Income Tax : The Tribunal held that capital gains arising from property transferred to a spouse without consideration must be taxed in the tran...
Income Tax : SEO Description: Explains which gifts qualify for exemption based on the statutory definition of “relative” and why not all fa...
Income Tax : ITAT Bangalore held that capital gains from land gifted to spouse are taxable in the husband’s hands under Section 64(1)(iv), no...
Goods and Services Tax : Understand GST recovery issues, DRC-07 compliance challenges, and the impact on taxpayers. Explore solutions for rectification, re...
Income Tax : Learn how income from a spouse, minor child, or HUF is clubbed under Section 64 of the Income Tax Act, affecting tax liabilities. ...
Corporate Law : Supreme Court held that section 64(d) of the Multi-State Co-operative Societies Act, 2002 restricts Multi-State Co-operative Socie...
Income Tax : The Tribunal ruled that interest earned from mandatory bank deposits by a co-operative credit society qualifies as business income...
Income Tax : The ITAT held that interest earned by a co-operative credit society on bank deposits qualifies as business income. Such income is ...
Income Tax : The Tribunal confirmed the jurisdictional validity of reassessment based on new information. However, the addition was restored to...
Income Tax : The Tribunal ruled that when purchases are disallowed as non-genuine without questioning the source of payment, section 69C cannot...
Corporate Law : Explore the new Competition Commission of India (CCI) Lesser Penalty Regulations 2024. Learn about conditions, procedures, and ben...
Corporate Law : Stay informed about the latest IRDAI notification on de-notifying arbitration clauses in insurance tariffs for Fire, Motor, Engine...
Supreme Court held that section 64(d) of the Multi-State Co-operative Societies Act, 2002 restricts Multi-State Co-operative Society investment only to entities in the same line of business. Accordingly, Multi-State Co-operative Society is ineligible to submit resolution plan for corporate debtor which doesn’t operate in same line of business.
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 capital gains arising from property transferred to a spouse without consideration must be taxed in the transferor’s hands under Section 64(1)(iv). Reassessment was invalid as the income had already been taxed in the husband’s return.
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).
The Tribunal confirmed the jurisdictional validity of reassessment based on new information. However, the addition was restored to ensure compliance with principles of natural justice and Section 250(6).
The Tribunal ruled that when purchases are disallowed as non-genuine without questioning the source of payment, section 69C cannot be invoked. A plausible disallowance under section 37(1) cannot be revised under section 263 merely to change the charging provision.
The Supreme Court held that compensatory allowances form part of “ordinary wages” for overtime calculation. Executive circulars cannot override the clear mandate of Section 59(2).
Holding Section 54F to be a beneficial provision, the Tribunal applied settled judicial principles to allow exemption where substantive conditions were met, directing deletion of the capital gains addition.
Whether cash deposited during demonetisation could be taxed in the society’s hands. Ruling & Takeaway: The Tribunal held that once cash is admitted to belong to members, no addition under section 68 can be made in the society’s assessment.
Whether interest earned on fixed deposits by a credit co-operative society qualifies for deduction under section 80P(2)(a)(i). Ruling & Takeaway: The Tribunal held that interest from depositing surplus business funds in permitted banks is attributable to the credit business and eligible for deduction.
