F&O Traders, Beware! One Wrong ITR can cost more than One Bad Trade   F&O trading is one of the few businesses where investors often lose money first and then discover that tax compliance is another challenge waiting for them!   Futures & Options (F&O) trading has witnessed explosive growth in recent years. Mobile trading…

Section 54F Relief Available Even for Extension of an Existing House? Bangalore ITAT Says Yes Keywords: Section 54F construction, Section 54F existing house, structural additions Section 54F, home extension capital gains exemption, Bangalore ITAT Section 54F, construction of residential house, Section 54F latest judgment, capital gains exemption for house renovation, B.S. Shanthakumari case, engineer certificate Section…

Can Section 263 Be Invoked When There Is No Tax Loss to the Revenue? ITAT Kolkata Reiterates the Twin Conditions of Revision Keywords: Section 263 Income Tax Act, revision under Section 263, erroneous and prejudicial to revenue, Section 80IA deduction, ITAT Kolkata Section 263, Commissioner revision powers, no prejudice to revenue, twin conditions Section 263, deduction…

Legal Heir Is Not Always the Legal Representative: ITAT Agra Quashes Assessment Passed Without Proper Compliance Under Section 159   Keywords: legal heir vs legal representative, Section 159 Income Tax Act, assessment after death, notice to deceased person, ITAT Agra legal heir case, Chandrawati Devi vs ITO, assessment of deceased person, legal representative income tax, Section…

Section 56(2)(x): Can Stamp Duty Value on Registration Date Trigger Tax Even When the Property Deal Was Finalised Years Earlier? ITAT Ahmedabad Says No     Keywords: Section 56(2)(x), stamp duty value, Jantri value, earlier agreement to sell, Banakhat, property registration, ITAT Ahmedabad, Section 56(2)(x) case law, banking channel payments, property purchased below stamp duty value,…