Order under section 87A by CIT – Appeal: The Controversy to continue
Order under section 87A by CIT – Appeal: The Controversy to continue Recently, the judgement on section 87A by CIT Appeal is high in circulation. The most important part of the order is an amazing written submission done by the counsel CA. Shri Kushal Fofaria for this remarkable achievement. He indeed deserves kudos for this. Special… […]
PAN 2.0 Project Approved – Project outlay of 1435 crores
PAN 2.0 Project Approved – Project outlay of 1435 crores The PAN 2.0 Project enables technology driven transformation of Taxpayer registration services and has significant benefits including: i. Ease of access and speedy service delivery with improved quality; ii. Single Source of Truth and data consistency iii. Eco-friendly processes and cost optimization; and iv…. […]
Order under section 87A by CIT – Appeal: The Controversy to continue
Order under section 87A by CIT – Appeal: The Controversy to continue Recently, the judgement on section 87A by CIT Appeal is high in circulation. The most important part of the order is an amazing written submission done by the counsel CA. Shri Kushal Fofaria for this remarkable achievement. He indeed deserves kudos for this. Special… […]
Assessing Officer is not required to examine the commercial expediency of the transaction while evaluating the explanation U/S 68: Delhi HC
Assessing Officer is not required to examine the commercial expediency of the transaction while evaluating the explanation U/S 68: Delhi HC The Pr. Commissioner of Income Tax-6 v. Nucleas Steel Pvt. Ltd. (ITA 978/2018) Facts: 1. The Assessing Officer (AO) made an addition to the income as returned by the Respondent (Assessee) under Section… […]
Adding a Name or Writing a Will: The Golden Rules for Property Inheritance
Adding a Name or Writing a Will: The Golden Rules for Property Inheritance [Query 1] I am in the process of buying an apartment and registering the same in my name as well as my wife’s name. I have a few queries regarding the same. 1. I have only one son. Is it advisable to add… […]
Completion of construction not required to claim exemption U/S 54: ITAT Bangalore
Completion of construction not required to claim exemption U/S 54: ITAT Bangalore DCIT Vs Bagalur Krishnaiah Shetty Vijay Shanker (ITAT Bangalore) Appeal Number : ITA No. 1174/Bang/2024 Facts: 1. During the course of assessment, AO noticed that the assessee had sold a property for a consideration of Rs. 18,70,00,000/- and after claiming deduction towards… […]
Taxability of transfers from HUF members to HUF and vice versa:
Taxability of transfers from HUF members to HUF and vice versa: Income Derived as a Member of a HUF: 1. Under Section 10 (2), any income or profits made from the business or investments as a member of a Hindu Undivided Families (HUFs) will be tax-exempted under the following cases: 2. The profit share… […]
TDS credit should be given in the year it is deducted, regardless of the year the income is assessed: Ahmedabad ITAT
TDS credit should be given in the year it is deducted, regardless of the year the income is assessed: Ahmedabad ITAT Ahmedabad Tribunal in the case of Suzlon ITA 1517 2019 has held that TDS credit should be given in the year it is deducted, regardless of the year the income is assessed. This case… […]
No capital gain exemption under section 54F if investment is not in a residential house
No capital gain exemption under section 54F if investment is not in a residential house Delhi HC has dismissed assessee appeal’s and upheld the ITAT’s order, which had placed reliance on registered sale deed and revenue records in addition to the findings of physical inspection, to conclude that the assessee’s investment was not in… […]
No revision u/s 263 if assessment order is neither erroneous nor prejudicial to the interest of revenue
No revision u/s 263 if assessment order is neither erroneous nor prejudicial to the interest of revenue The case detail is as under: Case Citation: Panache Dealtrade Pvt. Limited vs. Principal Commissioner of Income Tax (Central), Kolkata Case No.: ITA No. 977/KOL/2024 Date of Decision: November 18, 2024 Court: ITAT Kolkata Let us have… […]
