Taxation of Community-Based Charitable Trusts Engaged in Hall or Facility Rentals under the Income-tax Act, 1961
Taxation of Community-Based Charitable Trusts Engaged in Hall or Facility Rentals under the Income-tax Act, 1961 1. Introduction: When Charity Meets Commerce Across India, countless charitable trusts-particularly community-based ones like Agarwal Samaj, Gujarati Samaj, or Maheshwari Mandals-maintain public halls, lawns, and dharamshalas. These spaces host marriages, social gatherings, and cultural events. While such facilities promote community welfare,… […]
The 10% tolerance band applies to aggregate land deal and not individual land deal: Nagpur ITAT
The 10% tolerance band applies to aggregate land deal and not individual land deal: Nagpur ITAT In a significant case argued by me for Shree Maya Real Estate Pvt. Ltd, the Income Tax Appellate Tribunal (ITAT), Nagpur Bench has deleted an addition of ₹57,68,020 made under Section 43CA of the Income Tax Act, 1961, for the Assessment Year… […]
Ladoos, Love, and Liability: How the Taxman Sees Your Gifts
Ladoos, Love, and Liability: How the Taxman Sees Your Gifts We Indians don’t need an occasion to gift – be it Diwali, a wedding, a new baby, a housewarming, or even an exam result (sometimes even when the result isn’t great!). Gifting is an emotional language – but unfortunately, tax laws believe in reason… […]
Taxed Three Years Later? ITAT Rejects ₹50 Lakh Addition Over Illogical On-Money Claim
Taxed Three Years Later? ITAT Rejects ₹50 Lakh Addition Over Illogical On-Money Claim The Income Tax Appellate Tribunal (ITAT), Nagpur Bench, has allowed the appeal of Shree Maya Real Estate Pvt. Ltd. for the Assessment Year 2019-20, deleting an addition of ₹50,00,000 made under Section 69A of the Income Tax Act. The Tribunal strongly criticized the Assessing Officer (AO) and the… […]
MCA due date extended till 31st December 2025.
MCA due date extended till 31st December 2025. The copy of the circular is as under: The post MCA due date extended till 31st December 2025. appeared first on The Tax Talk.
Penalty U/S 270A Cannot Survive without Stating the Specific Limb of Misreporting: ITAT Mumbai
Penalty U/S 270A Cannot Survive without Stating the Specific Limb of Misreporting: ITAT Mumbai Hi-Tech Engineers v. ACIT, CC 5(1), Mumbai (ITA Nos. 3165 & 3166/Mum/2025) Facts: 1. The AO disallowed purchases of the assessed aggregating to ₹70.93 lakh (AY 2019–20) under section 69C, treating them as bogus purchases from six parties based on… […]
When Two Views are Possible, View Favouring Assessee to Prevail – ITAT Delhi Holds Section 56(2)(vii) Inapplicable to Purchase of Leasehold Rights
When Two Views are Possible, View Favouring Assessee to Prevail – ITAT Delhi Holds Section 56(2)(vii) Inapplicable to Purchase of Leasehold Rights Rajesh Kumar Sharma v. CIT(A)/NFAC, Delhi (ITA No. 1785/Del/2025) Facts 1. The assessee had purchased a residential flat during the relevant previous year for a consideration of ₹33,76,625. The stamp duty valuation… […]
Business Structuring under the Income Tax Act, 2025 – Continuity over Change
Business Structuring under the Income Tax Act, 2025 – Continuity over Change Introduction From a business structuring perspective, Income Tax Act 2025 largely retains continuity with the earlier 1961 Act. The changes are more linguistic, aimed at simplification and consolidation rather than altering the tax fundamentals that drive business structuring choices. Core Continuities 1. … […]
VAT Hawala Data Insufficient for 100% Disallowance: Bombay High Court Affirms Restriction to Profit Element in Bogus Purchase Cases
VAT Hawala Data Insufficient for 100% Disallowance: Bombay High Court Affirms Restriction to Profit Element in Bogus Purchase Cases Pr. CIT-3, Pune v. Ramelex Pvt. Ltd. (ITA No. 14 of 2022) Facts: 1. Assessee’s case was reopened under section 147 based on information from the DG (Investigation), Pune, citing that the assessee had made bogus… […]
Non-deposit in Capital Gains Account Scheme Not Fatal to Section 54 Exemption: ITAT Chennai
Non-deposit in Capital Gains Account Scheme Not Fatal to Section 54 Exemption: ITAT Chennai Krishnamoorthy Vijayaraghavan v. Income Tax Officer — [2025] 178 taxmann 621 (ITAT Chennai, Bench ‘B’) Facts: 1. The assessee sold a residential house on 1 April 2009. He subsequently purchased a new residential property (undivided share of land) on 19 January… […]
