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… […]
Hire Charges of vessel does not constitute ‘Royalty’ under India-Singapore DTAA
Hire Charges of vessel does not constitute ‘Royalty’ under India-Singapore DTAA As held by the Hon’ble Delhi Tribunal in Kreuz Challenger Pte. Ltd v ACIT [2024] Key facts and analysis 1. Hire charges of a vessel does not constitute ‘Royalty’. Would be in the nature of business income 2. As there is no Permanent… […]
Crypto Gains Before 2022 : ITAT Clears the Fog on Tax Treatment
Crypto Gains Before 2022 : ITAT Clears the Fog on Tax Treatment The Jodhpur ITAT, in Raunaq Prakash Jain vs. ITO (dt. 28-11-2024), has delivered a landmark judgment on taxing cryptocurrency gains before April 1, 2022. With no specific provisions for Virtual Digital Assets (VDAs) in the Income Tax Act at the time, the Tribunal… […]
Transfer of jurisdiction under section 127: Non-disclosure of reasons or failure to provide a hearing to the assessee renders the transfer order invalid.
Transfer of jurisdiction under section 127: Non-disclosure of reasons or failure to provide a hearing to the assessee renders the transfer order invalid. Recently, the Calcutta High Court has held that Non-disclosure of reasons or failure to provide a hearing to the assessee renders the transfer order invalid in case of transfer of jurisdiction of… […]
An Overview of the GST Amnesty Scheme
An Overview of the GST Amnesty Scheme Section 128A aims to reduce litigation during the initial years of GST implementation (FY 2017-18 to 2019-20) by waiving interest and penalties for demands under Section 73 for amounts deposited on or before March 31, 2025. Various forms & other related details thereto are as under: 1…. […]
No Capital gain exemption where more than one flat purchase is on separate floors, located at diagonally opposite ends of the same tower.
No Capital gain exemption where more than one flat purchase is on separate floors, located at diagonally opposite ends of the same tower. Whether the benefit as conferred by Section 54F of the Act and which uses the expression “a residential house” would stand confined to a singular unit or could it also be… […]
Guidance Note 2/2024 on provision of the Direct Tax Vivad se Vishwas Scheme 2024
Guidance Note 2/2024 on provision of the Direct Tax Vivad se Vishwas Scheme 2024 The copy of the Circular is as under: The post Guidance Note 2/2024 on provision of the Direct Tax Vivad se Vishwas Scheme 2024 appeared first on The Tax Talk.
Where the basis of appeal is the ITR, the appeal would be dismissed, if the return is invalid: ITAT Chandigarh
Where the basis of appeal is the ITR, the appeal would be dismissed, if the return is invalid: ITAT Chandigarh Recently in the case of Varun Kumar Jain Vs ITO (ITAT Chandigarh) Appeal Number : ITA No. 770/CHD/2023, it has been held that where the basis of appeal is the ITR, the appeal would… […]
