Category: Income Tax

Gain on sale of fixed assets was not taxable under income tax act as sale consideration was reduced from block of assets ABCAUS Case Law Citation:ABCAUS 3749 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition …

CBDT has notified new Income Tax Rule 133 for furnishing details of TDS u/s 194BA in quarterly TDS Statements . Salary Certificate Form 16 revised form AY 2024-25  The CBDT has notified the Income-tax (Fifth Amendment) Rules, 2023 prescribing furnishing details of TDS u/s 194BA in the quarterly …

    CBDT issues FAQs / Guidelines clarifying provisions of TDS u/s194BA on winnings from online games – Read Circular   The Finance Act 2023 inserted a new section 194BA in the Income-tax Act, 1961 (the Act) with effect from 1st April 2023.   The new section mandates …

Exemption u/s 54B denied for investment in agricultural land made in the name of wife. ITAT followed decision of jurisdictional High Court ABCAUS Case Law Citation:ABCAUS 3748 (2023) (05) ITAT Important Case Laws relied uponCIT vs Dinesh Verma 60 taxmann.com 461 (P&H)Commissioner of Income Tax Vs Vegetable Products …

Income Tax relief u/s 90 for tax paid in a foreign country can not be denied for mere delay in filing Form No. 67 as the provision not mandatory but directory- ITAT  ABCAUS Case Law Citation:ABCAUS 3747 (2023) (05) ITAT Important Case Laws relied upon:Hertz Software India (P.) …

CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to  notify Excluded Entities In the Finance Act, 2023, an amendment has been introduced to bring the consideration received from non-residents for issue of  shares within the ambit of section 56(2)(viib) of the Income-tax Act, …

Merely because assessee accepted disallowance made by Assessing Officer, it cannot automatically lead to conclusion that assessee under reported income under Section 270A – ITAT  ABCAUS Case Law Citation:ABCAUS 3746 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in …

Disallowance u/s 50C can not be made by CPC by adjustment u/s 143(1) as it infringes statutory right of objection provided in section 50C – ITAT ABCAUS Case Law Citation:ABCAUS 3745 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …

There is no provision in the Income Tax Act to tax the difference between value of jewellery declared and jewellery found in search as deemed sale ABCAUS Case Law Citation:ABCAUS 3744 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …

Deduction u/s 35(2AB) allowed as Form 3CL was issued late by the competent authority . Form 3CL issued by competent authority can not be ignored – ITAT  ABCAUS Case Law Citation:ABCAUS 3743 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the …