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Without owning flats for at least three years the long-term capital gain could not be claimed, the Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) ruled. PCIT is been justified in invoking the provisions of Section 263 of the IT (Income Tax) Act. as the taxpayer without holding the 7 flats for three years from […]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has ruled that in order to claim a capital gain deduction under Section 54F of the Income Tax Act, 1961, it is essential to retain ownership of residential flats for a minimum period of three years. The taxpayer in question is an individual with income […]
The Delhi High Court has ruled that the directors’ travel expenses were incurred for business purposes of the company. In this case, the bench of Justice Rajiv Shakdher and Justice Girish Kathpalia observed that there was no evidence presented by the Assessing Officer (AO) to establish that these expenses were of a personal nature. Consequently, […]
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 […]
In its recent ruling, the Jharkhand High Court has furled that when a penalty order is overruled, it will be assumed that there was no concealment of income, resulting in the automatic decline of prosecution under Section 276C(1) of the Income Tax Act. Justice Sanjay Kumar Dwivedi, in his judgment, highlights that based on previous […]
The Commissioner of Income Tax (Appeals) erred in reclassifying the rental income as business income and unilaterally disallowing income tax deduction without any justification, according to the Delhi Bench of the Income Tax Appellate Tribunal. Hence restore the case to the file of the Assessing Officer for redetermination of taxable income under the proper head. […]
The Allahabad High Court on Wednesday imposed a fine of Rs. 10,000 on an Income Tax Department officer for not adhering to the natural justice while terminating the previous Assessment Order and initiating fresh proceedings under Section 263 of the Income Tax Act, 1961. The petitioner’s assessment was conducted under Section 143(3) of the Income […]
The cash deposited via bank accounts of companies at the time of the demonetization is not unexplained cash, the Lucknow bench of the Income Tax Appellate Tribunal (ITAT) stated. Under Section 143(3) of the Income Tax Act, 1961 the taxpayer Shiva Goods Carrier Pvt. Ltd assessment order was passed in which the total income of […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has recently ruled that the interest subsidy provided through the Technology Upgradation Fund Scheme is not liable to be taxed as income. According to the bench comprising Kuldip Singh (Judicial Member) and Prashant Maharishi (Accountant Member), even though the interest subsidy received under the technology […]
