Comprehensive summary of capital gains—definition, classification, computation, exemptions, reinvestment reliefs, and procedures under Income Tax Law, including indexation and capital gain account rules.
Overview of presumptive taxation under the Income Tax Act covering sections 44AD, 44ADA, and 44AE—eligibility, ineligible businesses, income computation, record maintenance, and advance tax rules.
Summary of key tax rules for rental and house property income under the Income Tax Act, including sub-letting, deemed ownership, composite rent, computation of annual value, and treatment of self-occupied properties.
Detailed summary on salary, allowances, perquisites, pension, gratuity, HRA, standard deduction, and related tax exemptions under the Income-tax Act with reference to key provisions and CBDT notifications.
ITAT Chandigarh allows the appeal of Ram Gopal Temple Trust against the CIT(E)’s rejection of its Section 12A registration application, holding that a statute-notified religious institution is not required to furnish a trust deed.
Delhi HC prima facie held that National Commission for Scheduled Tribes (NCST) lacked jurisdiction to prevent Axis Bank from enforcing its security interest under SARFAESI Act and stayed summons requiring personal appearance of bank’s MD and CEO.
The ITAT Chennai held that ₹1.98 crore received for reduction in profit-sharing ratio in CRCL LLP was not goodwill or taxable income under the Income Tax Act.
The Tribunal held that expenses incurred to make a newly purchased house habitable up to the date of occupation are eligible for Section 54 exemption, subject to verification.
Bangalore ITAT held that expenditure of Rs. 8.65 lakh on interiors of a new house qualifies for exemption under Section 54, reversing the disallowance made by tax authorities.
SC reaffirmed that disqualification of bids must strictly follow tender terms, holding that Mandi Parishad acted beyond its powers by rejecting a technical bid based on an unstated requirement for DM-issued solvency proof.
