What PAN 2.0 Means for you: Top 10 Takeaways for Taxpayers

Taxability of ESOPs:

Mere Disagreement Doesn’t Justify invocation of Section 263 Revision Power: Madras HC

No liability where contract is cancelled before supply of goods

Details to be filled while filing ITR with foreign assets:

Taxation on Sale of Agricultural Land in India: A Short Overview

Addition towards cash deposits during demonetization deleted by ITAT as it was adequately explained based on the facts and nature of the business

Stamp duty valuation under Section 50C or 43CA cannot be substituted & only the actual sale consideration should be reduced from WDV for depreciation purposes

PAN 2.0 Project Approved – Project outlay of 1435 crores

The failure to issue a show cause notice constituted a significant procedural defect – Assessment Order quashed by Bombay HC

Order under section 87A by CIT – Appeal: The Controversy to continue

Assessing Officer is not required to examine the commercial expediency of the transaction while evaluating the explanation U/S 68: Delhi HC

Adding a Name or Writing a Will: The Golden Rules for Property Inheritance  

Completion of construction not required to claim exemption U/S 54: ITAT Bangalore

Taxability of transfers from HUF members to HUF and vice versa:

TDS credit should be given in the year it is deducted, regardless of the year the income is assessed: Ahmedabad ITAT

No capital gain exemption under section 54F if investment is not in a residential house

No revision u/s 263 if assessment order is neither erroneous nor prejudicial to the interest of revenue