Mumbai ITAT rules that Hardship Compensation from developers in redevelopment projects is a capital receipt, not taxable income or dividend. It reduces asset cost for future capital gains.
ITAT Hyderabad rules against double taxation, quashing Section 69A addition after cash source was already accepted and taxed under Section 269SS for the same amount.
ITAT Mumbai rules that gifts received shortly after marriage are exempt under Section 56(2)(vii) of the Income-tax Act. The decision clarifies that “on the occasion of marriage” includes gifts associated with the event, irrespective of immediate cheque clearance.
ITAT Mumbai grants Section 54F exemption to Ratan Mahendra Jain for purchasing a duplex unit, clarifying it as a single residential property.
Enforcement Directorate issues directive on summoning legal practitioners, emphasizing compliance with Section 132 of the Bharatiya Sakshya Adhiniyam, 2023.
Discover complete tax guide for senior citizens (aged 60 and above) for FY 2024-25, covering due dates, exemptions, penalties & CBDT notifications
ITAT Hyderabad held that denial of exemption under section 54F on allegation of more than one residential house unwarranted as one residential house is gifted to his daughter. Accordingly, exemption allowed and appeal of revenue dismissed.
MP High Court rules WhatsApp chats, even if obtained without consent, are admissible as evidence in matrimonial disputes under Family Court Act, 1984.
Understand how to manage inadvertently rejected invoices, debit notes, and credit notes on IMS, including ITC claims for recipients and liability impacts for suppliers.
Indian tax residents must report foreign assets and income in their ITRs, regardless of value. Non-disclosure can lead to severe penalties under the Income Tax Act and Black Money Act, including significant fines and imprisonment, due to international Automatic Exchange of Information (AEOI) agreements
