Transfer of a share in partnership firm is also covered under section 56(2)(x)
Transfer of a share in partnership firm is also covered under section 56(2)(x) Section 56(2)(x) of Income Tax Act…
Income Tax
Submission of Basic Documents like PAN & ITR etc doesn’t prove genuineness – Section 263 can be invoked on allegation of accommodation entries
Submission of Basic Documents like PAN & ITR etc doesn’t prove genuineness – Section 263 can be invoked on allegation…
Triplex flat constitutes a single residential unit for Section 54 Exemption: ITAT Mumbai
Triplex flat constitutes a single residential unit for Section 54 Exemption: ITAT Mumbai Bhaskar Prataprai Shah Vs DCIT (ITAT…
Farewell Old Tax Regime? Why This Budget Could Redefine Taxes Forever
Farewell Old Tax Regime? Why This Budget Could Redefine Taxes Forever With Union Budget 2025 just a few days…
Section 159 applies only if reassessment notice is issued before Assessee’s death
Section 159 applies only if reassessment notice is issued before Assessee’s death In a writ petition recently, the court…
Section 87A PIL disposed of by Bombay HC
Section 87A PIL disposed of by Bombay HC On admissibility of rebate under section 87A, the court has held…
CIT(E) Can’t Reject Trust’s Registration Application Based on Only One Clause of Trust Deed- Surat ITAT
CIT(E) Can’t Reject Trust’s Registration Application Based on Only One Clause of Trust Deed- Surat ITAT Facts of the…
CBDT clarification on applicability of PPT while granting treaty benefits:
CBDT clarification on applicability of PPT while granting treaty benefits: Background: 1. MLI coming into force: On October 1st,…
Interest on deposits of surplus fund would qualify for the deduction u/s 80P(2)(a): Kerala HC
Interest on deposits of surplus fund would qualify for the deduction u/s 80P(2)(a): Kerala HC Vide its order dated…
Bombay HC dismissed writ petition against reopening – Observed wrong mention of return not filed as a typographical error
Bombay HC dismissed writ petition against reopening – Observed wrong mention of return not filed as a typographical error …
Limitation period runs from the date the DRP’s directions are uploaded on the ITBA portal.
Limitation period runs from the date the DRP’s directions are uploaded on the ITBA portal. Telangana High Court in the…
Reopening is invalid if the escaped income is below ₹50 lakh and the notice was issued after the 3-year limit
Reopening is invalid if the escaped income is below ₹50 lakh and the notice was issued after the 3-year limit…
No recovery can be made without following the procedure specified in Section 78 & 79 of the GST Act
No recovery can be made without following the procedure specified in Section 78 & 79 of the GST Act …
Substantive compliance overrides procedural requirements: No Penalty u/s 270A for the simple reason that Assessee did not file Form No. 68 but made application on plain paper
Substantive compliance overrides procedural requirements: No Penalty u/s 270A for the simple reason that Assessee did not file Form No.…
AO cannot issue 2nd notice under section 148A (b) as supplement to first notice, raking up new issue without independently satisfying the time lime and monetary limit
AO cannot issue 2nd notice under section 148A (b) as supplement to first notice, raking up new issue without independently satisfying…
Addition purely based on third-party non-compliance is unwarranted: ITAT Ahemedabad.
Addition purely based on third-party non-compliance is unwarranted: ITAT Ahemedabad. ITAT Ahemdabad in the case of Dushyant M. Pandya…
Loss on sale of shares on Stock Exchange can be set off against LTCG from sale of unlisted shares if STT is paid on quoted shares even if LTCG on shares Exempt U/s 10(38): ITAT Kolkata
Loss on sale of shares on Stock Exchange can be set off against LTCG from sale of unlisted shares if…
Surcharge on income tax applicable only on income exceeding ₹50 Lakhs and not to be considered for MMR if income is below the limit: ITAT Kolkata
Surcharge on income tax applicable only on income exceeding ₹50 Lakhs and not to be considered for MMR if income…
