Whether exemption under section 54F would be allowable where assessee is already a co-owner of another flat?
Whether exemption under section 54F would be allowable where assessee is already a co-owner of another flat? The word ‘own’…
IT Judgement
No need to process Vodafone’s refund claimed ITRs on likelihood of arising huge demands in assessmnent cases: HC
No need to process Vodafone’s refund claimed ITRs on likelihood of arising huge demands in assessmnent cases: HC Facts: a)…
Delhi HC upheld special audit initiation on Patanjali citing complexities in accounts.
Delhi HC upheld special audit initiation on Patanjali citing complexities in accounts. Delhi HC dismisses Patanjali Ayurveda’s writ, upholds initiation…
Penny Stock Judgement – SRK Industries Ltd Chennai ITAT in favour of Revenue.
These appeals by the assessees are directed against the orders passed by the learned Commissioner of Income Tax (Appeals)-12, Chennai…
Purchasing the property in the name of the Assesse is not necessary for Capital Gain Exemption: Delhi HC
Purchasing the property in the name of the Assesse is not necessary for Capital Gain Exemption: Delhi HC [2013] 30 taxmann.com 34…
Investment in name of other person results in denial of capital gain exemption
Investment in name of other person results in denial of capital gain exemption [2013] 37 taxmann.com 263 (Visakhapatnam – Trib.) IN THE…
To avoid penalty u/s 271(1)(c), “bonafides” have to be shown and cannot be assumed.
To avoid penalty u/s 271(1)(c), “bonafides” have to be shown and cannot be assumed. Conclusions: (i) Absurd or illogical interpretations…
GST on Joint Development of Property
Applicant, Land Owner entered in to development agreement with Builder to develop and promote multi storied residential apartment cum commercial…
Validity of addition due to non submission of confirmation from the creditor
Validity of addition due to non submission of confirmation from the creditor FLO Dyne Controls (India) (P) Ltd. v. ITO ITA…
Interest income can be taxed under both the heads, i.e., business income or income from other sources
Interest income can be taxed under both the heads, i.e., business income or income from other sources Hindustan Unilever Ltd.…
Deduction towards interest on education loan taken in joint names
Deduction towards interest on education loan taken in joint names Section 80E, provides for deduction of interest on loan taken…
Capital gain exemption u/s 54 on the basis of Agreement to sell of old property
Capital gain exemption u/s 54 on the basis of Agreement to sell of old property The definition of ‘transfer’ defined…
Taxability of Foreign allowances received by assessee for service rendered outside India through TCC
Taxability of Foreign allowances received by assessee for service rendered outside India through TCC DCIT v. Sudipta Maity ITA Nos.…
After Sachin Tendulkar, Saif Ali Khan Pataudi got relief for second House Property
Saif Ali Khan Pataudi v. Asstt. CIT Decision: In assessee’s favour. Income from house property–Vacancy allowance–Property never let out–Applicability…
Licence fee paid for using MS Office software is a Capital expenditure or orevenue expenditure?
Licence fee paid for using MS Office software is a Capital expenditure or orevenue expenditure? ILink Multitech Solutions (P) Ltd. &…
Interesting Judgement- Exempt loss can be set off against normal business income
Interesting Judgement- Exempt loss can be set off against normal business income Deduction prescribed under section 10AA cannot be treated…
Without satisfaction note, Assessmnent is bad in law
Without satisfaction note, Assessmnent is bad in law As satisfaction was not recorded by AO in the capacity of AO…
1. Penalty under Section 271 (1) ( c ) and Alleged Bogus Purchase
Penalty under Section 271 (1) ( c ) and Alleged Bogus Purchase Balaji Motion Pictures Ltd, … vs Dcit 4(3)(Cr)4,…
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