Author: administrator

Capital gain exemption u/s 54F denied as new house was in the name of husband In a recent judgment, ITAT has held that capital gain exemption u/s 54F was not allowable as the new house was in the sole name of husband and was purchased out of bank …

Mere placing notice on e-filing portal of Income tax not in accordance with income tax provisions – ITAT In a recent judgment, ITAT has held that mere placing a notice on e-filing portal of Income tax not in accordance with income tax provisions ABCAUS Case Law Citation:ABCAUS 3933 …

Compensation received for vacating flat possession not taxable it is neither chargeable under the head ‘capital gains’ nor as income from other sources – ITAT In a recent judgment, ITAT has held that compensation received by the assessee for vacating flat possession was not taxable as it was …

Unless and until the order of ITAT is reversed by High Court, the same has to be given due effect – ITAT In a recent judgment, ITAT Surat has held that judicial discipline demand that unless and until order of the Tribunal is reversed by the High Court, …

Self Enablement For e-Invoicing If your turnover exceeds INR 5 crores in the financial year 2023-2024 – GSTN Advisory 1. If your turnover exceeds INR 5 crores in the financial year 2023-2024, you will be required to start e-Invoicing from the next financial year, i.e., from 1st April …

Addition for unexplained agricultural expenditure u/s 69C deleted. Agricultural expenses depend on so many factors which were ignored by Assessing Officer (AO) – ITAT In a recent judgment, ITAT has deleted the addition made u/s 69C towards unexplained agricultural expenditure holding that expenses on agriculture depend on many …

AO to determine annual letting value based on material evidences, if not satisfied with workings or municipal value – ITAT In a recent judgment, ITAT has held that if property is vacant for the year under consideration, the duty is cast upon the AO to determine the annual …

NFAC order should be a speaking one, with adjudication on assessee’s submissions  and applicability of laws therein – ITAT  In a recent judgment, ITAT has laid down that order of NFAC should be a speaking one, with adjudication on assessee’s submissions  and applicability of laws therein. The thought …

ITD (West Bengal & Sikkim), invites empanelment of Cost Accountants u/s 142(2A) for FY 2024-2026. The Income Tax Department (West Bengal & Sikkim), Patna has issued a notice inviting applications from Cost Accountants for empanelment u/s 142(2A) of the Income Tax Act, 1961 for the period beginning from …

Director’s remuneration allocation in ratio of turnover upheld for deduction u/s 80IA as director’s involvement was minimal In a recent judgment, ITAT has upheld the allocation of Directors remuneration in the ratio of turnover for deduction u/s 80IA as directors involvement was minimal. ABCAUS Case Law Citation:ABCAUS 3927 …