Last date for furnishing Belated/Revised return for AY 2024-25 in the case of Resident individuals extended by 15 days – Thanks to Bombay HC
Last date for furnishing Belated/Revised return for AY 2024-25 in the case of Resident individuals extended by 15 days – Thanks to Bombay HC The copy of the order is as under: The post Last date for furnishing Belated/Revised return for AY 2024-25 in the case of Resident individuals extended by 15 days – […]
Extension of the validity of FCRA registration certificates
Extension of the validity of FCRA registration certificates The copy of the order is as under: The post Extension of the validity of FCRA registration certificates appeared first on The Tax Talk.
Banning of Unregulated Lending Activities Bill: Implications for Businesses and Individual Lenders
Banning of Unregulated Lending Activities Bill: Implications for Businesses and Individual Lenders To curb unregulated lending activities & to protect the interest of borrowers, RBI has constituted a Working group of Digital Lending (WGDL). Pursuant to its report, the Government has recently unveiled a draft bill titled as “Banning of Unregulated Lending Activities Bill”. Though… […]
Mere review of the same documents that had been submitted during the original assessment does not warrant reopening of assessment: Bombay HC
Mere review of the same documents that had been submitted during the original assessment does not warrant reopening of assessment: Bombay HC Imperial Consultants and Securities vs. Deputy CIT (Writ Petition No. 1783 of 2022) Facts: 1. The petitioner, Imperial Consultants and Securities, engaged in the trading and investment of shares and securities, had… […]
Can purchase of more than one residential unit by HUF qualify for Sec 54 benefits?
Can purchase of more than one residential unit by HUF qualify for Sec 54 benefits? Situation: 1. Consider a situation where an HUF, sold a residential flat and purchased two residential flats adjacent to each other under two different sale deeds. 2. However, the seller of the flats has certified that he has made… […]
Interest earned on Borrowed Funds kept for acquiring coal mine is not revenue receipt even if coal mine is aborted, borrowings are repaid: Delhi HC
Interest earned on Borrowed Funds kept for acquiring coal mine is not revenue receipt even if coal mine is aborted, borrowings are repaid: Delhi HC Pr. CIT vs. International Coal Ventures Pvt Ltd Case Number: ITA 1174/2018 Facts: 1. The assessee/ Respondent, is, essentially, a joint venture company formed as a special purpose vehicle (SPV)… […]
Taxation in the wrong Assessment Year: ITAT deleted addition
Taxation in the wrong Assessment Year: ITAT deleted addition Let us have a Short Overview of the case which is regarding the taxation was there in the wrong Assessment Year: ITAT deleted addition: Facts: Assessee entered into an agreement to sale of property in FY 1998-99 and thereafter in FY 2012-13 registry… […]
ITAT agrees on the concept of Tax Loss Harvesting adopted by the Taxpayers.
ITAT agrees on the concept of Tax Loss Harvesting adopted by the Taxpayers. Recently, ITAT has held that the 𝐒𝐡𝐨𝐫𝐭 𝐓𝐞𝐫𝐦 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐋𝐨𝐬𝐬 𝐝𝐞𝐫𝐢𝐯𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐚𝐥𝐞 𝐨𝐟 𝐬𝐡𝐚𝐫𝐞𝐬 𝐜𝐚𝐧𝐧𝐨𝐭 𝐛𝐞 𝐩𝐫𝐞𝐯𝐞𝐧𝐭𝐞𝐝 𝐟𝐫𝐨𝐦 𝐛𝐞𝐢𝐧𝐠 𝐬𝐞𝐭 𝐨𝐟𝐟 𝐚𝐠𝐚𝐢𝐧𝐬𝐭 𝐭𝐡𝐞 𝐋𝐨𝐧𝐠 𝐓𝐞𝐫𝐦 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐆𝐚𝐢𝐧𝐬 𝐛𝐲 𝐚𝐥𝐥𝐞𝐠𝐢𝐧𝐠 𝐚𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐨𝐟 𝐜𝐨𝐥𝐨𝐫𝐚𝐛𝐥𝐞 𝐝𝐞𝐯𝐢𝐜𝐞 In the case of ACIT, Mumbai v/s Ranu Vohra [ITA No. 412/Mum/2024], Mumbai Tribunal dismissed the appeal of the Revenue and held that as the 𝐀𝐬𝐬𝐞𝐬𝐬𝐢𝐧𝐠 𝐎𝐟𝐟𝐢𝐜𝐞𝐫, 𝐧𝐞𝐢𝐭𝐡𝐞𝐫 𝐡𝐚𝐬 𝐝𝐢𝐬𝐩𝐮𝐭𝐞𝐝 𝐭𝐡𝐞 𝐟𝐚𝐜𝐭𝐬 𝐫𝐞𝐥𝐚𝐭𝐢𝐧𝐠 𝐭𝐨 𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐚𝐧𝐝 𝐬𝐚𝐥 𝐨𝐟 𝐬𝐡𝐚𝐫𝐞𝐬 𝐧𝐨𝐫 𝐚𝐧𝐲 𝐝𝐢𝐬𝐩𝐮𝐭𝐞 𝐫𝐞𝐥𝐚𝐭𝐢𝐧𝐠 𝐭𝐨 𝐭𝐡𝐞 𝐠𝐞𝐧𝐮𝐢𝐧𝐞𝐧𝐞𝐬𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐚𝐜𝐪𝐮𝐢𝐬𝐢𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐬𝐚𝐥𝐞 𝐨𝐟 𝐬𝐡𝐚𝐫𝐞𝐬, he cannot prevent the set off of short term… […]
Foundation of the assessment is erroneous and void ab initio as notice under section 143(2) issued by another AO to whom jurisdiction was transferred much later: ITAT
Foundation of the assessment is erroneous and void ab initio as notice under section 143(2) issued by another AO to whom jurisdiction was transferred much later: ITAT The Hon’ble Tribunal dismissed the appeal of the department on the following grounds: (i) Notice dated 18.09.2013 under section 143(2) was issued by another AO to whom… […]
“Human probabilities” and the concept of penny stock may not justify additioni without assessee’s involvement
“Human probabilities” and the concept of penny stock may not justify additioni without assessee’s involvement The ITAT Delhi in the case of Rachna Gupta vs. ACIT, Central Circle 29, New Delhi (ITA No. 5418/DEL/2018 & ITA No. 2531/DEL/2022, dated December 20, 2024) dealt with the issue of additions under Section 68 of the Income… […]
