Month: December 2024

Income Tax

Stamp Duty valuation of 2013 vis a vis 2016: Reopening quashed as income escaping assessment was below Rs. 50 Lakh & the statutory time limit of 3 years has expired.

31 Dec 2024

Stamp Duty valuation of 2013 vis a vis 2016: Reopening quashed as income escaping assessment was below Rs. 50 Lakh &…

Income Tax

Non-filing of Form 10 – Accumulation U/s 11(2) cannot be denied if delay is condoned by appropriate authority

31 Dec 2024

Non-filing of Form 10 – Accumulation U/s 11(2) cannot be denied if delay is condoned by appropriate authority Income…

Income Tax

Whether the power U/s 119(2)(b) allows commissioners to admit a belated Form 9A & condone the delay if assessee provides valid reasons

31 Dec 2024

Whether the power U/s 119(2)(b) allows commissioners to admit a belated Form 9A & condone the delay if assessee provides…

Income Tax

Last date for furnishing Belated/Revised return for AY 2024-25 in the case of Resident individuals extended by 15 days – Thanks to Bombay HC

31 Dec 2024

Last date for furnishing Belated/Revised return for AY 2024-25 in the case of Resident individuals extended by 15 days –…

Income Tax

Extension of the validity of FCRA registration certificates

30 Dec 2024

Extension of the validity of FCRA registration certificates The copy of the order is as under: fc_notice_27122024

Income Tax

Banning of Unregulated Lending Activities Bill: Implications for Businesses and Individual Lenders

30 Dec 2024

Banning of Unregulated Lending Activities Bill: Implications for Businesses and Individual Lenders To curb unregulated lending activities & to…

Income Tax

Mere review of the same documents that had been submitted during the original assessment does not warrant reopening of assessment: Bombay HC

28 Dec 2024

Mere review of the same documents that had been submitted during the original assessment does not warrant reopening of assessment:…

Income Tax

Can purchase of more than one residential unit by HUF qualify for Sec 54 benefits?

28 Dec 2024

Can purchase of more than one residential unit by HUF qualify for Sec 54 benefits? Situation: 1. Consider a…

Income Tax

Interest earned on Borrowed Funds kept for acquiring coal mine is not revenue receipt even if coal mine is aborted, borrowings are repaid: Delhi HC

27 Dec 2024

Interest earned on Borrowed Funds kept for acquiring coal mine is not revenue receipt even if coal mine is aborted,…

Income Tax

Taxation in the wrong Assessment Year: ITAT deleted addition

27 Dec 2024

Taxation in the wrong Assessment Year: ITAT deleted addition Let us have a Short Overview of the case which…

Income Tax

ITAT agrees on the concept of Tax Loss Harvesting adopted by the Taxpayers.

27 Dec 2024

ITAT agrees on the concept of Tax Loss Harvesting adopted by the Taxpayers. Recently, ITAT has held that the…

Income Tax

Foundation of the assessment is erroneous and void ab initio as notice under section 143(2) issued by another AO to whom jurisdiction was transferred much later: ITAT

27 Dec 2024

Foundation of the assessment is erroneous and void ab initio as notice under section 143(2) issued by another AO to…

Income Tax

“Human probabilities” and the concept of penny stock may not justify additioni without assessee’s involvement

26 Dec 2024

“Human probabilities” and the concept of penny stock may not justify additioni without assessee’s involvement The ITAT Delhi in…

Income Tax other topic

New law to curb unregulated and fraudulent private money lending practices

26 Dec 2024

New law to curb unregulated and fraudulent private money lending practices A draft of the ‘Banning of Unregulated Lending Activities’…

GST

GST Council cannot impose a wrong classification of Goods

26 Dec 2024

GST Council cannot impose a wrong classification of Goods Here is an interesting case wherein it has been held…

Income Tax

Can purchase of more than one residential unit by HUF qualify for Sec 54 benefits?

26 Dec 2024

Can purchase of more than one residential unit by HUF qualify for Sec 54 benefits? Situation: 1. Consider a…

GST

Key Highlights of the 55th GST Council Meeting

25 Dec 2024

Key Highlights of the 55th GST Council Meeting The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, was…

Income Tax

Interest on surplus fund during pre-commencement of the business – Whether Business Income or Other source Income?

25 Dec 2024

Interest on surplus fund during pre-commencement of the business – Whether Business Income or Other source Income? The question of…

Month: December 2024

Stamp Duty valuation of 2013 vis a vis 2016: Reopening quashed as income escaping assessment was below Rs. 50 Lakh & the statutory time limit of 3 years has expired.

Non-filing of Form 10 – Accumulation U/s 11(2) cannot be denied if delay is condoned by appropriate authority

Whether the power U/s 119(2)(b) allows commissioners to admit a belated Form 9A & condone the delay if assessee provides valid reasons

Last date for furnishing Belated/Revised return for AY 2024-25 in the case of Resident individuals extended by 15 days – Thanks to Bombay HC

Extension of the validity of FCRA registration certificates

Banning of Unregulated Lending Activities Bill: Implications for Businesses and Individual Lenders

Mere review of the same documents that had been submitted during the original assessment does not warrant reopening of assessment: Bombay HC

Can purchase of more than one residential unit by HUF qualify for Sec 54 benefits?

Interest earned on Borrowed Funds kept for acquiring coal mine is not revenue receipt even if coal mine is aborted, borrowings are repaid: Delhi HC

Taxation in the wrong Assessment Year: ITAT deleted addition

ITAT agrees on the concept of Tax Loss Harvesting adopted by the Taxpayers.

Foundation of the assessment is erroneous and void ab initio as notice under section 143(2) issued by another AO to whom jurisdiction was transferred much later: ITAT

“Human probabilities” and the concept of penny stock may not justify additioni without assessee’s involvement

New law to curb unregulated and fraudulent private money lending practices

GST Council cannot impose a wrong classification of Goods

Can purchase of more than one residential unit by HUF qualify for Sec 54 benefits?

Key Highlights of the 55th GST Council Meeting

Interest on surplus fund during pre-commencement of the business – Whether Business Income or Other source Income?

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