence and opportunity.
The ITAT Ranchi held that Section 56(2)(x) cannot apply where the property purchase agreement was executed before the provision existed, even if the sale deed was registered later.
Courts hold that one-time alimony is a capital receipt arising from extinguishment of rights and not taxable. The ruling clarifies limits on taxing matrimonial settlements.
The Tribunal relied on official certificates confirming that the land was located beyond municipal limits and classified as agricultural. Since agricultural land is excluded from capital asset definition, the addition made under Section 56 was deleted.
