Capital gains exemption admissible even if assessee didn’t get legal title to land due to pending litigation
While a family arrangement/settlement does not amount to a “transfer” u/s2(47) as it only recognizes “pre-existing rights” between the parties, the same applies only to members of the families and not to transfers made by corporate entities.
Beneficial Interpretation Disallowance u/s 40a(ia) is not attracted if deduction is done in wrong section or if there is a shortfall in deduction
Gujarat High Court held that the permanent account number (PAN) cannot be declared inoperative due to non-linking of Aadhaar or Aadhaar Number.
Claim of Input Tax Credit of the petitioner firm has been rejected and interest has been imposed upon the petitioner firm, as provided under Section 30 of the Jharkhand Value Added Tax Act, 2005
When interest free funds are available to the assessee which were sufficient to make its investments, it would be presumed that the investments were made from the interest free funds available with the assessee.
No penalty u/s 271DB if compliance to electronic mode of payment facilities u/s 269SU provided till 31st January 2020: CBDT
Change of address in PAN database by assessee is mandatory. Notice u/s 143(2) served on the address given in PAN is sufficient: Supreme Court
If the character of agricultural land is transformed into an environment-friendly residence at the time of registration of sale deed, it becomes a capital asset & income accrued will not be exempt u/s 2(14)
The Central Board of Direct Taxes (CBDT) has issued a detailed circular for deduction of tax at source ( TDS ) from salaries under Section 192 of the Income Tax Act,1961
