Income Tax : Explore recent Supreme Court rulings (2023) on income tax issues. Highlights of key cases, analysis, and implications....
CA, CS, CMA : Discover the major changes in ITR forms for FY 2023-24 (AY 2024-2025). Highlights include new sections for retirement benefit acco...
Income Tax : Tax planning while setting up of a business with reference to location (2021-2022 A.Y, A.Y 2022-2023 , A.Y 2023-2024 and A.Y 202...
Income Tax : Recently, I was approached by a Builder Group seeking a number of clarifications, in respect of the incentive granted U/S 80-IB(10...
Income Tax : Whether nearby cities which are in 25 km from municipality are to be considered at par with metro cities for FY 2016-17? Solution:...
Income Tax : The office of the Comptroller & Auditor General (C & AG) conducts compliance as well as performance audit relating to specific are...
Income Tax : The CBDT did not have any established mechanism to assess the impact of revenue foregone on account of deduction under section 80 ...
Income Tax : Industry chamber Assocham today asked the government to re-introduce the tax exemption scheme to promote affordable housing in the...
Income Tax : Section 80-IB (10) of the Act is aimed at promoting construction of housing projects, so as to address the problem of shortage of ...
Income Tax : Sushanto Roy, CEO, Sahara Prime City, has in a pre-Budget wish list of expectations said: "Given the pent-up demand for affordable...
Income Tax : Deduction under section 80IA(4) couldn't be denied solely due to the delayed filing of Form 10CCB, as the audit report was filed b...
Income Tax : Assessee had given reasons that as per the previous counsel, late Shri R.R. Jain (C.A.) had given advice no separate appeal agains...
Income Tax : The stand of the assessee was that it was not necessary that loss of one industrial undertaking should necessarily be adjusted aga...
Income Tax : ITAT Ahmedabad held that disallowance of deduction claimed under section 80IB(10) of the Income Tax Act rightly deleted as delay i...
Income Tax : ITAT Kolkata held that duty drawback is part of gross receipts for the purpose of calculation of ‘gross receipts’ under the pr...
Income Tax : It is a settled position that revenue subsidies received from the Government towards reimbursement of cost of production/manufactu...
Income Tax : Notification No. 2/2011 - Income Tax In the notification of the Government of India in the Ministry of Finance, Department of Rev...
Income Tax : Notification No. 01/2011- Income Tax In exercise of the powers conferred by clauses (a) and (b) of sub-section (10) of section 80-...
Income Tax : Notification No. 67/2010 - Income Tax In exercise of the powers conferred by the proviso to Clause (a) and (b) of sub-section (10)...
Income Tax : Instruction No. 4/2009, dated 30-6-2009 Under sub-section (10) of section 80-IB an undertaking developing and building housing pro...
The assessee company having its business of builders and property developers, following mercantile system of accounting, filed its return of income on 30.09.2013 disclosing income at Rs.2,86,000/- after claiming deduction of Rs.4,03,40,492/-u/s. 80IB(10) of the Act.
ITAT Mumbai held that surplus on redemption of treasury bills is taxable under the head Capital Gains and not under the head ‘Profits and Gains of Business’.
Explore recent Supreme Court rulings (2023) on income tax issues. Highlights of key cases, analysis, and implications.
Deduction under section 80IB (10) was allowable to assessee as it had a reasonable & bona fide cause for not filing the return of income within the time permitted under Section 139(1). Once in the given facts, assessee had been held entitled to claim the specifically computed deductions, then it should not be burdened with taxes which it was otherwise not liable to pay under law.
While calculating eligible limit of 1000 sq. ft. for deciding allowbility of section 80IB(10) deduction, floor bed area, which is open to sky and not covered by any sides and outside balcony area, which is below floor level cannot form part of constructed area of flat.
Delhi High Court rules against using high premium as the correct test for addition under Section 68 of the Income Tax Act. Full text of the judgment available.
ITAT Delhi held that it is settled principle of law that the disallowance under section 14A of the Income Tax Act cannot exceed the exempt income.
CESTAT Ahmedabad ruled that mis-declaration allegations without complete evidence and violation of natural justice cannot be upheld.
ITAT Kolkata held that rejection of claim of long-term capital loss u/s 50B of the Income Tax Act unjustified as Form 3CEA filed during the assessment proceedings along with an affidavit mentioning reason for non-furnishing of Form 3CEA with return of income.
ITAT Delhi held that the assessee is entitled to make additional claim of deduction u/s. 80JJAA of the Income Tax Act on the strength of judgment of Hon’ble High Court of Karnataka even though the same was not included while filing return of income.
