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The Income Tax Appellate Tribunal (ITAT) Bangalore, ruled that the profit on selling the land comes beneath the capital gain and thus liable for all the deductions permitted while calculating the income beneath the capital gain. The taxpayer is the owner of Shri Babulal is the proprietor of M/s. Bangalore sales and marketing is said […]
The Mumbai branch of Income Tax Appellate Tribunal (ITAT) bench made it clear that the income through the relinquishment of right over a property can’t be considered as the “capital gain” thus it doesn’t come under income tax regime If you think you have made a mistake while selecting between new and old tax regimes […]
The Income Tax Appellate Tribunal (ITAT), Bangalore, has ruled that according to the 2015 amendment made in section 54F of the Income Tax Act 1961, the benefit of capital gain deductions will be available to the one residential property only. Latest Update 14th November 2022 The ITAT of Pune bench has ruled that the construction […]
The Income Tax Appellate Tribunal (ITAT), Jaipur, has ruled that the previous water and electricity bills can not be provided as proof of construction of a house to claim deductions under capital gains under section 54F of the Income Tax Act, 1961 “Get to know complete guide of TDS provisions under income tax act 1961 […]
The 37th GST Council meeting headed by FM Nirmala Sitharaman concluded with amendments in the tax rates for different industries. One such industry is the diamond manufacturing sector for which the council deducted GST on job work from 5% to 1.5%. Currently, the blocked working capital of Rs. 1,500 Crore in the defunct outsourced diamond […]
The Allahabad High Court ruled that seizing a vehicle transporting goods without prior notice infringes upon the civil rights of the transporter, considering the truck as the essential capital asset of the transporter. The petitioner is displeased with the confiscation of their vehicle, and the legal proceedings have been initiated under Section 129 of the […]
The Orissa High Court clarified that an order by the Income Tax Appellate Tribunal (ITAT) dismissing the department’s appeal due to a low tax effect can be appealed before the High Court under Section 260A of the Income Tax Act, 1961. However, the High Court cannot entertain an appeal against the ITAT’s dismissal of the […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that damage related to the right to sue is considered a capital receipt and is not subject to taxation. The bench, comprising Amit Shukla (Judicial Member) and Amarjit Singh (Accountant Member), observed that Section 6 of the Transfer of Property Act explicitly outlines […]
As the assessee’s non-appearance was judged to be dishonest, the Calcutta High Court recently rejected to quash and set aside the judgment reached by the Additional Commissioner, Central Goods and Services Tax (CGST), and Central Excise against the assessee. In response to the Show Cause Notice issued against the assessee according to Section 73 of […]
