The Tax Talk

Cash deposits in bank account of one Person after withdrowing it from the account of other Person   Cash deposits in bank account of one Person after withdrowing it from the account of other Person Entries in the bank statement of the father of the assessee show cash withdrawals of Rs. 18,00,000 and he filed …
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Amendments to the Finance Bill 2023 while Passing throush Loksabha   The Finance Bill, 2022 (Amended Bill) was passed by the Lok Sabha on 25 March 2022 with amendments to the original Bill that was tabled before the Lok Sabha on 1 February 2022. Key highlights 01 Penal consequences to claim deduction of cess or surcharge …
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Manual on Filing an Appeal against Demand Order ( Form GST APL-01)    

Indexation benefit is available to an inherited property from the date of acquisition by first owner: ITAT Mumbai ITO v. Sohrab Fali Mehta [TS-117-ITAT-2023(Mum)] Facts: The Assessee, a US resident, earned income from long-term capital gains from the sale of shares in an immovable property located at Colaba in Mumbai. The property was received by …
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Mere typographical/human error committed by the assessee cannot cost them payment of excess tax Powers of Commissioner of Income-tax u/s 264 of the Income-tax Act, 1961 it to prevent miscarriage of justice being rendered i.e. the Revenue is sought to justify the collection of excess tax over and above the tax payable by the assessee. …
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