Even if the charitable trust is not registered u/s.12AA the entire gross receipts can’t be taxed and all legitimate deductions are allowable.
Even if the charitable trust is not registered u/s.12AA the entire gross receipts can’t be taxed and all legitimate deductions are allowable. There are many such assessments in the country and the judgement ould be highly relevant. Tamilnadu. Make use of this judgement. The copy of the order is as under: The post Even […]
Car registered in the name of another person – ITAT, Mumbai disallowed the claim of depreciation
Car registered in the name of another person – ITAT, Mumbai disallowed the claim of depreciation ITAT in the case of Sadhana Nayyar vs. Income Tax Officer, Mumbai (ITA No. 1310/MUM/2024) has addressed a pivotal issue of depreciation. The issue was Can depreciation under Section 32 of the Income Tax Act, 1961, be claimed… […]
Whether ITC is eligible in the absence of proof of the genuineness of transactions?
Whether ITC is eligible in the absence of proof of the genuineness of transactions? The Honorable Supreme Court in the case of The Additional Commissioner of Commercial Taxes v. M/s Shankara Infrastructure Materials Ltd. [arising out of SLP (Civil) No. 5504 of 2022 dated October 14, 2024] granted leave and allowed the appeal and… […]
Cryptocurrency taxable as Capital Gain and eligible for exemption U/s 54F: Jodhpur ITAT
Cryptocurrency taxable as Capital Gain and eligible for exemption U/s 54F: Jodhpur ITAT Here is an interesting case on capital gain exemption on crypt transfer The case details is as under: Raunaq Prakash Jain vs. Income Tax Officer (Ward-1), Bhilwara [Jodhpur ITAT] Let us have a Short Overview of the case: The issue was… […]
Transfer by way of gift pursuant to court order need to be considered at the actual cost in the hands of the recipient and eligible for deprecation: Delhi ITAT
Transfer by way of gift pursuant to court order need to be considered at the actual cost in the hands of the recipient and eligible for deprecation: Delhi ITAT Delhi Tribunal in the case of Indus Towers Limited (ITA No 1962/Del/2023) has discussed the importance of the binding nature of court-sanctioned schemes and the recognition… […]
GSTN Advisory: An updated version of the E-Way Bill and E-Invoice Systems effective from 1st January 2025.
GSTN Advisory: An updated version of the E-Way Bill and E-Invoice Systems effective from 1st January 2025. 1 The generation of E-Way Bills will be restricted to documents dated within 180 days from the date of generation. For instance, documents dated earlier than 5th July 2024 will not be eligible for E-Way Bill generation… […]
CBDT launched E-campaign under the e-Verification Scheme, 2021 to reconcile discrepancies between your AIS & ITR
CBDT launched E-campaign under the e-Verification Scheme, 2021 to reconcile discrepancies between your AIS & ITR Recently, CBDT has launched an e-campaign under the e-Verification Scheme, 2021 to help you reconcile any discrepancies between your Annual Information Statement (AIS) and your Income Tax Returns (ITRs). Let us have a Short Overview of the Same:… […]
CIT (E) cannot deny registration U/s 12AB solely on the basis of a presumed commercial nature of the objects: ITAT, Indore.
CIT (E) cannot deny registration U/s 12AB solely on the basis of a presumed commercial nature of the objects: ITAT, Indore. The Hon’ble Tribunal recently held that the provisions of Section 2(15) and Section 11(4A) permit limited commercial activities when incidental to the attainment of charitable objectives. It was further observed that the CIT(E)… […]
Shares Gifted and recorded at Higher Value in the books – No tax U/s 56(2)(x): ITAT Mumbai
Shares Gifted and recorded at Higher Value in the books – No tax U/s 56(2)(x): ITAT Mumbai The issue before ITAT, Mumbai was whether the difference between the cost of shares gifted by the assessee’s relative (₹2,73,06,266/-) and the fair market value (FMV) recorded by the assessee (₹7,76,25,000/-) can be treated as unexplained credit… […]
Whether the GST Officers are empowered to seize cash at the time of raid of the premises of the assessee in exercise of their powers under Section 67(2) of the C.G.S.T. Act?
Whether the GST Officers are empowered to seize cash at the time of raid of the premises of the assessee in exercise of their powers under Section 67(2) of the C.G.S.T. Act? Question of Law raised before Hon’ble Supreme Court (“SC”)- Whether the Officers of the G.S.T. are empowered to seize cash at the… […]
