Income Tax : This blog explores the chargeability of Income from Other Sources (IFOS) under Section 56, its scope, types of income covered, tax...
Income Tax : Pre-Budget 2025: Addressing ambiguities in Virtual Digital Asset taxation, including cost of acquisition, loss set-off, gift valua...
Income Tax : Explore the definition of 'relative' under various Income Tax Act provisions and its implications for exemptions, deemed income, a...
Income Tax : Learn about taxable incomes under Income from Other Sources with provisions, deductions, and exceptions. Stay updated on tax guide...
Income Tax : Monetary gifts to individuals or HUFs exceeding ₹50,000 in a year are taxable unless received under specific exemptions like fro...
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 rules in Dharmesh Jhaveri's case: Stamp duty value at allotment date, not registration, to determine Section 56(2)(vii...
Company Law : The plain reading of the above provisions of Section 60(5)(c) clearly indicates that the NCLT is empowered to adjudicate any quest...
Income Tax : Interest income earned from staff loans and advances was incidental to the business of power generation and qualifies as “busine...
Income Tax : Karnataka HC remands Lalitamba Pattina Souharda Sahakari Niyamita’s case to AO, questioning denial of Section 80P deduction on i...
Income Tax : Assessee submitted share valuation report which was not as per rule 11UA but valuation of shares was done as per 'Adjusted Net Ass...
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...
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.
Discover the Assessing Officer’s authority to challenge valuations under Section 56(2)(viib). Learn about valuation methods, legal precedents, and implications for businesses.
Learn about the ITAT Bangalore ruling allowing deduction claims for interest earned from credit facilities extended to members by Chokkadi Vyavasaya Seva Sahakari Bank.
Meghalaya High Court ruling states pre-takeover electricity dues cannot be recovered from present owner under IBC. Detailed analysis of the judgment provided.
Detailed analysis of Karnataka State Co-operative Agriculture and Rural Development Bank Ltd. vs. ITO case. Interest/Dividend income from co-operative society investments eligible for deduction u/s 80P(2) of the Income Tax Act.
In PCIT Vs Ins Finance & Investment P Ltd., Delhi High Court ruled that interest on amount not considered compensation is capital receipt, not taxable.
ITAT Bangalore rules in favor of Sullia Taluk Women’s Cooperative Society Ltd, allowing 80P(2)(a)(i) deduction for interest from member loans, including nominal members.
Analysis of PCIT Vs I.A. Hydro Energy: Can shares be valued based on DCF method under Rule 11UA? Explore the Himachal Pradesh High Court’s verdict and its implications.
Discover the ITAT Delhi’s ruling on Sakshi Fincap Pvt. Ltd. vs. ITO, addressing valuation discrepancies and retrospective amendments under Section 56(2)(viib) of the Income Tax Act.
