Category: Income Tax
Capital Gain Exemption u/s 54 and 54F for investment in residential house limited to Rs. 10 crores Section 54 and section 54F of the Income-tax, 1961 allows deduction on the Capital gains arising from the transfer of long-term capital asset if an assessee, within a period of one …
Increase in threshold limits for presumptive taxation schemes u/s 44AD and section 44ADA Â Under the existing provisions of Section 44AD of the Income Tax Act 1961 a presumptive income scheme is provided for small businesses. This scheme applies to certain resident assessees (i.e.,an individual, HUF or a …
Income Tax basic exemption limit and tax slabs for individuals & HUFs for AY 2024-25Â The basic income tax exemption limit and tax slabs for individuals can be broadly categoriesd as under: (i) Optional Simplified Personal Tax Regime (New Tax Regime) under section 115BAC, and (ii)Â Those not …
Direction for Special Audit u/s 142(2A) of CA firm quashed by ITAT as without meeting prerequisite of section 142(2A) ABCAUS Case Law CitationABCAUS 3651 (2023) (02) ITAT Important Case Laws relied upon:Sahara India Firm vs. Â Commissioner of Income Tax (2008) 300 ITR 403(SC)Rajesh Kumar vs. PCIT (2006) 287 …
Once income suffered TDS it cannot be said to be undisclosed income – ITAT ABCAUS Case Law CitationABCAUS 3650 (2023) (01) ITAT Important Case Laws relied upon:Samson Maritime Ltd. vs CITMak Data 258 ITR 593 (SC)Dharmendra Textiles Processors (2007) 295 ITR 244CIT vs Vidyagauri Natwar Lal, 238 ITR …
If one proceeding is saved, other has to be quashed – interesting judgment of ITAT on reassessment and penalty proceedings. ABCAUS Case Law CitationABCAUS 3649 (2023) (01) ITAT This interesting judgment of the ITAT deals with one quantum-appeal filed by assessee against the order passed by Commissioner of …
CBDT notifies California Public Employees Retirement System Pension Fund PAN: AAATC6038J u/s 10(23FE) for exemption from investment related income CBDT notified the California Public Employees Retirement System Pension Fund PAN: AAATC6038J under section 10(23FE) of the Income Tax Act 1961 in respect of the eligible investment made by …
Trial Court to carry out an enquiry u/s 202 CrPC before issuing summons to non jurisdictional assessee in Income Tax Proceedings. ABCAUS Case Law CitationABCAUS 3648 (2023) (01) AC Important Case Laws relied upon:Vijay Dhanuka and Ors vs Najima Mamtaj and Ors,Confident Projects (India) Pvt. Ltd and Ors …
If creditors are found to be bogus, entire purchases to be disallowed and not only balance outstanding – ITAT ABCAUS Case Law CitationABCAUS 3647 (2023) (01) ITAT Important Case Laws relied upon:Ipsita Naik vs. ITO In the instant case, both the assessee and the Revenue had challenged the …
Capital Gain exemption u/s 54 denied for investment not out of sale proceeds ABCAUS Case Law CitationABCAUS 3646 (2023) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the action of Assessing Officer (AO) in restricting capital gain exemption …
