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… […]
Notional Rent and Self-Occupied House Provisions under the Income Tax Act, 2025:
Notional Rent and Self-Occupied House Provisions under the Income Tax Act, 2025: 1. Introduction: The Income Tax Act, 2025 has retained and codified the provisions relating to notional rent on residential properties in a simplified and clear manner. 2. Annual Value: As per Sec 21(1) of the Act, the annual value of a house… […]
No Nexus, No Addition: ITAT Deletes ₹50 Lakh U/s 69A Based on ‘Dumb’ Seized Document
No Nexus, No Addition: ITAT Deletes ₹50 Lakh U/s 69A Based on ‘Dumb’ Seized Document 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)… […]
Can F&O loss be set off against capital gains?
Can F&O loss be set off against capital gains? Question: Whether loss incurred from trading in futures and options (F&O) on a recognized stock exchange, which qualifies as a non-speculative business loss under section 43(5), can be set off against capital gains and other income under section 71(2) of the Income Tax Act, 1961…. […]
Whether employees of Government PSUs can be treated as Government employees for the purpose of income-tax exemptions on retirement benefits?
Whether employees of Government PSUs can be treated as Government employees for the purpose of income-tax exemptions on retirement benefits? Whether employees of Government PSUs (Public Sector Undertakings) can be treated as Government employees for the purpose of income-tax exemptions on retirement benefits – such as gratuity, leave encashment, commutation of pension, etc. Basic Principle: Under the Income Tax Act, 1961, the term “Government employee” has a specific and… […]
When GST Turns Upside Down: The Tale of Inverted Duty and Twisted Logic
When GST Turns Upside Down: The Tale of Inverted Duty and Twisted Logic If taxes could talk, they’d probably say – “I’m not confusing, you just don’t understand me!” But when it comes to the Inverted Duty Structure (IDS) under GST, even tax officers might nod in sympathy. The term sounds academic, but its effect is… […]
Smart Taxpayers Don’t Evade – They Strategize!
Smart Taxpayers Don’t Evade – They Strategize! Many taxpayers today believe that the era of tax planning is over. With the New Tax Regime (NTR) becoming the default choice, they assume that deductions, exemptions, and smart planning have all vanished into history. “There’s nothing left to plan,” they say – as if the NTR… […]
It is mandatory to provide 1 month gap between ITR (audit) date and Tax Audit date: Gujarat HC on date extension petition
It is mandatory to provide 1 month gap between ITR (audit) date and Tax Audit date: Gujarat HC on date extension petition HUGE BREAKING: LIVE GUJARAT HIGH COURT JUDGEMENT: It is mandatory to provide 1 month gap between ITR (audit) date and Tax Audit date. We hereby order CBDT to extend the same and… […]
A Win for Real Estate: ITAT, Nagpur Confirms Retrospective Application of 10% Tolerance Band for Sec. 43CA
A Win for Real Estate: ITAT, Nagpur Confirms Retrospective Application of 10% Tolerance Band for Sec. 43CA 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 2017-18…. […]
