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 issue was whether interest received on enhanced compensation for compulsory land acquisition is exempt from tax. The Tribunal held that after the 2010 amendment, such interest is taxable as income from other sources, not exempt under section 10(37).
ITAT Bangalore ruled that interest earned on deposits from cooperative banks by credit societies is attributable to their business of lending and qualifies for deduction under Section 80P(2)(a)(i).
ITAT Bangalore ruled that interest earned by cooperative societies from cooperative bank deposits is attributable to their business of providing credit and qualifies for deduction under Section 80P(2)(a)(i).
The ITAT held that even a small part payment through banking channels before or on the agreement date is sufficient to invoke the provisos to section 56(2)(vii)(b)(ii). Substantial payment or possession is not a statutory requirement.
ITAT Bangalore condoned a 247-day delay in filing appeals caused by email miscommunication and change of accountants. The Tribunal restored Section 80P(2)(a)(i) deductions for cooperative society interest income.
The issue was whether an outstanding loan could be taxed as deemed dividend in a year when no loan was received. The Tribunal held that the decisive factor is the year of payment and remanded the matter for fresh examination.
ITAT Jaipur held that interest received on enhanced compensation is nothing but compensation and hence for the interest received was eligible for exemption u/s. 10(37) of the Income Tax Act. Accordingly, appeal of department dismissed.
Tribunal held that ₹15 crore received for withdrawing a civil suit was not consideration for transfer of a capital asset. It ruled that the assessee only gave up a right to sue, which is not taxable as capital gains.
The Tribunal held that receipts on surrender of tenancy rights were capital in nature and not taxable under section 56(2)(x). It ruled that such receipts qualify for capital gains treatment and related exemptions.
ITAT Lucknow held that part of commission income from sugar mills cannot be taxed since other part of commission income has already been allowed for deduction under section 80P of the Income Tax Act. Accordingly, addition of part of commission income set aside and appeal allowed.
