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CBDT issues SOP for handling writ petitions where assessment is made under the Faceless Assessment Scheme 2019 or penalty is passed under Faceless Penalty Scheme, 2021 if NaFAC/CBDT is one of the respondents

July 30, 2021 0 Comments

CBDT issues SOP for handling writ petitions where assessment is made under the Faceless Assessment Scheme 2019 or penalty is passed under Faceless Penalty Scheme, 2021 if NaFAC/CBDT is one of the respondents Date: 26-7-2021 National Faceless Assessment Centre, Delhi 2nd Floor, Jawaharlal Nehru ...

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Validity of disallowance of partners remuneration under section 40(b) on income declared during survey

July 29, 2021 0 Comments

Validity of disallowance of partners remuneration under section 40(b) on income declared during survey Short Overview Where assessee offered additional income based on some incriminating documents found during the survey, AO was not justified in treating same as undisclosed income ...

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Taxes levied overseas which are not eligible for relief either under section 90 or section 91 would not come within the purview of section 40(a)(ii)

July 27, 2021 0 Comments

Taxes levied overseas which are not eligible for relief either under section 90 or section 91 would not come within the purview of section 40(a)(ii) Short Overview Taxes levied overseas which are not eligible for relief either under section 90 or ...

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There is no requirement of issuance of notice under section 143(2), when there is no valid return available before AO.

July 27, 2021 0 Comments

There is no requirement of issuance of notice under section 143(2), when there is no valid return available before AO. Short Overview When there was no valid return available before AO as assessee neither filed original return under section 139(1) ...

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Capital gain exemption is available if taxpayer secures possession of the property within prescribed time frame even if the registration of sale deed could not be executed

July 21, 2021 0 Comments

Capital gain exemption is available if taxpayer secures possession of the property within prescribed time frame even if the registration of sale deed could not be executed The expression "purchased" would undoubtedly connote the domain and control of the property ...

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Allowability of Capital gain Exemption under section 54B if agricultural land is purchased in the name of son

July 21, 2021 0 Comments

Allowability of Capital gain Exemption under section 54B if agricultural land is purchased in the name of son Short Overview Agricultural land purchased in the name of assessee's son and also in the name of his son's wife was eligible for ...

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Income Tax, IT Judgement

CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB: Relaxation or Penalty ?

July 21, 2021 0 Comments

CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB: Relaxation or Penalty ? The CBDT has grant ed further relaxation in electronic filing of Income Tax Forms 15CA/15CB till 15 th August 2021. However, it will be required ...

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Direct Nexus is not required to be established. Once investment was more than capital gain earned by assessee, capital gain exemption is admissible.

July 21, 2021 0 Comments

Direct Nexus is not required to be established. Once investment was more than capital gain earned by assessee, capital gain exemption is admissible. High court of Punjab & Haryana in the case of CIT vs. Kapil Kumar Agarwal & ors has ...

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Whether capital gain exemption would be admissible if the investment in the new property is done by borrowed capital?

July 20, 2021 0 Comments

Whether capital gain exemption would be admissible if the investment in the new property is done by borrowed capital? This was the issue that was involved in the case before ITAT Mumbai in the case of Yatin Prakash Telang Vs. ...

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Revision under section 263 for erroneous and prejudicial order for capital gain exemption if agricultural land is purchased in the name of son

July 16, 2021 0 Comments

Revision under section 263 for erroneous and prejudicial order for capital gain exemption if agricultural land is purchased in the name of son Short Overview Agricultural land purchased in the name of assessee's son and also in the name of ...

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Life membership fees of club is an expenditure of capital nature & not eligible for deduction .

July 16, 2021 0 Comments

Life membership fees of club is an expenditure of capital nature & not eligible for deduction. Short Overview Payment of club membership fees was for life membership, benefit of which was spread over the life of member and, therefore, expenditure ...

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For capital gain exemption u/s 54 or 54F, Taxpayers have to buy the property as an owner.

July 16, 2021 0 Comments

For capital gain exemption u/s 54 or 54F, Taxpayers have to buy the property as an owner. In the present case, there was an issue of Capital gain arising on sale of property used for residence & exemption u/s 54. ...

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Brought forward Business Loss can be adjusted against capital gains from sale 9f Business Assets: Karnataka HC

July 15, 2021 0 Comments

Brought forward Business Loss can be adjusted against capital gains from sale 9f Business Assets: Karnataka HC Nandi Steels Limited vs. ACIT Karnataka HC ITA No.: 103 of 2012 Short Overview of the Case: 1. The assessee had no business ...

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The word ‘production’ or ‘produce’, when used in juxtaposition with the word ‘manufacture’ takes in bringing into existence new goods by a process which may or may not amount to manufacture: Supreme Court

July 15, 2021 0 Comments

The word ‘production’ or ‘produce’, when used in juxtaposition with the word ‘manufacture’ takes in bringing into existence new goods by a process which may or may not amount to manufacture: Supreme Court The difference between processing and manufacturing is ...

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HC set-aside faceless assessment order as it was passed without issuing draft assessment order

July 15, 2021 0 Comments

HC set-aside faceless assessment order as it was passed without issuing draft assessment order Anju Jalaj Batra v. National E-Assessment Centre - [2021] 128 taxmann.com 165 (Delhi) Short Overview : Assessee was issued a notice under Section 142(1), to which assessee replied and furnished ...

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English decisions holding that incidence of tax could be avoided if permissible in law cannot be applied in Indian scenario and are obsolete

July 14, 2021 0 Comments

English decisions holding that incidence of tax could be avoided if permissible in law cannot be applied in Indian scenario and are obsolete Here is an interesting case of Mcdowell & Co. Ltd. Vs. Commercial Tax Officer which is of ...

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GST is applicable on sale of plot after Development by developer

July 14, 2021 1 Comment

GST is applicable on sale of plot after Development by developer Applicability of Indirect tax on construction industries has been a matter of disputes, litigation and controversy since long. Whether it was VAT Laws, Service Tax, Excise, the litigation were ...

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Madras HC denies transition of accumulated CENVAT credit from shut down factory in Tamil Nadu to new GSTIN in Andhra Pradesh

July 14, 2021 0 Comments

Madras HC denies transition of accumulated CENVAT credit from shut down factory in Tamil Nadu to new GSTIN in Andhra Pradesh MMD Heavy Machinery (India) (P.) Ltd. v. Assistant Commissioner, Chennai - [2021] 128 taxmann.com 100 (Madras) Short Overview of the case: The petitioner ...

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