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...
ITAT Bangalore held that revisionary power u/s. 263 of the Income Tax Act is not justifiable since AO took plausible view of treating the interest chargeable u/s 28 of the Act being attributable to the business & allowed the deduction claimed u/s 80P(2)(a)(i) of the Act. Accordingly, appeal is allowed.
The ITAT held that interest earned by a co-operative credit society on bank deposits qualifies as business income. Such income is eligible for deduction under Section 80P(2)(a)(i).
Since the investment was examined and accepted in scrutiny proceedings for AY 2015–16, the Revenue could not re-characterize the cost during the sale year. The Tribunal dismissed the appeal and upheld full LTCG exemption.
NAV approach using prevailing market value of land, the fair market value exceeded the issue price. The Tribunal ruled that the AO’s reliance on book value was unjustified and deleted the addition.
The Revenue denied deduction by treating bank interest as Income from Other Sources. The ITAT dismissed the appeal, holding that the interest income forms part of business profits eligible for Section 80P.
ITAT upheld revision under Section 263 after finding that the AO failed to verify the taxability of ₹669 crore received by a trust under Section 56(2)(x), rendering the assessment erroneous and prejudicial.
Karnataka High Court held that refund of accumulated Input Tax Credit in case where the input and output tax are the same is allowed. Accordingly, order is liable to be set aside and refund claim deserved to be allowed.
ITAT Bangalore held that a Souhadra Sahakari registered under the Karnataka Souhadra Sahakari Act qualifies as a co-operative society under Section 2(19). Deduction under Section 80P(2)(a)(i) was allowed, and related additions were deleted.
The article explains how violating the twin conditions under Section 50C(2) can block valuation relief and trigger taxation on higher stamp duty value. It highlights judicial rulings making DVO reference mandatory if conditions are satisfied.
ITAT ruled that property transferred under a bona fide family settlement is outside the scope of Section 56(2)(vii). Such arrangements are not treated as taxable gifts even if formalised through a gift deed.
