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. ...
Income Tax : The Mumbai ITAT held that ownership premises received under a redevelopment scheme are acquired in exchange for valuable tenancy r...
Income Tax : ITAT Lucknow held that derivative losses incurred by a spouse using funds gifted by the assessee can be clubbed and set off under ...
Income Tax : The Tribunal held that interest earned from surplus funds deposited with banks qualifies for deduction under Section 80P(2)(a)(i)....
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...
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...
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.
The High Court held that an addition for unexplained investment cannot rest solely on an unsigned and unexecuted agreement. The key takeaway is that Section 69 requires concrete evidence of actual payment, not assumptions drawn from incomplete documents.
Punjab and Haryana High Court held that transfer of case from Chandigarh to Panaji under section 127 of the Income Tax Act to centralize the assessment of all connected or linked persons at one place is justifiable. Accordingly, the present petition is dismissed.
ITAT Pune ruled that interest earned by a cooperative society from ICICI and HDFC banks retains its character as business income and qualifies for deduction under section 80P(2)(a).
SEO Description: Explains which gifts qualify for exemption based on the statutory definition of “relative” and why not all family gifts are tax-free under Section 56(2)(x).
This case examines whether the PCIT could revise an assessment under section 263 when the AO allowed interest income deduction under section 80P. The ITAT ruled that the AO’s order was a plausible view, and both conditions for invoking section 263 were not met.
ITAT Indore held that the order under section 127 of the Income Tax Act made out by authorities, without serving notice upon assessee, would be invalid and inoperative. Accordingly, action undertaken by AO u/s. 147/148 will also be illegal.
Supreme Court reinforces that Section 269SS violation doesn’t invalidate a debt under the NI Act. It upheld conviction in Sanjabij Tari vs. Kishore Borcar, stressing presumptions under Sections 118 & 139.
