The Tax Talk

Refund of the excess amount of salary to company & Validity of Revised Return

May 8, 2021 0 Comments

Refund of the excess amount of salary to company & Validity of Revised Return Short Overview Where assessee was working as a whole time director of a company and in revised return of income he reduced his income from salary received ...

IT Judgement

Expenses incurred to make the house habitable is eligible for capital gain exemption.

May 6, 2021 1 Comment

Expenses incurred to make the house habitable is eligible for capital gain exemption. What are the expenses / payment which is eligible for exemption u/s 54 or 54F is often an issue before the Assessing Officer? In an issue before ITAT ...

Income Tax, IT Judgement

A Short Overview of Relaxation in GST & Income Tax Compliances

May 4, 2021 0 Comments

A Short Overview of Relaxation in GST & Income Tax Compliances CBDT - Extension of Due Dates for Tax Payers: the following dates have been extended by the CBDT Filing Belated Return of Income u/s 139(4) for AY 2020-21 ...

IT Judgement

CBDT Notification regarding procedure for registration of fund/ trust/charitable institutions

April 29, 2021 0 Comments

CBDT Notification regarding procedure for registration of fund/ trust/charitable institutions W.e.f. 01/04/2021, all institutions, funds etc covered under clause (i) and (iv) of first proviso to section 10(23C), fifth proviso to section 35(1), clause (i) and (iv) of first proviso ...

IT Judgement

CBDT notifies directions to give effect to the Faceless Penalty Scheme, 2021 vide Notification No. 03/2021

April 27, 2021 0 Comments

CBDT notifies directions to give effect to the Faceless Penalty Scheme, 2021 vide Notification No. 03/2021 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 03/2021-Income Tax New Delhi, the 12th January, 2021 INCOME-TAX S.O. 118(E).—In exercise of the powers conferred by sub-section (2B) of ...

IT Judgement

Cutoff date for purpose of determining its taxability is date when assessee was found to be entitled to receive compensation and not date when it was actually received by assessee.

April 24, 2021 0 Comments

Cutoff date for purpose of determining its taxability is date when assessee was found to be entitled to receive compensation and not date when it was actually received by assessee. KRISHNA KUMAR SHARMA vs. DEPUTY COMMISSIONER OF INCOME TAX (2021) 61 ...

IT Judgement

Allowability of deduction towards expenses incurred during interregnum period between ‘setting up’ of business and commencement of business

April 23, 2021 0 Comments

Allowability of deduction towards expenses incurred during interregnum period between 'setting up' of business and commencement of business Short Overview Expenses incurred by assessee after 'setting up' of its business and prior to commencement of the same were allowable as ...

IT Judgement

In search assessment, any undisclosed income, which can ultimately be added, is only to the extent of any unrecorded assets/material found or any incriminating documents found as representing undisclosed income earned.

April 22, 2021 0 Comments

In search assessment, any undisclosed income, which can ultimately be added, is only to the extent of any unrecorded assets/material found or any incriminating documents found as representing undisclosed income earned. Short overview In search assessment, any undisclosed income, which ...

IT Judgement

Faceless Penalty Scheme, 2021 as notified by CBDT

April 22, 2021 0 Comments

Faceless Penalty Scheme, 2021 as notified by CBDT MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi, the 12th January, 2021 Notification No. 02/2021-(Income-Tax) S.O. 117(E).—In exercise of the powers conferred by sub-section (2A) of section 274 of the Income-tax Act, ...

IT Judgement

For computing the inflation cost of the asset, the date is to be reckoned from the date of allotment of the property to the assessee and not from the date on which possession certificate was issued to the assessee.

April 21, 2021 0 Comments

For computing the inflation cost of the asset, the date is to be reckoned from the date of allotment of the property to the assessee and not from the date on which possession certificate was issued to the assessee. Short ...

IT Judgement

If assessee did not produce any material to prove that amount seized during the search, did not belong to it but belonged to some other person, addition made

April 19, 2021 0 Comments

If assessee did not produce any material to prove that amount seized during the search, did not belong to it but belonged to some other person, addition made IN THE KARNATAKA HIGH COURT ALOK ARADHE & H.T. NARENDRA PRASAD, JJ. Blue Lines ...

IT Judgement

Landmark Judgement on Capital Gain Exemption: It is not specified in the legislation that the investment is to be in the name of the assessee

April 14, 2021 2 Comments

Landmark Judgement on Capital Gain Exemption: It is not specified in the legislation that the investment is to be in the name of the assessee Capital Gain exemption couldn’t be disallowed if investment is made by assessee in his wife’s ...

IT Judgement

Capital gains & Indexation Benefit : Effective date is the date of allotment or date of possession of property?

April 13, 2021 0 Comments

Capital gains & Indexation Benefit : Effective date is the date of allotment or date of possession of property? IN THE ITAT, BANGALORE "C'' BENCH CHANDRA POOJARI, A.M. & BEENA PILLAI, J.M. Vivekananda & Vivek Hotels v. ACIT ...

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Category: IT Judgement

Refund of the excess amount of salary to company & Validity of Revised Return

Expenses incurred to make the house habitable is eligible for capital gain exemption.

A Short Overview of Relaxation in GST & Income Tax Compliances

CBDT Notification regarding procedure for registration of fund/ trust/charitable institutions

CBDT notifies directions to give effect to the Faceless Penalty Scheme, 2021 vide Notification No. 03/2021

Cutoff date for purpose of determining its taxability is date when assessee was found to be entitled to receive compensation and not date when it was actually received by assessee.

Allowability of deduction towards expenses incurred during interregnum period between ‘setting up’ of business and commencement of business

In search assessment, any undisclosed income, which can ultimately be added, is only to the extent of any unrecorded assets/material found or any incriminating documents found as representing undisclosed income earned.

Faceless Penalty Scheme, 2021 as notified by CBDT

For computing the inflation cost of the asset, the date is to be reckoned from the date of allotment of the property to the assessee and not from the date on which possession certificate was issued to the assessee.

If assessee did not produce any material to prove that amount seized during the search, did not belong to it but belonged to some other person, addition made

Landmark Judgement on Capital Gain Exemption: It is not specified in the legislation that the investment is to be in the name of the assessee

Capital gains & Indexation Benefit : Effective date is the date of allotment or date of possession of property?

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