Income TaxBenefit of Section 10(38) is restricted!23 Jul 20180Long term capital gains arising from transfer of equity shares and units of an equity-oriented fund is exempt from income-tax…
IT JudgementCIT vs. M/s Muthoot Financiers (Delhi HC)23 Jul 20180Issue: Whether advance given by partner to firm is covered under section 269SS? Whether penalty of section 271D would be…
ArticleCommon Mistakes &errors while filing Income Tax Returns23 Jul 20180Common Mistakes & errors while filing Income Tax Returns The deadline is not far away & final countdown for filing…
Income TaxInterest awarded u/s 28 of Land Acquisition Act, 1894 is eligible for exemption !23 Jul 20180Interest awarded under section 28 of Land Acquisition Act, 1894, on enhanced compensation paid for compulsory acquisition of agricultural land,…
Income TaxSection 54 exemptio not allowable when Builder returns Money for Flats Booked: ITAT23 Jul 20180Section 54 Relief not allowable when Builder returns Money for Flats Booked under Self-Finance Scheme: ITAT The Income Tax Appellate…
IT JudgementS. 269SS/ 271D Penalty: It is not enough for the assessee to show that the transaction of taking loan/ deposit by cash is genuine or bona fide. It has also to be shown that there was reasonable cause u/s 273B for the assessee being unable to take the loan/deposit by account payee cheque or account payee bank draft21 Jul 20180 IN THE INCOME TAX APPELLATE TRIBUNAL Special Bench, Mumbai Before S/Shri G.S. Pannu (AM), Joginder Singh (JM) & B.R.…
IT JudgementS. 147/148: If the recorded reasons do not specify, prima-facie, the quantum of tax which has escaped assessment but merely state that it would be at least Rs.1,00,000, and if the reopening is to “verify” suspicious transactions, prima-facie, the reasons do not indicate reasonable belief of the AO and the notice is without jurisdiction21 Jul 20180
Income Tax44AD not applicable even if income less than 8/6 percent of turnover!20 Jul 20180Presumptive income under section 44AD of Income Tax Act 1961 Presumptive taxation means income is calculated on presumptive basis rather…
IT JudgementGLAUCOMA SOCIETY OF INDIA vs. COMMISSIONER OF INCOME TAX (E) order dated July 18, 201820 Jul 20180This appeal filed by the assessee is directed against the order of ld. Commissioner of Income-tax (Exemption) dated 29.01.2018 relating…
Income TaxQuerySimultaneous deduction u/s 54F and 54B from capital gain arising on sale of eligible agricultural land – whether permissible?20 Jul 20180Assessee is entitled to exemption under both sections 54B and 54F as they are not mutually exclusive and independent of…
Income TaxSet off and carry forward of loss19 Jul 20180Section 70 of Income Tax Act 1961 If the taxpayer has incurred losses from one source of income then the…
Income TaxGeneral Deduction under section 3719 Jul 20180General Deduction under section 37 Conditions to be fulfilled for allowance of expenditure under section 37 of Income Tax Act…
IT JudgementMP High Court upholds penalty of Rs. 1 crore 32 lakhs for mere non updation of vehicle number on the e-way bill.19 Jul 20180MP High Court upholds penalty of Rs. 1 crore 32 lakhs for mere non updation of vehicle number on the…
IT JudgementWhether when the assessee fails to establish the urgent nature of business necessities for taking loans from its Directors in cash, such transaction warrants levy of penalty u/s 271D – YES: ITAT18 Jul 20180Whether when the assessee fails to establish the urgent nature of business necessities for taking loans from its Directors in…
GSTIncome TaxGST in ITR!18 Jul 20180GST in ITR! Person having income from business or profession and filing income tax return in form ITR 3 and…
Income TaxSection 80DDB of Income Tax Act 196117 Jul 20180Deduction is available under section 80DDB of Income Tax Act 1961 to individual/HUF in respect of medical treatment. Individual can…
IT JudgementIncome Tax – Prevalent market rate of rent is by itself no basis to reject actual rate of rent property: ITAT17 Jul 20180Income Tax – Prevalent market rate of rent is by itself no basis to reject actual rate of rent property:…
ArticleIncome TaxClubbing provision under the Income Tax Act-196116 Jul 20180Clubbing provision under the Income Tax Act-1961 Normally, individual taxpayers are liable to pay the tax on their income alone. However,…